Replacing, Removing, or Upgrading Underground Storage Tanks Loan
🏛 State Water Resources Control Board (California)
✓ Free, no account · Source: California Grants Portal · Last verified Oct 7, 2026
Can you apply?
This grant is for charter schools seeking interim financing for school facilities. Applicants must have received a reservation of funds through the Charter School Facilities Program or be awaiting long-term debt issuance through the Authority's Conduit Bond and Note Financing Program.
The grant provides short-term financing to bridge the gap between facility planning and permanent funding. This is a California state program administered by the State Treasurer's Office.
Eligible activities include obtaining interim financing for school facility projects. Schools must demonstrate readiness for long-term financing or existing commitment through state facilities programs.
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Program description
Replacing, Removing, or Upgrading Underground Storage Tanks (RUST) loans are available to assist small business underground storage tank (UST) owners and operators in financing up to 100 percent of the costs necessary to upgrade, remove, or replace project tanks, including corrective actions, to meet applicable local, state, or federal standards, including, but not limited to, any design, construction, monitoring, operation, or maintenance requirements adopted pursuant to Health and Safety Code section 25284.1, 25292.05, 25292.4, or 41954. Loan Terms Low-interest loans are available for between $10,000 and $750,000, for a term of 10 or 20 years. • Ten-year loans are secured by the Uniform Commercial Code Financing Statement on business assets. • Twenty-year loans are secured by a deed of trust on real estate with adequate equity. • A loan fee of 2 percent must be paid at final loan closing. • Please contact the State Water Board or your local Financial Development Corporation for the current interest rate. Eligibility Requirements Loan applicants must be a UST owner and/or operator and meet all of the following requirements: • The loan applicant is a small business that employs fewer than 500 full-time and part-time employees, is independently owned and operated, and is not dominant in its field of operation; • The loan applicant’s principal office and its officers must be domiciled in California; • All of the tanks owned and operated by the loan applicant are subject to compliance with Health and Safety Code chapter 6.7 and the regulation adopted pursuant to that chapter; • The loan applicant must provide financial and legal documents necessary to demonstrate the ability to repay the loan and availability of adequate collateral to secure the loan; and Revised 8/2020 • The loan applicant must have complied, or will comply, with the financial responsibility requirements specified in Health and Safety Code section 25299.31 and the regulations adopted pursuant to this section. This is not a reimbursement program. Work cannot begin until you have an agreement executed by the State Water Board.
Who can apply
Eligible applicants
How to apply
Application links
Required documents
- Charter School Facilities Program reservation documentation or Conduit Bond and Note Financing Program pre-approval
- School facility project plans and timelines
- Financial statements and audit reports
- Board authorization for interim financing
- Long-term financing plan or commitment letter
Program contact
- 📧 RUST@waterboards.ca.gov
- 📞 1-916-341-5765
Funding track record
Past applications & awards under this program (California Grants Portal) — how competitive it is.
By fiscal year
| Fiscal year | Applications | Awarded | Award rate |
|---|---|---|---|
| 2020-2021 | — | — | — |
| 2022-2023 | 20 | 20 | 100% |
| 2021-2022 | 23 | — | 0% |
| 2023-2024 | 10 | 10 | 100% |
| 2024-2025 | 20 | 20 | 100% |
| 2025-2026 | 17 | 12 | 71% |
Source: California Grants Portal
FAQ
Who can apply for PANACEA funding?
Charter schools with a reservation through the Charter School Facilities Program or awaiting long-term debt issuance through the Conduit Bond and Note Financing Program. Schools must be ready to move forward with facility projects.
What is the geographic scope of this program?
This program is limited to California charter schools. Applicants must be located in and operating within California.
What types of activities does PANACEA support?
The program provides short-term interim financing for school facility projects. Funds bridge the gap until permanent long-term financing is secured.
How much funding can a charter school receive?
Award amounts can reach up to $1,000,000. The total program pool is $8,000,000 across all awarded schools.
Is there cost sharing required?
No cost sharing or matching funds are required to participate in this program. Schools can access the full interim financing available.
💡 Tips for applicants
- Contact the California State Treasurer's Office early to confirm you have proper reservation status or bond financing readiness before applying.
- Demonstrate a clear, realistic timeline for transitioning to long-term permanent financing after interim funds are used.
- Provide detailed facility project plans showing how interim funds will accelerate construction or acquisition timelines.
- Ensure your charter school has solid financial management and audit histories to strengthen credibility with lenders.
- Prepare documentation of your school's operational track record and enrollment stability to support interim financing requests.
⚠️ Common mistakes
Applying without confirmed Charter School Facilities Program reservation or Conduit Bond readiness. Missing clear transition plans to permanent long-term financing. Underestimating project timelines or providing unrealistic funding schedules.
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