CERB Prospective Development Program
The Community Economic Revitalization Board (CERB) was formed in 1982 to respond to local economic development in Washington communities. CERB provides funding to local governments and federally-recognized tribes for public infrastructure which supports private business growth and expansion. Eligible projects include domestic and industrial water, storm water, wastewater, public buildings, telecommunications, and port facilities.
Prospective Development Program Overview
Local governments and federally-recognized Indian tribes in rural counties and rural communities may apply for the Prospective Development (PD) program if an economic feasibility study has been conducted and demonstrates that private business development is likely to occur as a result of the public improvements.
Other requirements include:
• Evidence that the project will lead to the creation of a significant number of permanent jobs or generate significant private capital investment.
• Demonstrate the need for CERB assistance and that no other timely source of funding is available.
Planning, acquisition, construction, repair, reconstruction, replacement, rehabilitation, or improvement of:
• Buildings or Structures
• Domestic and Industrial Water
• Earth Stabilization
• Electricity/Natural Gas
• Port Facilities
• Sanitary Sewer
• Research, testing, training, and incubation facilities in designated Innovation Partnership Zones (IPZs) authorized under RCW 4.330.270.
CERB may not finance projects which:
• Result in retail development
• Facilitate gambling
• Displace jobs from one part of the state to another
• Are outside the applicant’s jurisdiction
Eligible Applicants include:
• Cities and Towns
• Federally Recognized Indian Tribes
• Municipal Corporations
• Quasi-Municipal Corporations
• Public Port Districts
• Special Purpose Districts
The Prospective Development program serves Rural Counties and Rural Communities ONLY. CERB offers loans at $2 million maximum per project. Grants are available up to 25% of the total award, determined by the underwriting process and debt service coverage ratio (DSCR).
• Provide a 50% cash match of the total project cost.
• Demonstrate economic feasibility with a supporting study.
Interest Rates: 1-3%
Term: Up to 20 years
Applications for all of CERB’s funding programs are considered on an ongoing basis. The Board meets every two months to consider projects and make funding decisions.
Prior to submitting an application, please print out and complete the
Prospective Development Threshold Checklist. This will help ensure that the submitted application is complete.
To see what the actual application looks like, download the
ZoomGrants Prospective Development Application Overview (PDF)
Do you have a project?
Potential applicants must contact staff to discuss their project, prior to receiving a link to the online application.