Petroleum Storage Tank Loan Program
Loans may be made from the Petroleum Storage Tank Trust Fund for upgrading, replacing, or permanently closing underground storage tanks (USTs). Loans can be made for a maximum of 80% of the cost of the work, up to $300,000 per facility or $100,000 per tank, if you have fewer than three tanks. The interest rate on loans made after July 1, 2014 is 0%. Acceptable security is required for loans greater than $30,000.
If you wish to apply for a loan, submit the loan application to the Division of Environmental Response and Remediation (DERR). To apply for loans for more than one facility, copy the application and submit one form for each facility for which you are applying for a loan. Submit the application to:
PO Box 144840
Salt Lake City, Utah 84114-4840
Be sure to include the following:
- Completed loan application
- Completed balance sheet or a separate comparable financial statement
- Contractor's bid for the work to be done
- Copies of your federal and state tax returns for the last two years. Also include corporate returns if you are applying as a corporation.
When your application is received, it will be reviewed to determine if you meet the eligibility requirements stated in subsection 19-6-409(6) of the Utah UST Act. If your facility meets the eligibility requirements, the loan application review will be conducted.
Loans cannot be made for work that is performed before your application is approved and you close the loan. You must not begin the project until all the loan closing papers are filed and you are notified by DERR that you may proceed.
Please view the links below for the application forms and more information on the loan program.
If you have further questions, please call:
- UST Section (801) 536-4100
- Susan Woeppel (801) 536-0040