Washington Small Business Flex Fund Offers Loans Up to $150K
Washington state has a new Small Business Flex Fund loans to help small businesses recover and flourish as we emerge from the pandemic. The public/private partnership is making low-interest loans up to $150,000. If you’re a small business or non-profit organization, you’ll enjoy low interest rates, and low payments for the first year.
Who Is Eligible for Small Business Flex Fund Loans?
To apply, you must be a small business with fewer than 50 employees, and total annual revenues less than $3 million. Your business must have experienced direct hardship due to Covid-19, and been in operation before June 30, 2020.
Non-profit organizations can also apply for funding.
If you qualify, you’ll be assigned to a community lender who will support you through the loan process. Even if you don’t qualify, you can be connected with a community organization to help you find other resources.
Loan Terms
You pay the loan back over 60 months (possibly 72 months if you apply before December 31, 2021). Interest rates are 3 to 3.5 percent for non-profits, and 4 to 4.5 percent for small businesses. There is no application fee. As well, first-year payments are interest-only, keeping initial costs low.
You can use the loan to pay for payroll, utilities, rent, marketing and advertising, repairs and upgrades, and other business expenses.
In all, officials behind the Small Business Flex Fund hope to lend more than $100 million. They also want to keep the fund in place for any future widespread financial hardships. The goal is to not just help business and non-profits to survive, but to grow and flourish.
Links
The official fund website offers more information.
This portal lets you pre-apply and get the ball rolling.
Lastly, you can learn more about our services here!
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