The state has awarded $1 million to finish the Clallam Business Incubator at the Lincoln Center at Eighth and B streets in Port Angeles, said Jim Haguewood, executive director of the Clallam County Enconomic Development Council.
The $1 million includes a $250,000 grant and a $750,000 loan with a 1 percent interest rate over 20 years and a five year deferral for the first payment.
The loan will be repaid with Opportunity Fund money, .08 percent of the local sales tax returned to Clallam County by the state.
Haguewood said the money will allow completion of the building’s interior so it can be occupied by the fall of 2004.
