Freight Rail Investment Bank (FRIB) loan program
Forecasted
Freight Rail Investment Bank (FRIB) loan program supports public-sector organizations with loans for Washington freight rail capital projects that improve infrastructure, freight mobility, and public benefits.
Funder: Washington State Department of Transportation
Due Dates (Anticipated): September 2028 (Application deadline)
Funding Amounts: $5 million identified for 2027–2029, subject to approval; loans at 2% simple annual interest, repayable within 15 years
Summary: Loans help public-sector organizations complete smaller Washington freight rail capital projects or close funding gaps in larger projects.
Key Information: Only public-sector entities may apply, and applicants must provide at least a 20% match.
Description
The Washington State Department of Transportation (WSDOT) administers the Freight Rail Investment Bank (FRIB) to finance freight rail capital needs across Washington. The program targets smaller projects or the final portion of a larger project where state funding would enable completion. FRIB provides loans, unlike the separate Freight Rail Assistance Program (FRAP), which provides grants.
Supported work preserves, restores, or improves freight rail infrastructure and capacity. Projects must maintain or improve the state’s freight rail system and benefit the state’s interests under RCW 47.76.240. Public benefits can include stronger branch-line viability, economic development, freight mobility, port access, trade, safety, environmental protection, and reduced highway maintenance or congestion. WSDOT evaluates project readiness, financial and operational planning, matching contributions, and measurable public benefits before recommending projects for legislative funding.
