Areas Served: Statewide Washington State
The Washington State Department of Commerce understands that access to financing is one of the critical elements to growing or starting your business and have created several programs that can help Washington State businesses succeed.
The Rural Washington Loan Fund (RWLF) provides gap financing to businesses that will create new jobs or retain existing jobs, particularly for low income persons.
The loan amount is determined by the “gap” and competitive factors, and cannot exceed 1/3 of the total project costs.
Funds can be lent for the acquisition, engineering, improvement, rehabilitation, construction, operation or maintenance of any property.
The maximum loan amount is $1 million dollars.
The Forest Products Revolving Loan Fund is designed to finance projects that implement value-added production processes.
Financial assistance is available to qualified small and medium-sized forest products manufacturing firms.
These loans may be used to finance projects that contribute to the diversification of the forest products industry.
This fund is available to all areas of the state.
The maximum loan is $1 million.
The Coastal Revolving Loan Fund/Technical Assistance Loan Fund allows for supplemental financing for expansion and start-up projects and low interest loans for purchase of technical assistance or community development strategies which will create jobs in areas affected by declines in fishing and timber industries.
The businesses must be located in Clallam, Jefferson, Grays Harbor, Pacific or Wahkiakum counties.
The maximum amount is $150,000 for revolving loan fund and $50,000 for technical assistance.
Community Development Block Grants (CDBG) Float Loans are available to businesses from the Washington State Department of Commerce through designated cities and counties.
An eligible city or county may apply for a grant under this program im order to extend a short-term loan to a private business.
The normal term for a loan is 24-30 months and the maximum that can be lent is $35,000 per job created/retained.
Child Care Facility Fund is designed to increase the availability of quality, affordable and convenient child care for working families.
This fund provides financial assistance through loans and grants to employers and child care businesses.
Contact InformationWashington Department of Commerce
Address: 1011 Plum Street SE
City: Olympia
State: Washington
Website:
http://choosewashingtonstate.com/i-need-help-with/financing/
Leave a Reply