Benton-Franklin Council of Governments can provide assistance with the following programs:
- Regional Revolving Loan Fund Program (RRLF)
- Columbia Regional Economic Development Trust (CREDiT)
- Microloan Revolving Fund (MRF)
- Hanford Area Economic Investment Fund Advisory Committee (HAEIFAC)
- NEW! Microloan Program for Women & Minority-Owned Businesses
The primary purpose of all the loan funds that we administer is to help businesses in our community to expand and prosper, and in doing so, create new jobs.
The RRLF and the CREDiT are designed to “fill the gap” between the amount of conventional financing available and the amount needed for the project. The intent of gap financing is to provide the amount needed to develop a job-creating business expansion. Loan amounts range from $25,000 to $300,000.
CREDiT will also loan to start-up business with the potential to create jobs. RRLF loans cannot finance more than 75% of the total project costs.
The RRLF is sponsored by the Cities of Kennewick, Pasco and Richland through their Community Development Block Grant Programs (CDBG), Benton and Franklin PUDs, and the U.S. Economic Development Administration (EDA). The fund is administered by the Benton-Franklin Council of Governments.
CREDiT will also loan to start-up businesses with the potential to create jobs. CREDiT is sponsored by the U.S. Department of Agriculture and is administered by the Benton-Franklin Council of Governments.
The MRF is designed to provide financing for start-up or expanding businesses. Loans from $500 to $35,000 are available to businesses in Benton, Franklin, Columbia, Garfield, Asotin, Whitman, and Spokane Counties. The MRF is funded by the Cities of Kennewick, Pasco and Richland through their CDBG Programs, and Benton PUD.
HAEIFAC was established in 1991 to finance projects to expand and diversify the economy and decrease dependence on U.S. Department of Energy operations in the Tri-Cities region. The program objective is to fund projects that retain and create jobs and attract investment and economic diversification in the Benton and Franklin Counties. Loans will not be made for less than $150,000 or for a term of more than 15 years. For more information related to HAEIFAC, please visit www.hanfordfund.com
NEW! Microloan Program for Women & Minority-Owned BusinessesThe Benton-Franklin Council of Governments (BFCG) was recently selected as the recipient for the Northwest Business Development Association’s (NWBDA) Regional Grant. This grant will be used to fund microloans for women and minority-owned businesses in the BFCG service area. Potential borrowers may qualify for loans ranging from $2,000 to $5,000.
For further information please contact our office at (509) 943-9185.