The state makes low-interest loans available to small businesses
Low-interest loans of up to $ 150,000 are available to small business owners and nonprofits through the state’s new Small Business Flex Fund.
The state’s Department of Commerce partners with financial institutions and community organizations to lend $ 100 million or more to businesses with fewer than 50 employees and annual sales of less than $ 3 million.
Eligible businesses can apply for loans up to $ 150,000. Loans are available for terms of 60 or 72 months at interest rates between 3% and 4.5%.
The fund is a public-private partnership aimed at helping small businesses and nonprofits – especially those in low-income communities – recover as the state reopens.
“Reopening our economy is an incredible step and we want to ensure that our smaller businesses and nonprofits have equitable access to flexible financial support to get back on their feet,” Governor Jay Inslee said in a statement. communicated. “The Small Business Flex Fund will not only help our businesses recover from the pandemic, but it will allow them to plan ahead, grow and prosper. “
Department of Commerce Director Lisa Brown said that “the COVID-19 pandemic has brought to light many historical inequalities and obstacles facing different communities.”
“One of those barriers is access to working capital for small businesses and nonprofits trying to grow and grow, especially those in low income areas and run by women and men. people of color, ”Brown said. “We designed the Small Business Flex Fund to provide fairer access to growth capital for local small businesses and nonprofits, ensuring better economic recovery for all of Washington. “
For more information on the program, visit: SmallBusinessFlexFund.org.