Port Revolving Loan Fund

COVID-19 Revolving Loan Fund

The Economic Development Administration CV19 Revolving Loan Fund (RLF), administered by the Port of Bellingham, is actively seeking creditworthy manufacturers that need financing.

  • Interest rates are typically below prevailing rates in the area for loans of similar size, maturity and purpose.
  • Can fund acquisition of equipment, land, building, or expansion of existing facility; and working capital.
  • Loans range between $35,000 and $125,000 for any single project.
  • These are loans so personal and corporate guarantees, including collateralization of assets, are typically required.
  • One job has to be retained or created for each $35,000 loaned within two years of the loan closing.
  • Formal Loan Application is required.
  • Payments do not have to start until May 2021 and no interest will accrue between the time the loan closes and May 2021.
  • Loan applications are reviewed by a Loan Committee made up of community members including bankers and accountants.
  • Minimum 10% of the deal put in by the borrower.

Current minimum requirements for applicants to be considered for RLF financing are as follows:

  • It must be determined that the business will have a chance of succeeding with RLF financing.
  • The business must be located within Whatcom County.
  • It must be a job creating or retaining activity.
  • Average pay for employees should be reasonably above the required minimum wage.

Preference is for manufacturing businesses that will add to economic diversity.

Standard Revolving Loan Fund

The Economic Development Administration Revolving Loan Fund (RLF), administered by the Port of Bellingham, is actively seeking creditworthy manufacturers that need financing.

 The Loan Administration Board, made up of local community leaders:

  • Sets the interest rates, which are typically below prevailing rates in the area for loans of similar size, maturity and purpose.
  • Can fund acquisition of equipment, land, building, or expansion of existing facility; and working capital.
  • Can fund up to $75,000 for any single project.
  • Requires business owner and/or bank to pledge at least $2 for every $1 loaned.
  • Requires personal and corporate guarantees, including collateralization of assets.


 Current minimum requirements for applicants to be considered for RLF financing are as follows:

  • It must be determined that the business will have a chance of succeeding with RLF financing.
  • The business must be located within Whatcom County.
  • It must be a job creating or retention activity.
  • Average pay for employees should be reasonably above the required minimum wage.
  • Preference is for businesses that will add to economic diversity (i.e., not retail or personal services).
  • The applicant must be unable to secure full conventional financing without RLF participation.
  • At least 20% of the financing must be from the applicant.
  • The maximum RLF share is 30% of total financing.

Standard Loan Guidelines

Standard Loan Application

For more additional information or to request a COVID-19 RLF application please contact:
John Michener
Economic Development Project Manager
Johnmi@portofbellingham.com
+1.360.410.4167