$300,000 in grants given to local cities to spur development and create jobsPosted: Updated:
KENNEWICK, Wash. -- The Hanford Area Economic Investment Fund handed out $300,000 in grants to cities within Benton and Franklin counties to spur development and create jobs.
IHAEIF is an organization established by the Washington State Legislature in 1991. The Hanford Area Economic Investment Fund's Grant Program serves as a catalyst for private capital investment and new job creation. Grants are only made to governmental entities in Benton and Franklin Counties for projects that focus on creating primary jobs and that encourage new development and business expansion in targeted industry sectors that diversify the economy in Benton and Franklin Counties. The goal is to fund projects that retain and create jobs and attract investment and economic diversification in Benton and Franklin Counties
HAEIF receives a portion of fees collected from the deposit of low-level radioactive waste at the Hanford Nuclear Reservation. This waste comes from a variety of sources from industrial, medical and research uses. The committee invests these funds through a revolving loan program to qualified businesses and municipal corporations.
HAEIF has two loan funds. The first is a Private Business Loan Program for corporations when there is compelling evidence that such loans will enhance the local economy and further economic diversification. Loan applicants must have been turned down for a loan from a traditional lending institution and demonstrate the ability to repay the loan. The second loan fund is a Public Loan Program for municipal entities.