Local rural economic development revolving fund created

A rural economic development revolving fund has been established to loan money for local economic development projects in the Tri-Cities.

Benton PUD has established the fund and the Benton-Franklin Council of Governments is accepting applications.

The goal of the program is to support projects that create jobs, retain business, add or upgrade nonelectrical infrastructure, health and safety facilities or emergency service in a qualifying rural area, or improve energy or water efficiency.

Benton OUD met the criteria for a public utility tax credit equal to 50 percent of contributors made to an electric utility rural economic development revolving fund and designated $50,000 to it. That means it will get the maximum tax credit of $25,000 for the fiscal year.

Loans can be valued from $5,000 to $35,000 with interest rates of 2 percent below to 2 percent above the prime interest rate.

Applicants must provide proof they are a Benton PUD customer and that the project is located within the PUD service area, as well as other requirements. For more information call the council at 943-9185.


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