The Hanford Area Economic Investment Fund awards loans to for-profit corporations when there is compelling evidence that such loans will create jobs, enchance the local economy and further economic diversification. Private Business Loans provide money for working capital, research and development, purchase of land, new building construction, acquisiton and renovation of existing buildings, purchase of machinery and costs such as architectural, legal, engineering services and appraisals.
- The project must diversify or expand the area’s economic base and create jobs in Benton and Franklin Counties.
- Applicant must be a for-profit business located or headquartered in Benton or Franklin County.
- Applicant must demonstrate the need and the ability to repay and administer loan funds.
- 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 that $150,000 or for a term of more than 15 years.
- See the Private Loan Application Procedure for application and/or processing fees, cash infusion, and job creation requirements.
See the Private Loan Application Procedure for application and/or processing fees, cash infusion, and job creation requirements.