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.
- 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.
Fixed and based on ability to repay (up to Current Prime).
Up to 10 years.
Business and personal assets; debt may be subordinated.
Submit a complete application to FAME. FAME will underwrite the request and make a final decision.
Loan insurance option: 100% insurance to lender.
to view application.