Washington Community Economic Revitalization Board Prospective Development Program

Janea Stark
Janea.Stark@commerce.wa.gov
360.252.0812

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

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

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.

Links to additional guidance and the online application are available on the program website.

Applications are accepted on an ongoing basis. The Board meets every 2 months to consider projects and make funding decisions.

Community Economic Revitalization Board meeting schedule