As we bid farewell to 2022, it is only fitting to look back and celebrate the impact the Washington County Revolving Loan Fund (RLF) had on the community last year.
History of the Washington County Revolving Loan Fund
A bit of a history lesson is in order. It was 2005 when Washington County first partnered with EDWC to administer what was then the federally funded Community Development Block Grant (CDBG) Revolving Loan Fund. In 2011, the county and EDWC launched a pilot for a locally funded Impact & Attraction RLF, re-investing $1M in sales tax revenue to create an “engine of growth” fueling countywide prosperity.
Fast forward to four important years – 2017 through 2020. The pilot proved so successful that the county invested a portion of sales-tax revenue annually into building an “evergreen” (self-sustaining) version of the Impact RLF Program under the administration of EDWC. Additionally, the CDBG loan fund was defederalized and rolled into the Impact RLF, building to a now nearly $20 million loan portfolio. Today, the Impact RLF Fund no longer receives sales tax investments; having achieved its “evergreen” status in 2021 as a self-sustaining engine of growth.
Mission Accomplished!
Financial Impact of Washington County Revolving Loan Fund on the Community
The mission of the Washington County Impact RLF is to leverage new private sector investment to successfully accelerate business growth in Washington County, provide catalytic impact within communities and generate prosperous opportunities for workers. The impact we measure shows that this mission is being realized. In 2022 alone, the collective Net Public Benefit (fiscal benefits less costs) amounted to over $5 million for all Washington County taxing bodies where the year’s projects were located. The nearly $53 million in private sector 2022 development impacted countywide prosperity through nearly $8 million in new annual payroll. With more money in residents’ pockets, the fund also generated over $1 million back in new sales taxes, giving regularly back to the source of this novel development tool.
Accelerating Growth and Prosperity
Millions in New Payroll and Net Public Fiscal Benefit Thanks to the Washington County Revolving Loan Fund
By the end of 2022, EDWC had 45 active loans through the RLF, including micro loans, loans to start-up companies, loans to developers, and brownfield redevelopment loans. EDWC conducts an Economic and Fiscal Impact Analysis for each loan made using data certified by each borrower at time of application. Using this information, we’ve continually tallied up the overall impact these loans are projected to have countywide. Since 2008, $385 million in new development supported by the Impact RLF has resulted in $829 million in new payroll and $29 million in net public fiscal benefit. Now that’s accelerating growth and prosperity!
We like to measure the impact of the Washington County RLF not only in terms of how it benefits the community in dollars and cents, but also on a more personal level:
- A lifelong dream is realized by a local entrepreneur (Read More About Aspen Sky)
- A manufacturing company and fixture in the community stays locally-owned after original owners retire (Read More About Weld-Fab)
- Multiple jobs are retained, and more added when a business with long-term roots in the community is ready to grow (Read More About MBW).
We are proud of how the Impact RLF is used to spur economic growth in Washington County for the benefit of individual community members, business owners and the community as a whole. We’re looking forward to partnering with more organizations in 2023 to fuel their growth in Washington County!
