State officials on Wednesday announced details of one piece of a $1 billion assistance package to help truckers comply with new air pollution regulations for heavy-duty diesel trucks.
The state Air Resources Board will provide $48 million to an existing small business loan-guarantee program administered by the California Pollution Control Finance Authority. That backing will leverage about $350 million in loans for small trucking firms that don't meet most banks' underwriting standards, according to a statement from state Treasurer Bill Lockyer, who chairs the authority.
The funding is authorized under the current state budget.
Loans and grants to fund the truck retrofits and replacements are expected to total roughly $1 billion, the most ever provided by the state for compliance with a vehicle regulation.
In addition to the loan guarantee program, the air board will soon offer $14 million in vouchers of up to $35,000 to partially cover the cost of replacing trucks made in 1993 or earlier. Additional funds are pending.
The package will offset only a portion of the total cost of complying with the regulations, though. Exhaust filters and new engines required by the rules will cost truckers $5.5 billion over the next 14 years, according to air board estimates.
The air board approved the new pollution standards in December. The regulations roll out gradually, with smaller operators given more time to comply. By 2014, all trucks must have soot filters. By 2023, all trucks must have clean-burning engines built no earlier than 2010.
Staffers expect the rules to prevent 9,400 premature deaths in California over the next 16 years, in addition to reducing cardiovascular and respiratory illnesses. The state is under a federal mandate to improve air quality, and heavy-duty diesel trucks are the largest source of key air pollutants.
There are roughly 400,000 large trucks registered in California. The regulations do not apply to diesel pickups.
Trucking firms seeking more details on the loan guarantees can call the California Pollution Control Finance Authority at (916) 654-5610 or see www.treasurer.ca.gov/cpcfa.
Call The Bee's Jim Downing, (916) 321-1065.
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