How to Get a Pollution Control Loan

What it is

Pollution control loans are those with a special purpose of pollution control with a partial guaranty through the United States Small Business Administration (SBA). They are designed to provide financing to small businesses for the planning, design, or installation of a pollution control facility that has to prevent, reduce, abate or control any form of pollution or provide for a recycling program. These loans, obtained through commercial financial institutions, include recycling facilities. Pollution control loans are controlled by section 7(a) of the Small Business Act.

All of the loans are provided by lenders who participate in the SBA programs. Pollution control loans are available on a guaranty basis. Lenders structure the loans based upon the SBA's guidelines and who apply and receive a guaranty on payment default from the SBA on a portion of any given loan. The lender and the SBA share the risk that the borrower will not be able to repay the loan.

Who it's for

Borrowers that demonstrate some risk to lenders are good candidates for a 7(a) loan or a pollution control loan because they are partially guaranteed by the SBA. Eligibility requirements are designed to be very broad in order to accommodate a diverse variety of small business financing needs. Successful applicants will meet SBA size standards, be for-profit, not already have personal or business resources to provide financing, and be able to demonstrate repayment.

What you need to do to apply

Applicants for a pollution control loan must apply through a participating SBA commercial lender. The lender will move the paperwork through the SBA and provide approval for the loan, as well as administer it. A statement of personal history is obtained from each applicant to determine willingness and ability to pay debt and abide by law. Applicants should have good character, management capability, collateral, and owner's equity contribution.

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