05/18/2023 | Press release | Distributed by Public on 05/18/2023 14:47
State funds leverage over $127 million in private and local resources expected to create and retain 185 high-wage jobs.
OLYMPIA, WA - The Washington State Community Economic Revitalization Board (CERB) today approved $8.75 million in low-interest loans and $1.35 million in grants for economic development and public infrastructure improvements intended to spur business growth and job creation in Adams, Snohomish and Spokane counties.
"CERB's public infrastructure investments help Washington compete for and retain companies that are looking to grow and expand. These projects play a vital role in sustaining our state's future economic growth. Strategic funding for infrastructure and planning projects are a crucial building block in Washington's economic landscape. CERB would like to thank the Legislature for the $25 million appropriation in the capital budget and the passage of SSB 5229. The passage of this bill allows CERB to expand our planning efforts and increase funding for these projects across the state," said CERB Chair Michael Echanove.
The release of CERB funds to these projects is contingent upon each applicant completing specific pre-contract requirements, such as finalizing other funding sources and obtaining necessary permits. Washington local governments and federally recognized tribes with project ideas are invited to contact Janéa Stark at [email protected].
About CERB
Since 1982, CERB has committed more than $243.8 million to local jurisdictions across the state, an investment generating more than 39,000 jobs, and private capital investment of $6.3 billion - a $26-to-$1 return on CERB investments. Read the 2022 CERB Legislative Report to learn more.
As Washington's strategic economic development resource, CERB is focused on creating private sector jobs in partnership with local governments by financing infrastructure improvements. These improvements encourage new business development and expansion. In addition to funding construction projects, CERB provides limited funding for studies that evaluate high-priority economic development projects.
Learn more about CERB at www.commerce.wa.gov/cerb.