WEDFA: Who We Are

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 - manufacturing and processing facilities and projects categorized as “exempt facilities” under federal tax law. These may include wastewater, solid waste disposal, mass commuting, and some types of recycling and cogeneration projects. WEDFA cannot assist retail projects.

The Authority is governed by a seventeen member board chaired by Robert P. Meredith, formerly Director of the U. S. Small Business Administration's Washington State Office. WEDFA is staffed by an Executive Director.

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 several percent 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 not only assists Washington businesses; WEDFA is a Washington business!"