Oil Storage Facility and Tank
Replacement Program
This program provides low-interest, fixed-rate financing for the removal, disposal and replacement of aboveground and underground commercial storage tanks, piping and related equipment associated with the tank, as well as the purchase and installation of vapor recovery systems.
Eligibility
- Borrower must be replacing a leaking tank, a tank located on an aquifer, a tank that is failing a statistical test or an abandoned tank; or have received notification from the Maine Department of Environmental Protection (DEP) is required; be required to install a vapor recovery system; or be renovating an aboveground or underground oil tank or related equipment including piping.
- Net worth may not be greater than $750,000.
- Debt service coverage may not be greater than 3:1.
- Propane facilities are excluded.
Loan Amount / Exposure
Up to $600,000 for tank, piping, and related equipment removal and replacement.
Interest Rate
Fixed and based on ability to repay (up to Current Prime).
Loan Term
Up to 10 years.
Security
Business and personal assets; debt may be subordinated.
Fees
Process
Submit a complete application to FAME. FAME will underwrite the request and make a final decision.
Additional Information
Loan insurance option: 100% insurance to lender.
Application
Click here to view application.
The applications above can be viewed using Adobe Acrobat. You may download a free copy of Adobe Acrobat Reader by clicking
here.
Contact
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717