Loan Program

The Hanford Area Economic Investment Fund Committee awards loans to for-profit industrial, commercial, service and municipal corporations when there is compelling evidence that such loans will create jobs, enhance the local economy and further economic diversification.

Private Business Loans
Business loans provide money for working capital, research and development, purchase of land, new building construction, acquisition and renovation of existing buildings, purchase of machinery and costs such as architectural, legal, engineering services and appraisals.

Minimum Criteria:

• The project must diversify or expand the area's economic base and create living wage jobs.
• Applicant must be a for-profit business located or headquartered in Benton or Franklin County.
• Applicant must demonstrate ability to repay and administer loan funds and demonstrate need.
• Applicant must have been denied for a loan by a traditional lending institution.
• Loans may be required to be personally guaranteed, secured with collateral or leveraged with funding from other sources.
• Loans will not be made for less than $150,000 or for a term of more than 20 years.

Municipal Loans
Public Infrastructure Loans are awarded to fund development necessary for a business or industry to expand or locate in Benton of Franklin County. Acceptable categories include, but are not limited to, tourism, manufacturing, processing, research and development, assembly, warehousing and distribution.

Minimum Criteria:

• The project must diversify or expand the area's economic base and create living wage jobs.
• Applicant must be a municipal corporation with economic development authority in Benton or Franklin County.
• Applicant must demonstrate ability to repay and administer loan funds and demonstrate need.
• Loans may be required to be secured with collateral or leveraged with funds from other sources.
  
• Funds must be used for a public facility or infrastructure development to enhance and diversify the local economy or be necessary for a business or industry to locate.
• Loans will not be made for less than $150,000 or for a term of more than 20 years.

For more information and to receive an application, please contact:
Stephen P. Sensney, HAEIFC Loan Consultant by phone at 509/832.0080 or by e-mail: loans @ haeifc.com