Financing

Industrial Revenue Bonds

The Port of Skagit offers industrial revenue bonds, which provide tax exempt financing, to qualifying companies.

The Washington Economic Development Finance Authority (WEDFA) can issue taxable non-recourse economic development bonds, a form of financing similar to tax-exempt industrial revenue bonds.  WEDFA has the authority to issue non-recourse economic development bonds on both a taxable and tax-exempt basis in support of qualifying projects — manufacturing and processing facilities and projects categorized as "exempt facilities" under federal tax law.  These may include wastewater, solid waste disposal, mass commuting, and some types of recycling and cogeneration projects. WEDFA cannot assist retail projects. For more information, click here.

SBA 504 Loan Program

The Northwest Business Development Association (NWBDA) provides long-term small business loans at low, fixed rates to help develop job creation and economical growth. As a licensed Certified Development Company (CDC) by the U.S. Small Business Administration (SBA), NWBDA is able to administer small business loans through the SBA 504 programs. Learn more and apply for a loan here.

Community Development Loan Fund

The Heritage Bank Community Development Enterprise finances businesses in economically­stressed areas, breathing new life into neglected and underserved low income communities. Heritage Bank formed its own Community Development Entity (CDE) to expand the financing we bring to businesses in low-income communities in Washington and Oregon. It is one of only a handful of CDEs in both states able to facilitate these loans.

Heritage Bank uses its own capital to make loans to businesses operating in these communities on better rates and terms with more flexibility than the market. In alignment with its commitment to the communities it serves, these loans aim to revitalize development by creating jobs and increasing the availability of goods and services in economically distressed areas. Click here to learn more.

Skagit County Revolving Loan Fund

For Skagit County small businesses searching for funding to support growing and expanding their operations, the Skagit County Revolving Loan Fund offers affordable financing opportunities to purchase equipment or real estate, refinance expensive debt, or improve your business space to attract new clients.  The National Development Council (NDC), which assumed management of the RLF program in 2018, aims to increase lending and training for small businesses that are growing and hiring, particularly in low-income areas.  Key features of the loan program include:

  • Loan sizes ranging from $75,000 to $500,000
  • Interest rate of 6.5% (with potential to go lower)
  • Long terms, low payments
  • Patient and accessible underwriting process
     

The program targets existing businesses (at least two years old) that are looking to grow and hire new employees.  Funds can be used to buy machinery and equipment, to finance tenant and real estate improvements, as well as provide working capital.  The loan fund can be accessed by any business in Skagit County, but NDC will target lending to businesses in low- and moderate-income areas where capital is most needed.  NDC can partner with local banks to provide subordinate financing to fill gaps and help businesses get the resources they need.

For more information, contact Melissa LaFayette of NDC at mlafayette@ndconline.org or by phone at (206) 254-2800 x208.

Community Economic Revitalization Board (CERB) Program

This Washington State program provides low-cost financing for public facilities improvements required for private development. Low-interest loans and occasional grants are available to cities, counties, ports, and special utility districts to offset infrastructure costs and assist in the development and retention of jobs.  Eligible projects include access roads and sewer and water extensions as well as other public improvements required to make sites attractive for private sector development.  Infrastructure funded by CERB must serve either basic industries (manufacturing, processing, assembly, production, warehousing, and distribution) or external services (businesses that support the trading of goods and services outside state borders).  More information is available at: www.choosewashington.com.

Energy Efficiency Loans

The Washington State Housing Finance Commission offers Sustainable Energy Trust loans of up to $1 million for clean energy projects, as well as energy efficiency projects for multi-family housing and non-profit organizations, and on new construction of highly efficient single-family housing.  More information is available through the WSFHC.

Clean Energy Fund

Washington State’s Clean Energy Fund supports the development, demonstration and deployment of clean energy technologies that save energy, reduce energy costs, reduce harmful air emissions and increase energy independence.  Programs include financing opportunities for renewable energy manufacturing facilities, matching funds for renewable energy research and development, and grants supporting non-profit revolving loan fund programs.  More information is available through the Washington State Department of Commerce.

New Farmer Loans

The Washington State Housing Finance Commission, in partnership with Northwest Farm Credit Services, provides low-interest loans to help new farmers get started with land, equipment, buildings, and even animals.  More information is available through the WSFHC.