NWEC's Revolving Loan Fund Program
Finance Assistance Available To Local Manufacturers
The Northwest Economic Council (NWEC) is actively seeking creditworthy manufacturers that need financing.
The Loan Administration Board:
· Sets the interest rates 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 bank to pledge at least $2 for every $1 from NWEC;
· 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 activity (financing is not for retention);
· 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 information, call the NWEC office at 360-676-4255 or email
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.
RLF Underwriting Guidelines
RLF Application
RLF Credit Check Authorization
RLF Employment Verification
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