Benton PUD Economic Development Loans Available
Benton
PUD has established a Rural Economic Development Revolving
Fund for local economic development projects. Loan
applications are now being accepted by Benton-Franklin
Council of Governments on behalf of Benton PUD for projects
eligible for a loan from the fund.
The goal of the program is to support qualifying projects
that achieve job creation or business retention, add or
upgrade nonelectrical infrastructure, add or upgrade health
and safety facilities, accomplish energy and water use
efficiency improvements, including renewable energy
development, or add or upgrade emergency services in a
qualifying rural area.
Benton PUD appointed Benton-Franklin Council of Governments
to oversee and direct the activities of the revolving fund.
Loan applicants will be charged a $50 fee to apply for a
loan and a $30 credit check fee. Loans may be issued in
amounts from $5,000 to $35,000 with interest rates ranging
from 2% below to 2% above the prime rate at the time of loan
issuance. Loan applicants must provide proof that they are
a Benton PUD customer and that the project is located within
the Benton PUD service territory.
For more information about the program and to apply for a
loan, contact Benton-Franklin Council of Governments at
509-943-9185.
Community Development Block Grant
(CDBG) Float Loan Program
The
Department of Commerce
administers the Community Development Block Grant Float Loan
Program provides short-term fixed-rate gap financing
for business projects which create or retain jobs for low and
moderate-income people. To obtain financing, a business must be:
-
willing to make jobs
available to lower income people,
-
locate in a state CDBG-eligible
jurisdiction; and
-
be able to obtain an
irrevocable letter of credit from a bank to secure a loan.
For more information contact
WA State Dept of Commerce Community Block
Development Grant
360-725-2800 - Olympia
Section 108 Loan Guarantee
The Local Development Assistance division may pledge future
allocations of Community Development Block Grant (CDBG) dollars
to guarantee qualified business loans. To qualify, businesses
must have a state CDBG-eligible local government sponsor. In
addition, projects must meet CDBG eligibility requirements,
demonstrate a financing gap, and produce economic opportunities
for low and moderate income people. The Federal Department of
Housing and Urban Development makes the final decision on the
guarantee once the state CDBG pledge is in place.
For more information contact
Washington
State Dept. of Commerce
(360) 725-4046 - Olympia
The Rural
Washington Loan Fund provides gap financing for businesses
located primarily in distressed and timber impacted areas of the
state. By design, the fund finances higher risk projects than
those funded by conventional lenders. The higher risk is
balanced against public benefits which accrue from the job
creation and tax generation of successful projects. The fund may
loan up to $700,000 per project. In addition, loans of up to
$50,000 are available for woman or minority owned businesses.
Contact: Rural
Washington Loan Fund
Olympia, WA
360 586-8976
Development Loan Fund
The
Development Loan Fund provides gap financing for businesses
located primarily in distressed and timber impacted areas of the
state. Loans of up to $350,000 are available for business that
create or retain jobs for low and moderate income people in
these areas. In addition, loans of up to $50,000 are available
for woman or minority owned businesses.
For more
information contact
(360) 586-8976 - Olympia
Infrastructure
Development
To facilitate
the location and expansion of industry, Washington State has
created a special contingency fund to finance local public
improvements required for development. The Community Economic
Revitalization Board (CERB) administers the development fund for
the state. CERB monies are awarded as loans, or in special cases
grants, to local governments on an as-needed basis for public
works projects. Eligible activities include access roads, sewer
and water extensions and other public improvements.
In order to stimulate a significant level of investment and job
creation, CERB has established general funding guidelines which
take into account the following:
-
Number of jobs
to be created
-
Economic
diversification potential
-
Public and
Private sector capital commitment
-
Feasibility of
project completion
-
Ability of
applicant to repay
Hanford Area Economic
Investment Fund Committee
Private Business
Loans/Municipal Loans
P.O. Box 547
Richland, WA 99352
Phone: (509) 531-0366
or
Benton-Franklin Council of
Governments
1622 Terminal
Drive
Richland, WA
99352
Phone: 509-943-9185
Fax: (509) 943-6756
Low Interest
Revolving Loan Fund (Benton REA Service Customers
eligible)
Benton Rural Electric
Association
Economic Development
Advisor: Bruce Etzel
Prosser Branch
Phone: 509-786-2913
Email:
bruce@bentonrea.org
SBA 504
This federal program offers
long-term financing to small businesses (under 500 employees)
for the acquisition, construction, expansion or renovation of
land and buildings or purchase of equipment.
SBA 7a
This federal program provides loan
guarantees for commercial loans as well as direct loans to
eligible small businesses. The loan monies can be used for debt,
the purchase of a business, acquisition of equipment or
property, or leasehold improvements.
GovLoans.gov
is your
Gateway to Federal Loan Information.
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