Washington Investment Fund

In 1986, when the Columbia River Gorge National Scenic Area Act was signed into law by President Reagan the legislation provided for $10 million in funds for economic development grants and loans. The EDC contracts with the Washington State Department of Commerce to operate and administer the Washington Investment Fund (WIF). The Washington Investment Board is responsible for the administration of the WIF and provides funding to create jobs and develop investments that have long-term economic impacts in the Columbia River Gorge National Scenic Area Act with the overall goal of strengthening and diversifying the Columbia River Gorge economy. Private business development loans are available for business retention, expansion and startup projects. Loans must be fully collateralized and the maximum loan amount varies on a project by project basis.

Mandatory Criteria (required for project eligibility):

• Projects are within the Washington geographic boundary of the National Scenic Area.
• Funds must not be used for moving business from one area to another.
• Projects must comply with the National Scenic Area Act and county land use ordinances.
• Funds cannot be used for program administration, such as funding of staff or related expenses unless the expenses demonstrably contribute to the outcome of the grant or loan.

 

Plan Goals (one or more required for project eligibility):

• Expand and diversify the economy
• Create and retain jobs, especially family wage jobs
• Increase the region’s tax base
• Provide support for adequate public infrastructure

A copy of the loan application can be found here: Skamania-EDC-Loan-Application. Prior to submitting an application with all of the supporting materials and information, please contact the EDC by clicking here.

Once a completed application is submitted:

• Completed applications are presented to the WIB Board at the next meeting for review. The WIB meets on an as needed basis.
• Applications given preliminary approval are forwarded to the Columbia River Gorge Commission to determine if the project complies with the purposes of the National Scenic Area Act, Management Plan, and land use ordinances. If certified, the application will return to the WIB.
• Applicants receiving final approval will be asked to sign a contract that includes conditions, performance standards and requirements for reports.
• Applicants can expect a final decision approximately six weeks after submitting and application.

Small Business Micro-loan Fund

SCEDC also operates and administers the Skamania County Economic Development Council’s Small Business Micro-Loan Fund. This program provides for funding to non-bankable existing businesses and business start-ups. There is no minimum loan amount however, the maximum amount allowed is $25,000.00 and a business must provide equity investment and secure the loan with collateral. Loans may be used for working capital, equipment purchase and leasehold improvements. Contact us here for additional information on the SCEDC’s Small Business Micro-Loan Fund.

The purpose of the micro-lending program is to:

1. Encourage and facilitate enterprise development and operations.
2. Assist dislocated timber workers’ entrepreneurial efforts that will aid in the transition of the county’s economic base.
3. Participate in projects that will allow existing companies to enter new markets with existing products, and/or diversify product lines to enter new markets.
4. Expand or contribute to the tax base of the area.

 

Funds will not be used for:

1. Projects involving the relocation of any firm from another labor market which causes economic dislocation at the original site.
2. Projects that are not located in and/or will not result in permanent job opportunities for residents of Skamania County or western Klickitat County.
3. Projects for which funds are otherwise available from other public or private sector sources under terms usual and prudent to the industry norm of the borrower.
4. Projects on which there is not reasonable assurance of repayment of the proposed loan and/or reasonable recourse.

 

A copy of the loan application can be found here: Skamania-EDC-Loan-Application. Prior to submitting an application with all of the supporting materials and information, please contact the EDC.

Once a completed application is submitted:

• Completed applications are presented to the Micro-Loan Committee at the next meeting for review. The Committee meets on an as needed basis.
• Applicants receiving final approval will be asked to sign a contract that includes conditions, performance standards and requirements for reports.
• Applicants can expect a final decision approximately six weeks after submitting and application.

   Washington Investment Board is excited to announce:

                                    A New Pilot Loan

This new program is designed to have fewer requirements.

Please click on the link below to see the informational flyer.

WIB Pilot Flyer UPDATE 3-19-2020     The loan application can be down loaded by  Skamania-EDC-Loan-Application – fillable.