LINKED DEPOSIT PROGRAM
What is the Linked Deposit Program?
With the cooperation of the State Treasurer’s Office, the
Board provides a statewide availability of low cost funds for the
replacement and rehabilitation of tanks and tank systems. When a linked deposit is approved, the Board directs the State Treasurer to place certificates of deposit from moneys contained in the Fund with the eligible lending institution at an interest rate lower than the current market rates determined and calculated by the State Treasurer. The lending institution, in turn, affixes a reduced interest rate to the loan of the qualified eligible UST owner for a two-year term.
The maximum Linked Deposit loan is $100,000. The Linked Deposit may be renewed one time, for an additional two years. The owner must submit another application for approval by the Board before the renewal is granted.
In order to qualify for a Linked Deposit an Owner must:
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Be headquartered in the State of Ohio
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Own six or
fewer tanks exclusively in Ohio
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Be organized for profit
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Have a total annual revenue of not more that two million dollars and fewer than fifty employees
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Apply to an eligible lending institution
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Certify that the reduced rate loan will be used exclusively for the replacement or upgrading of one or more petroleum underground storage tanks or tank systems in compliance with division (A) of section
3737.88 of the Ohio Revised Code.
How do I get an application?
Additional Information:
Ohio Revised Code
3737.95-98
Ohio Administrative Code 3737-1-17
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