As businesses look to COVID-19 reopening and recovery, Commerce announces new public-private Flex Fund loan program for Washington small businesses and nonprofits
Wednesday, August 11, 2021
Program works with and through trusted local lending institutions to support historically underserved businesses
OLYMPIA, WA — Small business owners and nonprofits across Washington can start applying today for low interest loans of up to $150,000 through the newly-launched Small Business Flex Fund. The Fund is a public-private partnership aimed at helping small businesses and nonprofits – particularly those in low-income communities – recover and grow as communities across the state reopen for business.
Gov. Jay Inslee in November 2020 approved a foundational investment of $30 million for the state Department of Commerce to create a recovery loan program. Commerce is partnering with several financial institutions and community-based organizations to lend $100 million or more to small businesses and nonprofits with fewer than 50 employees and annual revenues of less than $3 million.
Qualifying businesses and nonprofits can apply for loans up to $150,000. Loans are available in 60- or 72-month loan terms at interest rates between 3-4.5%.
“Reopening our economy is an incredible milestone and we want to ensure that our smallest businesses and nonprofits have equitable access to flexible financial support to get back on their feet,” said Inslee. “The Small Business Flex Fund will not only aid in our businesses’ recovery from the pandemic, but it will allow them to plan ahead, grow and thrive. And this is a tool that will remain available over many years, to bolster our smallest businesses and nonprofit organizations in times of economic hardship.”