Direct Financial Assistance
Programs in this category provide direct financial assistance (1) to communities to assist in the financing of infrastructure that is necessary for business expansion or retention or (2) to businesses that either increase or retain their employment in the community. These programs usually provide state funds for infrastructure financing and federal funds for direct loans to businesses. Most, but not all, of these programs are administered through the Washington State Department of Commerce.
.09 Grant Fund
Funding is available for qualifying public facilities improvements. This is a special program directed by local people in Pend Oreille County. Pend Oreille County EDC can provide public infrastructure improvements through this fund.
Community Development Block Grant (CDBG) Float Loan Program
The CDBG Float Loan program uses federal CDBG funds as a source of interim financing for business projects that are able to secure an irrevocable letter of credit and are willing to commit to making jobs available to low-income people. The program is limited to businesses located in federal non-entitlement areas of the state. These areas are mainly the state’s rural counties.
Community Economic Revitalization Board (CERB)
The CERB program provides financial assistance through loans and grants to counties, cities, and port districts. The moneys can be used to finance public facilities that result in the creation, retention, or expansion of jobs. Priority for funding is given to projects located in rural counties (Chapter 43.160 RCW).
Rural Opportunities Loan Fund
The Rural Opportunities Loan Fund provides business financing for business expansion, retention, and start-up projects to borrowers that do not quality for traditional loans. Our clients may take advantage of our financing services only once they provide documentation that adequate financing is not available from conventional sources at reasonable rates and terms. This is often accomplished with a turn-down letter from a commercial bank.
Rural Washington Loan Fund
The Washington Rural Loan Fund provides favorable repayment term gap financing to businesses that will create new jobs or retain existing jobs, particularly for lower-income persons. The program uses federal funds to provide resources for businesses in rural counties, distressed counties, and selected geographic areas (Chapter 43.168 RCW).
Section 108 Loan Program
The Section 108 Loan program is used to attract and leverage private-sector funds for business expansion by pledging future federal CDBG funds, received by the state, as security for loans that meet federal criteria for job creation for lower income persons. The program is limited to businesses located in federal non-entitlement areas of the state. These areas are mainly the state’s rural counties.