Sponsor
Washington State Department of Commerce
Deadlines
Applications accepted on an ongoing basis
Purpose
The Prospective Development Program provides financing in
the form of grants and loans for local governments and
federally-recognized tribes in rural areas of Washington.
Eligible uses of funds include planning, acquisition,
construction, repair, reconstruction, replacement,
rehabilitation, and/or improvement of:
- Bridges/roads/transportation
- Buildings or structures
- Domestic and industrial water
- Earth stabilization
- Electricity/natural gas
- Port facilities
- Rail
- Sanitary sewer
- Stormwater
- Telecommunications
- Research, testing, training, and incubation
facilities in designated Innovation Partnership Zones
Eligibility
Applicants must be in
rural communities in Washington state as outlined in the program policies. Eligible
applicants include:
- Cities and towns
- Counties
- Federally recognized tribes
- Municipal corporations
- Quasi-municipal corporations
- Public port districts
- Special purpose districts
Project requirements:
- Completed economic feasibility study
- Evidence that the project will lead to the creation
of a significant number of permanent jobs or generate
significant private capital investment - Demonstrate the need for CERB assistance and that no
other timely source of funding is available
Geographic coverage
Washington
Amount of funding
Loans up to $3,000,000
- Interest rates: 1-3%
- Term: Up to 20 years
Grants are available for up to 25% of the total award,
determined by the underwriting process and debt service
coverage ratio.
Applicants must provide a 50% cash match of the total
project cost.
Tagged as
Broadband · Capital funding · Community and economic development · Infrastructure · Planning and strategy methods and resources · Public health · Technology for health and human services · Transportation · Washington
For complete information about funding programs, including your
application status, please contact funders directly. Summaries are provided
for your convenience only. RHIhub does not take part in application processes
or monitor application status.