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A Washington State Rural Technology Loan Fund has been established-Financing tool available for rural technology companies

A Rural Technology Loan Fund has been established to assist in the creation of family wage sustainable technology jobs that help alleviate poverty in rural communities in Washington.

The program,
a partnership between the Washington Technology Center (WTC) and Evergreen Community Development Association (ECDA), is designed to provide gap financing or late stage product development loans for implementation of value-added production processes and/or technology development. Gov. Gary Locke participated in the official signing ceremony on April 1 that included ECDA President Philip T. Eng and WTC Executive Director R. Lee Cheatham.

Loan funds may be used for development costs for patented technology, equipment purchase, real estate, engineering costs, or working capital. Rural technology-based companies in Washington, including start-ups and existing businesses, are eligible to apply. Applicants must meet loan criteria and have a strong business plan.

Details about the program are found at http://www.watechcenter.org/business/rtlf.html. For more information, contact Laura Dorsey, 206-685-4809, [email protected] or Mahnaz Eshetu, 206-577-1424, [email protected].

About the Evergreen Community Development Association

The Evergreen Community Development Association is a Certified Development Company (CDC) established since 1980. CDCs are certified and regulated by the U.S. Small Business Administration to make 504 loans in a specific geographic area. Evergreen serves the entire state of Washington, Alaska, and Northwest Oregon. The ECDA has been involved in more than 1,200 projects totaling over $1.5 billion through the SBA 504 Program and creating or retaining more than 21,000 jobs in the Pacific Northwest. http://www.ecda.com

About the Washington Technology Center

The Washington Technology Center is Washington’s statewide science and technology organization committed to accelerating the innovation-based economy. WTC stimulates job growth in Washington’s companies by helping develop commercially viable technology. Since 1995, over 200 Washington companies working with WTC have secured $280 million in outside financing or federal contracts. More than half the companies receiving WTC funding have had fewer than 100 employees. WTC also manages a Microfabrication Laboratory, a nationally recognized facility for research, technology development, and prototype manufacturing. http://www.watechcenter.org

Ellen Barker, 206-543-7994, [email protected]

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