Financing tool available for rural technology companies

For Immediate Release: April 2, 2003

Seattle, WA — 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.

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.

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