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Washington State Department of Community, Trade and Economic Development (Department of Commerce)

Washington State Department of Community, Trade and Economic Development (Department of Commerce). Washington Economic Development Association Spring Conference Focusing on the Future. Kenny Spain – North Central Washington Regional Services Manager

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Washington State Department of Community, Trade and Economic Development (Department of Commerce)

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  1. Washington State Department of Community,Trade and Economic Development (Department of Commerce) Washington Economic Development Association Spring Conference Focusing on the Future Kenny Spain – North Central Washington Regional Services Manager Sally Harris – Northwest Washington Regional Services Manager

  2. Today’s Program Regional Services CERB Update Team Washington Local Assistance State Finance Programs Process Services Loan & Guarantee Options

  3. ITED Regional Managers Industry Expertise 60 to 80% of all new jobs are created by existing businesses Aerospace – Sally Harris Marine Technologies – Lynn Longan Clean Technologies – Terry Lawhead Forest Products – Brent Bahrenburg Agriculture/Food Processing – Bob Sandoval $ Financial Assistance – Kenny Spain, Chris Greenlee, Kraig Kushar Research – Spencer Cohen

  4. Team Washington CERB Financial Packaging Research Local Assistance ITED Regional Services Job Creation

  5. Community Economic Revitalization Board 2009-2011 Updates Wages Maximum changes Rural communities in urban counties Process Applicant driven process Intensive advance Regional and CERB staff work Board meets six times a year CERB Members make decision at meeting

  6. Community Economic Revitalization Board

  7. Team Washington The Power of Working Together Associate Development Organizations (ADO) Washington Manufacturing Services (WMS) Procurement Technical Assistance Centers (PTAC) Washington Technology Center (WTC) Washington State Microenterprise Association (WSMA) WorkSource Centers Community and Technical Colleges Small Business Development Centers (SBDC) Economic Development Administration (EDA) Employment Security Department Washington Economic Development Finance Authority (WEDFA) Office of Minority & Women’s Business Enterprises Department of Labor & Industry (L&I) Department of Licensing (DOL) Governor’s Office of Regulatory Assistance U. S. Department of Agriculture Rural Development Department of Revenue (DOR) Secretary of State

  8. ITED Local Assistance

  9. Washington State Loan Programs Rural Washington Loan Fund (HUD) CDBG Float Loans (HUD) Section-108 Loan Guarantee (HUD) Brownfields Revolving Loan Program (EPA) Forest Products Loan Program (USDA) Coastal Loan Programs (EDA) Childcare Facility Fund (DOL & HHS)

  10. Lending Program Process Washington’s constitution does not allow the lending of the state’s credit. As a result: Use various federal program monies to make business loans Lend in partnership with other private and non-profit lenders Help local revolving funds and lenders structure financing deals Federal monies to CTED come from five different federal agencies

  11. Business Finance Services Deal structuring Loan packaging Negotiating, advocacy & referral (SCORE, SBDC & EDCs) Partnership building- private, local, state and federal loan programs Helping attract private capital to leverage public loan funds

  12. Rural Washington Loan Fund $75,000 to $1,000,000 $4.5 million available Fixed at prime, up to 10 year term Requires 2:1 match Uses federal (CDBG) monies Case Study: H2 Pre-cast Inc.

  13. CDBG Float Loan (HUD) $16 million total Max term 30 months, 50% of prime rate Requires irrevocable letter of credit Success: Cardinal Glass

  14. HUD Section - 108 Loan Guarantee Limit $7,000,000 per jurisdiction Term 20 years Ocean Shores Shilo Inn

  15. Forest Products Loan Fund $75,000 to $1 million loans 5-10 years, usually at prime fixed Value-added wood products Case Study: Snow Mountain Company, Anacortes

  16. Brownfields Redevelopment Loan Fund $4.5 million total available (statewide) 5 years, 2-4% interest rate Partnership with Dept. of Ecology Site must be EPA approved Davis Bacon rules apply Case Study: Rainier Court

  17. Child Care Facility Fund Increase the availability of quality, affordable, convenient child care Grants/loans for employers and child care businesses $100,000 max loan/ $25,000 grant potential Start up or expansion, capital improvements, health and safety equipment and potential for short term operational costs

  18. Key Finance Success Identified, developed and funded (through grants and loans) 105 local economic development projects in fiscal year 2008. Invested more than $76.6 million of state funds, leveraging $1.4 billion in local and private funds, creating or retaining an estimated 7,271 jobs.

  19. Thank You Kenny Spain North Central Washington Regional Services Manager International Trade and Economic Development 509-393-6373 kennys@cted.wa.gov Sally Harris Northwest Regional Services Manager International Trade and Economic Development 206-276-0059 sallyh@cted.wa.gov

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