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Industrial Revenue Bonds
Low interest (tax-exempt) bonds sold to finance acquisition or construction of industrial facilities or equipment in King County, Washington.
- Land, building equipment
- Owner/user or developer. Limited to manufacturing facilities.
- A project must create or retain jobs.
- $10 million.
- (% of Project Costs): Determined by project. Usually 10-25%.
- Negotiable with bond purchaser. 10-20 years.
- Negotiable with bond purchaser. Typically below prime.
- Determined by project amount (partially built into project costs).
King County, Pablo Lambinicio, (206) 205-0713; City of Seattle, (206) 684-8378
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Community Development Interim Loan
Low interest, short term financing secured by irrevocable letter of credit.
- Land, building, equipment, working capital, historic preservation, community facilities.
- For-profit, non-profit.
- One job created or retained per $35,000 loaned.
- Based on number of jobs created/retained
- (% of Project Costs): Determined by project.
- 1-2 1/2 years.
- Typically 2-3 points below a company's current cost of funds.
- Negotiable, usually 1-2%.
King County, Pablo Lambinicio, (206) 205-0713; City of Seattle, (206) 684-8378
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HUD Section 108 Loan Guarantee
Long-term economic development financing, fixed rate.
- Land, building, equipment, working capital, community facilities, historic preservation.
- For profit, non-profit.
- One job created or retained per $35,000 loaned.
- Based on number of jobs created/retained.
- (% of Project Costs): Determined by project.
- Land/Building: Up to 20 years. Equipment 7-10 years. Working Capital: 2-5 years.
- Varies, call for current rates.
- 1-2%
King County, Pablo Lambinicio, (206) 205-0713; City of Seattle, (206) 684-8378
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King County Small Business Loan Program
Financing for small businesses located in King County, except those located in the cities of Auburn, Bellevue, Seattle and Kent.
- Equipment purchase, inventory, facade improvement, contract financing and working capital.
- For profit small business.
- For every $35,000 borrowed, one full-time job must be created and held by a low-to-moderate income person.
- $50,000.
- Determined on a case-by-case basis, however some equity is required.
- Maximum 60 months (5 years).
- Determined on a case-by-case basis not to exceed 12.00%
- Negotiable, not more than 2% of the amount borrowed
Pablo Lambinicio (206) 205-0713
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Small Business Administration 7(a) Loan Guarantee
Federal guarantee of bank loans for small and medium size businesses.
For further information contact your bank or visit the SBA website at: http://www.sba.gov/financing/sbaloan/71.html
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Certified Development Company (504) Loan Program
A long-term financing tool for economic development within a community. The 504 Program provides growing businesses with long-term, fixed rate financing for major fixed assets, such as land buildings.
Information about the program is available at the SBA website: http://www.sba.gov/financing/sbaloan/cdc.504.html. (outside link).
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Cascadia Revolving Fund
Non-profit community lender, providing loans and technical assistance to entrepreneurs who are unable to access traditional financing.
Emphasis on lending to firms that restore or preserve the environment; low-income women and minorities; non-profits; worker-owned cooperatives; rural enterprises and community based organizations.
Contact: Speak with a loan officer at (206) 447-9226 or visit Cascadia's home page on the World Wide Web.
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Community Capital Development
There are a variety of publicly funded loan programs available to businesses of all sizes in the City of Seattle.
Qualified businesses in Seattle can apply for start-up loans, expansion financing, contract financing, and financial restructuring loans.
Community Capital Development, Jim Thomas, (206) 324-4330. Or, visit their website at http://www.seattleccd.com (external link).
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