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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
 

                                   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

GovLoans.gov is your Gateway to Federal Loan Information. Click on the link below.

GovLoans.gov

 

Community Development Block Grant (CDBG) Float Loan Program

The CDBG 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.

Contact: CDBG Float Loan Program
Olympia, WA
360 753-0325
 

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
 

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.

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.
901 North Colorado

Kennewick, WA   99336                                   

Phone:  509.735.6222

http://www.score.org/  Email:  bdavis@tridec.org


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.

 

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.

Financing information is available from a variety of sources:

Community Trade and Economic Development
Development Loan Fund (DLF)
Washington Economic Development Finance Authority (WEDFA)
Micro Loan Program
Micro Equity Fund

Hanford Area Economic Investment Fund (HAEIF)

Regional Revolving Loan Fund Program
SBA 504 Loans
SBA 7(a) Loan Program


 

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