MCIDC Business Financing Programs

INDUSTRIAL SITES REUSE PROGRAM (ISRP)

Description: Grant and low-interest loan financing is provided to perform environmental site assessment and remediation work at former industrial sites.

Eligibility:

• Public and private nonprofit economic development entities
• Companies involved in reuse of former industrial land
• Entities that did not cause or contribute to environmental contamination

Eligible Uses:

• Phase I, II, and III environmental assessments
• Remediation of hazardous substances

Where to Apply: MCIDC office or Single Source Application

Amounts:

• Grants and loans up to $200,000 for environmental assessments
• Grants and loans up to $1 million for remediation

Terms/Conditions:

• Interest rates of 2%
• Terms up to 5 years for assessments and 15 years for remediation projects
• A 25% match is required for grant and loan projects