The Lending Network (A community based small business lender)

Purpose

The Lending Network is a community based corporation established to lend money to qualifying businesses and to help diversify employment and create or retain family wage jobs in the local area. Loans are made to those who do not otherwise have the ability to fully finance their project, or that need more flexible terms to make their project financially feasible.

Over the past eight years, The Lending Network has approved over 40 loans for a total of over $4.6 million in loans. This includes 14 start-up companies and 30 manufacturing firms.

Priorities

.: Manufacturers, distributors, or wholesalers
.: Businesses that will create or retain family wage jobs in the area
.: Businesses located in smaller communities
.: Business that export products or services

Program Highlights

Term loans are available to finance:

.: Land and building acquisition or construction
.: Machinery and equipment
.: Working capital and inventory
.: Infrastructure development
.: Professional expenses
.: Loan fees and closing costs

Loan Amounts

$25,000 to $250,000

The Lending Network can provide up to 75% of total project costs; however, it generally targets between 20% and 50% of total financing.

Terms

.: Up to 20 years, depending on what is being financed.
.: Interest rates: fixed up to market rate.
.: Negotiated based on credit strength of applicant

Fees

Two percent loan fee plus related closing costs.

Collateral

Adequate collateral is required. Business and personal assets will be secured as applicable.

Eligible Applicants
Businesses that have:

.: Eligible financing needs
.: A sound business plan
.: Experience and management capacity
.: The willingness and ability to invest in and provide collateral for a project.

Other eligible applicants include:

Port Districts and other public and not-for-profit organizations, (such as water districts) that have particular borrowing needs that will support economic development projects.

Financial Help:

Cost comparisons and market analysis: EDC will provide needed information on workforce availability and wages. In addition, provide us with your existing utility bills and we will provide comparisons. Since Lewis County is the mid-point between the two major market areas in the Northwest (Seattle and Portland) a location here allows quick access to customers in both areas.