Port Revolving Loan Fund
Financial Assistance Available To Local Manufacturers
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.
For more informationContact Economic Development Specialist John Michener at 360-676-2500