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Founded in 1971, enterpriseSeattle is a public-private economic development partnership encompassing King County and its 39 cities.

Incentives

Industrial Revenue Bonds

Ten public corporations in King County issue tax-exempt Industrial Revenue Bonds (IRBs) on behalf of private companies. The key advantage to this type of financing is that interest payments to IRB buyers are not subject to federal income tax. Because of this tax-exempt status, bond buyers are willing to accept lower rates of interest on the bonds, thus reducing the project financing costs for the participating companies.

Community Development Interim Loan

King County manages an $8 million revolving float loan program designed to assist certain projects deemed beneficial to local economic development or low income housing. Intended as interim financing, the loans may be used to provide working capital or to purchase fixed assets. The term is typically one to two years and the interest rates are negotiable but usually run 2-3 points below a borrower’s normal cost of funds.

Employee Training

Washington employers can access over thirty state and federal programs to assist in accessing labor market information, recruiting new employees and designing customized training.

Foreign Trade Zones

Washington State currently has eleven designated foreign trade zones. These are legally secured areas outside the nation’s custom territory that operate as duty-free areas.

WA Economic Development Finance Authority

The Washington Economic Development Finance Authority (WEDFA) is a public corporation of the state authorized to issue nonrecourse tax-exempt and taxable economic development revenue bonds. The Tax-Exempt Manufacturing and Processing Equipment Financing Program (TEMPE) allows bond interest to be exempt from federal income tax. This program is designed for equipment financings of $250,000 or greater.

Community Economic Revitalization Board

When access roads and rail lines, sewer and water extensions, or some other public improvement is needed to spur private sector investments in King County, the revolving loan and grant program of the Community Economic Revitalization Board may be utilized. CERB monies are awarded to local communities on an “as needed” basis for public works projects.

Community Empowerment Zones

Community Empowerment Zones have been established in parts of Seattle and in White Center in King County. Firms locating in a Community Empowerment Zone, or in a county containing a Community Empowerment Zone, may qualify for the Distressed Area Sales and Use Tax Deferral/Exemption Program if at least 75% of the jobs created are filled by residents from the Community Empowerment Zone.

Venture Capital

The Seattle area has recently seen the arrival of several high-profile venture capital and investment banking firms, as well as the rise of large, local venture capital funds. Venture capital firms put more than $23 billion into Washington start-up companies in the first three quarters of 2011—a pace that, if maintained in Q4, would be the highest level of VC investment in a decade.