Salem-Peabody Coalition Brownfields Revolving Loan Fund

The US EPA awarded Salem and Peabody a $950,000 grant in 2014 to capitalize a revolving loan fund to support environmental remediation of brownfields and facilitate their successful redevelopment.

Eligibility:

  • Be a non-profit community development corporation or a private for-profit developer
  • Furnish at least 20% cost share to the loan amount
  • Demonstrate credit worthiness and ability to repay loan
  • Own the subject property or have long-term site control
  • Meet the definition of “innocent landowner”
  • Meet all other EPA program terms and conditions

Loan Facts:

  • Loan funds may be used for cleanup of site and related engineering and documentation costs
  • Repayment terms are on a protect-by-project basis
  • Below market rate
  • No penalty for early payoff
  • Funds are typically used with other financing sources
  • Disbursement of loan funds are through reimbursement process
  • Subgrants are available to eligible non-profits ($200,000 maximum)

Application Process:

  • Submit Preliminary Information
  • Eligibility Screening by Salem & Peabody
  • Submit Complete Application Package
    • Project overview
    • Cleanup evaluation and costs
    • Financial statements and projection
    • Credit report
  • Review of Complete Package by Salem & Peabody*
  • Terms & Conditions of Loan and/or Subgrant Agreement Executed

*Projects are evaluated based on environmental impact, public health and safety, economic development, community benefit, and neighborhood revitalization considerations.

For more information, contact:

Tom Devine, Senior Planner
City of Salem Department of Planning & Community Development
978-619-5685
Email

Brendan Callahan, Assistant Director of Planning
City of Peabody Department of Community Development & Planning
978-538-5780
Email

Program Documents:

Additional Resources to Support Brownfields Redevelopment: