Economic Development of Franklin County

Applications are now being accepted
The Rural Economic Development Board (REDF), on behalf of Franklin PUD, is now accepting applications for projects that assist in economic development in Franklin County. Qualified new businesses, expanding businesses, or relocating businesses are invited to submit loan applications to obtain a portion of the $250,000 set aside by Franklin PUD to assist in economic development in Franklin County.

Franklin PUD pays millions of dollars in taxes each year. In 1999, a Public Utility Tax Credit became available to Franklin PUD until 2011. This tax credit law states that rural utilities, like Franklin PUD, can claim up to 50% of money spent on economic development towards tax credits, up to a maximum of $25,000 annually. Seeing the double benefit to Franklin PUD customers, Franklin PUD Commissioners elected to participate in the tax credit program.

In 2000, Franklin PUD began setting aside $50,000 a year. The fund now has $250,000 that can be loaned for economic development projects within Franklin County. The Franklin PUD Commissioners appointed a small group of Franklin PUD customers to be board members and oversee the disbursement of the Rural Economic Development Funds (REDFs). The loans are made for relatively short amounts of time in order to keep the money cycling to new projects.

The REDF Board has specific program goals as follows:

• To assist in the development and retention of businesses in Franklin County.
• To strengthen the management and financial capacity of businesses.
• To create and retain stable jobs for individuals in Franklin County.
• To work with state and local government agencies as well as local financial institutions to increase the amount of capital made available to businesses in Franklin County.

To be eligible for financing through the Franklin PUD REDF program, an applicant must meet the following criteria:

• The facility or activity financed is located within the boundaries of Franklin County.
• The financing of the project must involve financing from financial sources or owner equity.
• The proposed business must produce jobs and/or other economic benefits to residents of the community in which the business is located and contribute to the economic well being of Franklin County.

The following types of activities or projects are ineligible for financing under this loan program including, but not limited to, adult entertainment, bars, and/or taverns. Funds may not be used to promote/support political or religious projects, finance a feasibility study, agricultural production costs or electrical infrastructure.

The REDF Board is now accepting applications to loan funds for eligible projects. Interested applicants may obtain more information regarding the program or an application form by contacting Art Tackett with the Benton Franklin Council of Governments at 509.943.9185.