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Business Incentives

Washington State has a stable, uncomplicated tax system that has remained essentially unchanged since 1935.

The State's tax system features:
  • No corporate tax

  • No unitary tax

  • No inventory tax.

  • No personal tax.

  • No tax on interest, dividends, or capital gains.

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Washington State Business Links

 

                                            Choose Washington
The comprehensive guide providing entrepreneurs clickable access to a variety of resources needed to start and successfully manage a business.
 

                                   Access Washington - Doing Business
Want to know the prevailing wage rates for the types of employees your company hires? How about finding business opportunities with Washington state government? Do you know which tax incentives apply to your business? Find this information and more on the Doing Business in Washington website. The site was recently honored as an "outstanding achievement in the field of information technology in state government" and one of the nation's top "government to business" digital government initiatives by the National Association of State Chief Information Officers.
 

                            Washington State Business & Project Development

 

 

Pacific Northwest National Labs and WSU Resources Online

PNNL Entrepreneur Support
PNNL Business Assistance
Washington Manufacturing Services
-- a not-for-profit organization, has a singular goal – to help make Washington manufacturers more globally competitive. WMS has helped thousands of companies with high quality, affordable expertise.

 

WSU EXTENSION BULLETIN

"Small Winery Investment and Operating Costs"

The objective of this study is to develop an accurate depiction of current investment costs of constructing, owning, and operating a winery in the state of Washington. Potential investors and lenders will find this study useful in evaluating the expected profitability, cash flows, and potential risk associated with investing in a winery.

To view online you will need Adobe Acrobat Reader. Click on the link below for a free downloadable version.
                                        Adobe Reader

 

FINANCIAL RESOURCE INFORMATION

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:

  1. willing to make jobs available to lower income people,
  2. locate in a state CDBG-eligible jurisdiction; and
  3. 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

Rural Washington Loan Fund

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.
 

BUSINESS DEVELOPMENT ASSISTANCE

Small Business Development Center  - Columbia Basin College                     

Bruce Davis, Director; Business Development Assistance. Help in developing financing proposals, informational assistance for small businesses and development of business plans.
                                  

Phone:  509.542.5635

Email:  bdavis@columbiabasin.edu

 


Business Assistance Center Finance Unit

The Business Assistance Center (BAC) Finance Unit provides technical assistance and referrals to business owners who are seeking available finance programs on the state and local level. The BAC administers finance programs designed to increase the access to capital for small businesses. Program managers also provide technical expertise to various public agencies and private organizations.

Finance specialists help business owners and entrepreneurs obtain financing for their start-up and expansion projects. Staff members work with each business to review the project proposal, determine feasible financing alternatives, design a financing structure, prepare and assemble application material, and present the project to appropriate lending authorities. Priority projects are those that provide employment opportunities in distressed and timber-impacted areas of the state and support minority and women-owned business development.

Contact: BAC Finance Program
Olympia, WA
360 753-0325

 

Service Corps of Retired Executives (SCORE) 

This program offers free, confidential business counseling and is sponsored by the Small Business Administration.  Contact: Tri-Cities Enterprise Center 509 375-3268.Mid Columbia SCORE

 

Washington Manufacturing Services 

Washington Manufacturing Services (WMS) is a not-for-profit organization that links manufacturers with both local expertise and hard-to-access national resources providing business and technical assistance programs.

http://www.wamfg.org

 TAX INCENTIVES

Dept. of Revenue Incentive Programs

Deferrals, Exemptions, and Credits   New and existing manufacturers, research and development firms, and certain high technology companies can benefit from several tax incentives offered by the state of Washington. These incentives are intended to encourage the creation and preservation of family-wage jobs, especially in areas with high unemployment.

 

Sales & Use Tax Deferral/Exemption

Manufacturers and food processors for hire are not required to pay sales or use tax on machinery and equipment used directly in manufacturing, processing or research operations.

 

Rural County Business & Occupation Tax Credit Program

This program for new employees provides $2,000 credit for each qualified employment position with annual wages and benefits of $40,000 or less; or a credit of $4,000 for each new employment position with wages and benefits over $40,000 annually, with applications approved July 1, 1997 and thereafter.  The credit is taken against the B&O tax for each new employment position filled and maintained by qualified businesses located in Benton County.  Call Taxpayer Account Administration Division at 360.902.7175 or visit:  http://www.dor.wa.gov/Content/Pubs/category/pubs_categ_incentive.asp

 

Warehouse Tax Incentive 

Allows businesses to exempt 100% of construction costs from the state’s retail sales or use tax (6.5%). 

The incentive also allows 50% exemption from the state retail sales or use tax for qualifying equipment acquisition costs.  General eligibility:  Wholesalers, retail distribution centers and third party warehousers; warehouses that are 200,000 or more square feet; warehouses that store finished goods; grain elevators with 1,000,000 bushels or more of storage capacity.

Contact:  Taxpayer Information & Education

Washington State Dept. of Revenue

PO Box 47478,

Olympia, WA  98504

Fax:  360.486.2159 for further information.
 

Investment Tax Credits for Rehabilitation of Historic Structures
The Office of Archeology and historic Preservation assists businesses interested in applying for investment tax credits available for the certified rehabilitation of historic structures. Staff provide technical assistance and review projects eligible for the 25 percent tax credit.

For more information contact
:
Washington State Office of Historic Preservation
Restoration Designer, at (360) 586-3079

Financing information is available from a variety of sources:

Community Trade and Economic Development
Development Loan Fund (DLF)
Washington Economic Development Finance Authority (WEDFA)
Hanford Area Economic Investment Fund (HAEIF)
Regional Revolving Loan Fund Program
SBA 504 Loans
SBA 7(a) Loan Program


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