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Washington State Department of Community, Trade and Economic Development (Department of Commerce) Washington Economic Development Association Spring Conference Focusing on the Future Kenny Spain – North Central Washington Regional Services Manager Sally Harris – Northwest Washington Regional Services Manager
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Today’s Program Regional Services CERB Update Team Washington Local Assistance State Finance Programs Process Services Loan & Guarantee Options
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ITED Regional Managers Industry Expertise Aerospace – Sally Harris 60 to 80% of all new jobs are created by existing businesses $ Marine Technologies – Lynn Longan Clean Technologies – Terry Lawhead Forest Products – Brent Bahrenburg Agriculture/Food Processing – Bob Sandoval Financial Assistance – Kenny Spain, Chris Greenlee, Kraig Kushar Research – Spencer Cohen
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ITED Regional Services Team Washington CERB Financial Packaging Local Assistance Research Job Creation
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Community Economic Revitalization Board 2009-2011 Updates Wages Maximum changes Rural communities in urban counties Process Applicant driven process Intensive advance Regional and CERB staff work Board meets six times a year CERB Members make decision at meeting
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Community Economic Revitalization Board
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Hamilton Today CTED approved the Old Growth Fund to fund the water system design Skagit County Sales and Use money to move water system Fiber delivered through the PUD and USDA CERB provided the grant and loan to Hamilton to upgrade the system Office of Regulatory Assistance provided permit assistance The company built a 150,000 square foot facility with two 5-axis mills Net result was private investment of $24.8 million and 288 jobs The family-owned company needed to expand in order to accommodate increased demand for its composite aerospace tooling. The town of Hamilton in Skagit county was selected as the expansion site. A Successful Expansion in the Town of Hamilton… Janicki Industries is a manufacturer of composite tooling for aerospace, marine, energy and transportation applications.
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Team Washington The Power of Working Together Washington Manufacturing Services (WMS) Washington Economic Development Finance Authority (WEDFA) Economic Development Administration (EDA) WorkSource Centers Washington Technology Center (WTC) U. S. Department of Agriculture Rural Development Community and Technical Colleges Department of Labor & Industry (L&I) Governor’s Office of Regulatory Assistance Employment Security Department Department of Licensing (DOL) Secretary of State Small Business Development Centers (SBDC) Procurement Technical Assistance Centers (PTAC) Associate Development Organizations (ADO) Department of Revenue (DOR) Office of Minority & Women’s Business Enterprises Washington State Microenterprise Association (WSMA)
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ITED Local Assistance
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Washington State Loan Programs Rural Washington Loan Fund (HUD) CDBG Float Loans (HUD) Section-108 Loan Guarantee (HUD) Brownfields Revolving Loan Program (EPA) Forest Products Loan Program (USDA) Coastal Loan Programs (EDA) Childcare Facility Fund (DOL & HHS)
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Lending Program Process Washington’s constitution does not allow the lending of the state’s credit. As a result: Use various federal program monies to make business loans Lend in partnership with other private and non-profit lenders Help local revolving funds and lenders structure financing deals Federal monies to CTED come from five different federal agencies
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Business Finance Services Deal structuring Loan packaging Negotiating, advocacy & referral (SCORE, SBDC & EDCs) Partnership building- private, local, state and federal loan programs Helping attract private capital to leverage public loan funds
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Rural Washington Loan Fund $75,000 to $1,000,000 $4.5 million available Fixed at prime, up to 10 year term Requires 2:1 match Uses federal (CDBG) monies Case Study: H2 Pre-cast Inc.
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CDBG Float Loan (HUD) $16 million total Max term 30 months, 50% of prime rate Requires irrevocable letter of credit Success: Cardinal Glass
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HUD Section - 108 Loan Guarantee Limit $7,000,000 per jurisdiction Term 20 years Ocean Shores Shilo Inn
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Forest Products Loan Fund $75,000 to $1 million loans 5-10 years, usually at prime fixed Value-added wood products Case Study: Snow Mountain Company, Anacortes
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Brownfields Redevelopment Loan Fund $4.5 million total available (statewide) 5 years, 2-4% interest rate Partnership with Dept. of Ecology Site must be EPA approved Davis Bacon rules apply Case Study: Rainier Court
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Child Care Facility Fund Increase the availability of quality, affordable, convenient child care Grants/loans for employers and child care businesses $100,000 max loan/ $25,000 grant potential Start up or expansion, capital improvements, health and safety equipment and potential for short term operational costs
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Key Finance Success Identified, developed and funded (through grants and loans) 105 local economic development projects in fiscal year 2008. Invested more than $76.6 million of state funds, leveraging $1.4 billion in local and private funds, creating or retaining an estimated 7,271 jobs.
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Thank You Kenny Spain North Central Washington Regional Services Manager International Trade and Economic Development 509-393-6373 kennys@cted.wa.gov Sally Harris Northwest Regional Services Manager International Trade and Economic Development 206-276-0059 sallyh@cted.wa.gov
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