Overview The Washington Economic Development Finance Authority (WEDFA) is an independent agency within the executive branch of state government, created by the legislature to "...develop innovative approaches to the problem of unmet capital needs" for small and medium-sized businesses in the state. WEDFA has the authority to issue nonrecourse economic development bonds on both a taxable and tax-exempt basis in support of qualifying projects - primarily manufacturing and processing facilities; WEDFA cannot assist commercial or retail projects. The Authority is staffed by an Executive Director and has a seventeen member board chaired by Robert Meredith, former District Director of the U. Small Business Administration and a resident of Seattle. There is no governmental financial support, either direct or indirect, for WEDFA bonds. Payment of principal and interest is solely the responsibility of the borrowing company. The ability to borrow at tax-exempt rates makes this type of financing very attractive, however. The all-in annual borrowing cost for companies in the past has averaged 1½% below prime! WEDFA is not supported by government funding in any way; the Authority is prohibited by statute from receiving any appropriation of state funds. WEDFA is solely dependent upon fee income derived from its bond issuance programs to pay all its staffing and other operational expenses. WEDFA Home |  Who We Are |  Programs |  Portfolio |  Applications |  Contact Information © 1999 - Washington Economic Development Finance Authority Please contact WEDFA with any questions.