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Incentives :: State IncentivesWashington IncentivesBusiness Assistance Center Finance UnitThe Business Assistance Center (BAC) Finance Unit provides technical assistance and referrals to business owners who are seeking available finance programs on the state and local level. The BAC administers finance programs designed to increase the access to capital for small businesses. Program managers also provide technical expertise to various public agencies and private organizations. Finance specialists help business owners and entrepreneurs obtain financing for their start-up and expansion projects. Staff members work with each business to review the project proposal, determine feasible financing alternatives, design a financing structure, prepare and assemble application material, and present the project to appropriate lending authorities. Priority projects are those that provide employment opportunities in distressed and timber-impacted areas of the state and support minority and women-owned business development.
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Community Development Block Grant (CDBG) Float Loan ProgramThe Community Development Block Grant 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:
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Development Loan FundThe Development Loan Fund provide gap financing for businesses located primarily in distressed and timber impacted areas of the state. Loans of up to $350,000 are available for business that create or retain jobs for low and moderate income people in these areas. In addition, loans of up to $50,000 are available for woman or minority owned businesses.
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Investment Tax Credits for Rehabilitation of Historic StructuresThe Office of Archeology and historic Preservation assists businesses interested in applying for investment tax credits available for the certified rehabilitation of historic structures. Staff provide technical assistance and review projects eligible for the 25 percent tax credit.
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Section 108 Loan GuaranteeThe 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.
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RegionalSkamania and Klickitat counties are able to offer a variety of incentives because they are considered timber dependent counties. For information on the following programs contact either Klickitat County Public Economic Development Authority at (509) 773-7060 or Skamania County Economic Development Council at (509) 427- 5110. Sales and Use Tax ExemptionsSales and use tax exemptions are available to manufacturing, research and development and computer-related service businesses locating or expanding their work force, machinery and equipment and plant complex in Skamania County. One full time employment position must be created by the end of the third year for every $750,000 of capitalized project costs. Under the program, the business must invest in machinery, equipment and plant by either: constructing a new building; Leasing a newly-constructed, previously unoccupied building; Purchasing an unoccupied building or; Expand or modernize an existing building with costs in excess of 25 percent of the value prior to improvement. A business must submit an application to the Washington State Department of Revenue for approval before construction begins or machinery or equipment is acquired.
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Business and Occupation Tax CreditThis program allows a credit against the Business and Occupation Tax for manufacturing, research and development and computer-related service business for each new employment position created, or if the existing work force is increased by 15 percent over the average number of full-time employment positions maintained in the prior year. A business may receive a B&O tax credit of $1,000 for each new full-time employment position expected to be filled during the year the application is made. These new positions must be maintained for 12 consecutive months. The business must create and fill enough new positions to meet the 15 percent increase by December 31 of the year credits are applied for. A business must submit an application to the Washington State Department of Revenue prior to filling new positions. Businesses who have applied for the sales and use tax exemptions program may also apply for the B&O tax credit. A maximum credit of $300,000 is allowed. Infrastructure DevelopmentTo 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:
Regional Revolving Loan FundsThe Skamania County Economic Development Council continues to operate two separate Loan Fund Programs. The Skamania County Economic Development Council Gorge Revolving Loan Fund through the Department of Community, Trade and Economic Development and the Skamania County Economic Development Council Revolving Loan Fund Skamania Co. Economic Development Council Gorge Revolving Loan Fund:The EDC administers the Skamania County Economic Development Council Gorge Revolving Loan Fund through a contract with the Washington State Department of Community, Trade and Economic Development. Funding for the program was made available through the Columbia River Gorge National Scenic Area Act. The Act calls for economic development support for communities within the Columbia River Gorge that have adopted the Scenic Area Managemnet Plan. A micro-loan fund was created that is administered by the Skamania County Economic Development Council. Applicants first apply to the Skamania County EDC; the loan must be approved by a five-member loan committee and then certified by the Gorge Commission. The Gorge Revolving Loan Fund began with $ 200,000 for business loans and $ 40,000 for technical assistance for borrowers. The maximum loan amount for this program is $ 30,000. Skamania Co. Economic Development Council Revolving Loan Fund:In addition to the Gorge Revolving Loan Fund the Skamania County EDC operates a Revolving Loan Fund Program that currently has $90,000 available to lend. SCEDC has closed eight loans through this lending program totaling nearly $36,000. Skamania County Economic Development Council Revolving Loan Fund was established with a $50,000 grant through the "Replanting Lives" program. Skamania County EDC was able to leverage these funds as match for a $50,000 grant through the U.S. West Foundation and the Community Reinvestment Fund. The maximum loan amount for this fund is $10,000.
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Revolving Loan FundThe Mid-Columbia Economic Development District (MCEDD) has operated a Revolving Loan Fund (RLF) Program since 1980. Last year (2006), MCEDD's RLF Program made loans totaling $1,979,255 to new and expanding companies throughout the Columbia Gorge Region. In general, loan amounts range from $10,000-$75,000 and are for terms of 5 to 20 years. Eligible applicants are for profit firms conducting business in the manufacturing, value-added processing, service or retail sectors. RLF monies are used to leverage private and commercial lender dollars, encouraging other lenders to participate in a project.
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