Small Business Financing Sources Working For Our Community |
Benton-Franklin Council of Governments (BFCG)
Korey & Staci Lancaster, Windy River Meats, Pasco
John & Tamara Peterson, YOplicity Frozen Yogurt, Kennewick David Sligar and Lisa Dahlin,
Bomber’s Drive Thru, Richland
Who We Are
The BFCG is made up of two departments:
– Community and Economic Development
• Is funded by the federal Economic Development Administration and has two primary functions:
– Administers various loan programs
– Work with the various community members for regional strategic planning through Community Economic Development Strategy (CEDS) process
– Transportation Planning
• The BFCG serves as the Regional Transportation Planning Organization (RTPO) for Benton, Franklin, and Walla Walla Counties.
• MPO (Metropolitan Planning Organization) for the Tri-Cities urban area
Who We Help
To businesses, we provide:
• Low down payments
– Enables the borrower to keep working capital invested in receivables and inventory where it earns a profit and increases the return on equity.
• Long term financing
– Matches maturity of the loan to the useful life of the asset. Debt service is better matched to cash flow.
• Technical assistance
– Provided through the life of the loans and helps increase business success rates.
• Reasonable interest rates To lenders, we provide:
• Reduced Collateral Risk
– Provides collateral substitution or increased collateral cushion.
• Reduced Credit Risk
– Provides better matching of debt service to cash flow by allowing working capital to be invested in profit making assets.
• Opportunities for Business Development To the community, we:
• Create new permanent jobs
• Expand tax base
• Stimulate increased economic activities within the local community
How We Help
The BFCG Community and Economic Development department can assist loan recipients with bookkeeping, accounting and fraud/theft control systems or connect them with the right people to help them. We also offer some limited technical advice and counseling for loan recipients by providing applicants assistance with finance packaging, business planning, and management. We also act as a resource of information to small businesses and entrepreneurs. We also will refer clients to lenders if we believe they will be able to get a better product through the local lending institutions.
BFCG fully complies with Title VI of the Civil Rights Act of 1964 and related statutes and regulations in all programs and activities. For more information or to obtain a Title VI Complaint Form, please call (509) 943-9185 or go online at www.bfcog.us.
Loan Services We Provide
Micro Loan Revolving Fund (ML)
Childcare Micro
Loan (CCML) Columbia Regional Economic
Development Trust (CREDiT)
Regional Revolving
Loan Fund (RRLF)* Hanford Area Economic Investment Fund (HAEIF) Limits: $500 to $50,000 Limits: $500 to $5,000 - Family home child care provider; Up to $25,000 - Child care centers Limits: $10,000 to $150,000 Limits: $10,000 to $300,000 Limits: $150,000 to $500,000; May vary depending on board approval
Eligible Applicants: For profit firms, startups or expanding businesses Conduct business in manufacturing, value-added processing, service, or retail Eligible Applicants: Must be, or become, a licensed
home child care provider or licensed child care center
Eligible Applicants: Private and for-profit and non-profit firms in manufacturing, value-added processing, service and retail
Eligible Applicants: Manufacturing, Value Added Processing, Services and Retail
Eligible Applicants: For-profit businesses in Benton and Franklin Counties which can show the loan will enhance the local economy and create economic
diversification Eligible Uses of Funds:
Equipment, Inventory, Operating Capital, Fixtures, Furniture
Eligible Uses of Funds: Costs related to licensing
requirements; Safety items, equipment, fencing, etc.
Eligible Uses of Funds: Real estate costs, machinery and equipment,
contingency reserves, working and startup capital, infrastructure costs
Eligible Uses of Funds: Real estate,
machinery and equipment,
contingency reserves, working and startup capital, infrastructure costs.
Eligible Uses of Funds: Equipment, leasehold improvements, research and development costs, working capital, etc. Preference will be given to applications for purchase of land, new building construction, acquisition and renovation of existing buildings, purchase and installation of machinery and equipment, etc. Eligible Areas: All of Franklin, Benton, Asotin, Columbia, Garfield, Whitman and Spokane Counties. Eligible Areas: All of Franklin, Benton, Walla Walla, Grant, Adams, Whitman, Okanogan, Chelan, Douglas, Yakima, Skamania, Clark, Garfield, Kittitas, Klickitat, Asotin and Columbia Counties.
Eligible Areas: Specified areas of Franklin, Benton, Walla Walla and Columbia Counties; Benton City, Connell, Kahlotus, Mesa, Prosser, West Richland, and the unincorporated areas of Benton and Franklin Counties
Eligible Areas: Cities of Kennewick, Richland and Pasco, and Benton and Franklin Counties.
Eligible Areas: Benton and Franklin Counties.
How to Contact Us
Additional information can be obtained by contacting the BFCG Community and Economic Development staff at 509.943.9185.
More BFCG Clients
Do you need start-up funds, working capital, or monies for real estate or equipment costs for your business?
Here are testimonials from just some of the small businesses in our community that have utilized the BFCG’s various financing programs. If we can’t help you, we will point you in the right direction of someone/agency who might be able to. Call us today to see if we can help with your business financing needs.
Benton-Franklin Council of Governments 509.943.9185
