To fund projects that retain and create jobs and attract investment and economic diversification in Benton and Franklin Counties. HAEIF was established by the Washington State Legislature in 1991 to finance projects to expand and diversify the economy and decrease dependence on U.S. Department of Energy operations in the Tri-Cities region.
HAEIF receives a portion of fees collected from the deposit of low-level radioactive waste at the Hanford Nuclear Reservation. This waste comes from a variety of sources from industrial, medical and research uses. The committee invests these funds through a revolving loan program to qualified businesses and municipal corporations.
HAEIF has two loan funds. The first is a Private Business Loan Program for corporations when there is compelling evidence that such loans will enhance the local economy and further economic diversification. Loan applicants must have been turned down for a loan from a traditional lending institution and demonstrate the ability to repay the loan. The second loan fund is a Public Loan Program for municipal entities.
HAEIF Grant Program
The Hanford Area Economic Investment Fund’s Grant Program serves as a catalyst for privat capital investment and new job creation. Grants are only made to governmental entities in Benton and Franklin Counties for projects that focus on creating primary jobs and that encourage new development and business expansion in targeted industry sectors that diversify the economy in Benton and Franklin Counties.