When you started your business, “commercial asbestos removal” probably wasn’t an expense you budgeted for.
Yet, if your business runs out of a building built before the 1980s, there’s a high chance that asbestos is present in some capacity. The toxic material used to be integrated into nearly every construction element, meaning it can lurk in popcorn ceilings, floor tiles, insulation, siding, and roof shingles.
Asbestos is dormant until it’s disturbed; and once you break that seal and release asbestos, there’s no turning back. You’ll need to hire a commercial asbestos abatement company to fully remove all the dangerous material.
To offset this unexpected cost, we’ve put together some ways to help pay for asbestos abatement.
Insurance Coverage
Your insurance may cover your commercial asbestos removal in specific circumstances. For example, if your asbestos was disturbed during a covered event, the insurance company may pay for the removal. This could be a fire that exposes the asbestos-filled insulation or storm damage that breaks roofing tiles with asbestos.
If you have an additional environmental liability policy, you may be in luck. These types of policies often include asbestos removal.
Grants
Another way to mitigate the cost of asbestos removal is securing a grant. New federal and state grants are released regularly, so make sure to see what’s currently available.
At the time of this writing, Colorado offers a few different grants that could cover asbestos abatement.
Brownfields Program
The Brownfields Program was designed to give a second life to buildings that are currently uninhabitable due to various types of contamination. The goal of the program is to help people who want to transform these dangerous buildings into usable spaces.
This grant could be a good fit for a business owner buying a new building. If the property has been vacant for a while, applying for the grant may be worth your time, as the benefits can include tax credits and up to $250,000 a year in project funding.
While the program is geared towards public and nonprofit groups, if your business is part of a greater revitalization plan for the area, you may be able to also qualify.
Rural Housing and Development Asbestos and Lead Paint Abatement Pilot Grant Program
The Colorado Department of Public Health & Environment recently began offering grants specifically to help fund the removal of asbestos and lead paint from rural areas of Colorado.
The one caveat is that business owners can’t directly apply — the grant is only for local governments of rural communities. However, if your business is in a rural area, it’s worth a conversation with your local development department to see if there’s any way you can partner with the city. If this is an option, the city could potentially use that funding to support your commercial asbestos abatement.
Loans
Since asbestos removal is essential to keeping your business open, there are several kinds of special loans you can apply for that can help you cover the initial cost.
SBA Loans
The U.S. Small Business Administration offers a variety of loans to support small business owners. For a smaller project like asbestos removal, a 7(a) loan may be a good fit. If you have other major renovations in mind for your building, a 504 loan could offer funding to address all the repairs/remodeling at once.
Business Line of Credit
Consider opening a business line of credit at your bank or credit union. Once you have this line of credit set up, it’s an easily accessible source of funding that you can use for whatever business needs you have, including asbestos abatement.
Choose Xtract Environmental for Your Commercial Asbestos Removal
If you have questions about the best ways to secure funding for your asbestos abatement, give us a call at Xtract Environmental. We’ve guided business owners all across Colorado through the abatement process, and we’re happy to support you as well.
When it comes time to schedule your asbestos removal, our Xtract team will be efficient and meticulous in our procedure—ensuring every last bit of the dangerous material is removed. If you need other services like selective demolition, we can also assist. Contact us today to see how we can get your business back to a healthy place.