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GAS STATION REQUIREMENTS |
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If the NAICS code begins with 447 (gas station with or
without a c-store), a Phase I report is required at minimum.
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All USTs, lines and related equipment located on the property
must be tested within twelve (12) months prior to loan closing. Any defective equipment must be replaced or repaired prior to
closing and seller credits are not acceptable.
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An SBA Environmental Indemnification Agreement will need to be executed from any oil company, seller, or subsequent owners of any contaminated property releasing any claims and causes of actions against SBA, CDC and Lender.
In addition, SBA will need to review and approve all Dealer or Jobber agreements.
Indemnification Letter
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Effective Rates February 2010
20 Year Rate: 5.55%
10 Year Rate: 4.91% |
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