Economic Development Loans Available

Benton PUD has established a Rural Economic Development Revolving Fund for local economic development projects. Loan applications are now being accepted by Benton-Franklin Council of Governments on behalf of Benton PUD for projects eligible for a loan from the fund.

Benton PUD met the criteria for a public utility tax credit in an amount equal to 50% of contributions made to an electric utility rural economic development revolving fund. Benton PUD designated $50,000 to the fund and will receive the maximum tax credit available of $25,000 for the fiscal year. The goal of the program is to support qualifying projects that achieve job creation or business retention, add or upgrade nonelectrical infrastructure, add or upgrade health and safety facilities, accomplish energy and water use efficiency improvements, including renewable energy development, or add or upgrade emergency services in a qualifying rural area.

Benton PUD appointed Benton-Franklin Council of Governments to oversee and direct the activities of the revolving fund. Loan applicants will be charged a $50 fee to apply for a loan and a $30 credit check fee. Loans may be issued in amounts from $5,000 to $35,000 with interest rates ranging from 2% below to 2% above the prime rate at the time of loan issuance. Loan applicants must provide proof that they are a Benton PUD customer and that the project is located within the Benton PUD service territory.

For more information about the program and to apply for a loan, contact Benton-Franklin Council of Governments at 509-943-9185 or www.bfcog.us.