Areas Served: Whatcom County
The Northwest Economic Council (NWEC) is actively seeking creditworthy manufacturers that need business financing in Whatcom County, Washington.
The Loan Administration Board: · Sets the interest rates below prevailing rates in the area for loans of similar size, maturity and purpose; · Can fund acquisition of equipment, land, building, or expansion of existing facility; and working capital; · Can fund up to $75,000 for any single project; · Requires business owner and bank to pledge at least $2 for every $1 from NWEC; · Requires personal and corporate guarantees, including collateralization of assets.
Current minimum requirements for applicants to be considered for RLF financing are as follows: · It must be determined that the business will have a chance of succeeding with RLF financing; · The business must be located within Whatcom County; · It must be a job creating activity (financing is not for retention); · Average pay for employees should be reasonably above the required minimum wage; · Preference is for businesses that will add to economic diversity (i.e., not retail or personal services); · The applicant must be unable to secure full conventional financing without RLF participation; · At least 20% of the financing must be from the applicant; · The maximum RLF share is 30% of total financing.
Contact InformationNorthwest Economic Council
Address: 115 Unity Street, Suite 101
City: Bellingham
State: Washington
Website:
http://www.nwecon.org
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