Low-interest loans available for small businesses and nonprofits
The City of Mountlake Terrace invites small businesses and nonprofits to learn more about the Washington State Small Business Flex Fund. Supported by the state Department of Commerce, the Flex Fund helps small businesses and nonprofits access financial support to recover from the COVID-19 pandemic and grow stronger in the future.
This loan program is designed to facilitate access to funds at a competitive interest rate. Small businesses and nonprofits can borrow up to $150,000 with low interest rates on 60 or 72 month repayment plans. The program offers interest rates of 3% to 3.5% with no fees and interest-only payments for the first year for nonprofit organizations and interest rates of 4% to 4.5% for small businesses. The loan term of 72 months is only available until the end of this year.
Funds are available for payroll, utilities, rent, supplies, marketing and advertising, building improvements or repairs, and a number of other business expenses. To qualify, you must have fewer than 50 employees, annual revenues of less than $3 million, and have experienced direct economic hardship due to COVID-19. Any COVID-19 relief funds you have received for your small business are separate and do not affect your ability to apply for and receive a loan through the Small Business Flex Fund.
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