Loans & Funding

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:

Able to obtain an irrevocable letter of credit from a bank to secure a loan.
Located in a state CDBG-eligible jurisdiction.
Willing to make jobs available to lower income people.

Contact

CDBG Float Loan Program

Olympia, WA

Phone: 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

Phone: 360-586-8976

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.

Contact

Klickitat County Economic Development

Goldendale, WA

Phone: 509-773-7060

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:

Ability of applicant to repay
Economic diversification potential
Feasibility of project completion
Number of jobs to be created
Public and Private sector capital commitment

Contact

Klickitat County Economic Development

Goldendale, WA, 98620

Phone: 509-773-7060

Mid-Columbia Economic Development District Revolving Loan Fund

The Mid-Columbia Economic Development District (MCEDD) has operated a Revolving Loan Fund (RLF) Program since 1980. In general, loan amounts range from $1,000 - $500,000 and are for terms of up to 10 years. Eligible applicants include almost any legal business including sole proprietorship, LLCs, Corporations, and partnerships. MCEDD supports start-ups, established businesses, and businesses from most sectors. RLF monies are used to leverage private and commercial lender dollars, encouraging other lenders to participate in a project. MCEDD can also help businesses access other funding options that may be available.

Program Details: https://www.mcedd.org/financing/business-loans/

Loan Program Manager: Ami Beaver