Rural Loan Fund

Financing for any business purpose for for-profit and non-profit businesses, that don't qualify for financing elsewhere, located in rural areas of select counties in Washington State.

With the assistance of the United States Department of Agriculture, Evergreen has developed a loan fund to promote financing for small businesses in rural communities with populations of less than 25,000.  The Rural Loan program is designed to provide access to capital that otherwise might be difficult to obtain.  It can provide gap financing in a junior lien position to create a bankable loan for a senior lender.  The ultimate purpose of this program is to alleviate poverty and increase economic activity and employment in rural communities.

If you have any questions, please call an Evergreen Loan Officer.

Eligibility:

To be eligible for an Evergreen Rural Loan a business must meet the following criteria:

• Demonstrate that it does not qualify for financing under reasonable terms elsewhere - or that it does not have sufficient funds available to complete the project
• Located in one of the following Washington State counties:
  Clallam, Clark, Cowlitz, Grays Harbor, Jefferson, King, Kitsap, Kittitas, Klickitat, Mason, Pierce, Skagit, Skamania, Thurston and Yakima
• USDA regulations allow loans to be made in cities and towns with population less than 25,000 and in any unincorporated areas of the counties in which the Rural Loan Fund is authorized to operate.
• Loans cannot be made to a borrower whose project is within the city limits of the following 25 cities. All other locations are eligible.

Most types of businesses are eligible to apply, including start-ups and existing businesses that are expanding.

Use of Funds:

• Land and/or building purchases
• New construction and/or building renovation
• Machinery and equipment purchases
• Purchase inventory, obtain working capital funds or refinance existing business debt.

Loan Features:

• Loan amounts to $250,000
• Competitive fixed interest rates
• Terms of 1 to 20 years
• No prepayment penalty
• Provide up to 90% financing with senior lender participation
• Provide up to 75% financing without a senior lender
• 2% origination fee, $500 legal fees
• Borrower pays closing costs and out of pocket expenses

Collateral:

All loans must be secured as fully as possible with whatever worthwhile assets. Partnering with other lenders for subordinated debt financing is possible.

Rural Loan Fund Application

After you complete the forms, you can mail them to:
Melissa Suposs
Evergreen Community Development
900 4th Ave. Suite 2900
Seattle, WA 98164

or Fax them to:  (206) 623-6613.

The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or a part of an individual's income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA's TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, DC 20250-9410 or call 1-800-795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity provider and employer.