The board shall make loan funds available only to loan applicants that meet all of the following eligibility requirements:

(a) The loan applicant is a small business, either as defined in Section 632 of Title 15 of the United States Code, and in the federal regulations adopted to implement that section, as specified in Part 121 (commencing with Section 121.101) of Chapter I of Title 13 of the Code of Federal Regulations, or employs fewer than 500 full-time and part-time employees, is independently owned and operated, and is not dominant in its field of operation. In either case, the principal office of the small business shall be domiciled in the state, and the officers of the small business shall be domiciled in the state. The board shall give priority to awarding loans to small businesses that meet the definition of small business specified in subdivision (d) of § 14837 of the Government Code.

(b) The loan applicant owns or operates project tanks.

(c) The loan applicant demonstrates the ability to repay the loan, and the availability of adequate collateral to secure the loan.

(d) All tanks, except for project tanks, owned or operated by the loan applicant are in compliance with Chapter 6.7 (commencing with Section 25280), Section 41954, and implementing regulations.

(e) The project tanks are in compliance, or will be in compliance after the completion of the project, with Chapter 6.7 (commencing with Section 25280), Section 41954, and implementing regulations.

(f) The loan applicant is in compliance with the financial responsibility requirements specified in Sections 25292.2 and 25299.31 and with Subchapter IX (commencing with Section 6991) of Chapter 82 of Title 42 of the United States Code, as it may be amended or supplemented, and the regulations adopted pursuant to that subchapter.

(Amended by Stats. 2020, Ch. 296, Sec. 4. (AB 3220) Effective January 1, 2021. Repealed as of January 1, 2036, pursuant to Section 25299.117.)