Flexible loans for Washington’s small businesses & nonprofits
Grow your business with the Washington Small Business Flex Fund 2.
Supported by the Washington State Department of Commerce, the Fund helps small businesses and nonprofits access affordable loans they need to thrive.
With competitive interest rates and flexible repayment options, the new Washington Small Business Flex Fund 2 is designed to help small businesses and nonprofits access funds to grow and thrive.
TAKE THE NEXT STEP
flexible, affordable loans
fixed, competitive interest rates
36- to 72-month repayment timelines
Small businesses and nonprofits can borrow up to $250,000 and the money can be spent flexibly, including on payroll, utilities & rent, supplies, marketing & advertising, building improvements or repairs, and other business expenses.
Loan terms
Accessible Loan Terms.
Borrow up to $250,000
Interest rates currently range from 9-12% depending on the length of the loan*
Fixed interest rate for the life of the loan
36- to 72-month loan terms
No prepayment penalties
*This range is 1-4% above the current WSJ prime rate of 8%, a national base rate determined by the 10 largest U.S. banks.
APPLYING IS SIMPLE.
Eligible businesses must have:
Fewer than 50 employees
Annual revenues of less than $5 million
Been in business for at least one year prior to time of application
Loan use is flexible.
Payroll
Utilities & rent
Marketing & advertising
Building improvements or repairs
Other business expenses
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Benefits
The Washington Small Business Flex Fund 2 was created to provide access to affordable loans for smaller, local businesses and nonprofits that need it most.
Please note the Washington Small Business Flex Fund 2 is NOT a forgivable loan program. The borrower will need to pay back the full amount of the loan with interest over a 3- to 6-year term.
HOW IS THIS PROGRAM DIFFERENT FROM TRADITIONAL LOAN PROGRAMS?
The Washington Small Business Flex Fund 2 has a network of community-based lenders with decades of experience helping Washington’s small businesses and nonprofits from underserved and underbanked communities. These community lenders can assist you through every step of the loan process.
The Small Business Flex Fund 2 also aims to reduce barriers to financial resources by removing credit score or specific collateral requirements and origination fees charged outside of closing costs. Funds can be spent flexibly based on your business’s needs and goals.
Communities are stronger when small businesses thrive.
Whether restaurants, professional service providers, manufacturers, local farms or community-based nonprofits, small businesses and local organizations help our communities thrive, while creating jobs that contribute to the health of our statewide economy.
Community lenders committed to your success
Ready to Apply?
$250,000
BORROW UP TO
9-12%
interest rates as of September 18, 2024
1-4%
Prime +
36-72
MONTH LOAN TERMS
$250,000
BORROW UP TO
Due to a limited amount of funding availability and the high volume of applications expected, it is anticipated that not all applicants will be able to receive a loan. Applications will be reviewed in the order they are received and will be managed to support the program’s goals. The time it takes to process an application will depend on the volume of applications received by the matched community lender. Please note that submitting an application is not an indication of eligibility and does not mean that a loan will be approved or funded. Additional information will be requested in your application that will determine your eligibility for a loan.
We recommend applying as soon as possible.
The Washington State Small Business Credit Initiative (SSBCI) provides much-needed capital to small businesses and nonprofits throughout Washington, particularly those in historically underserved and under-banked communities. SSBCI is administered by the Washington State Department of Commerce in partnership with the U.S. Department of Treasury and financial institutions statewide. For more information, visit this website.
The Washington Small Business Flex Fund 2 is supported by the Washington State Department of Commerce and the US Department of Treasury.
