Complete Your Pre-Application Now
Loan terms
COMPETITIVE INTEREST RATES.
Borrow up to $250,000
Rates at 1-4% above WSJ Prime rate — as of July 27, 2023, rates range from 9.5-12.5% 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
LOAN USE IS FLEXIBLE.
Payroll
Utilities & rent
Marketing & advertising
Building improvements or repairs
Other business expenses
Applying is simple.
Eligible businesses must have:
Fewer than 50 employees
Annual revenues of less than $5 million
Been in business for one (1) year prior to the time of application
The pre-application should be completed and submitted by the owner of the business with the largest ownership interest. All owners with more than 20% ownership will be required to attest to the information provided.
What to expect
Pre-apply
Interested borrowers pre-apply through the online portal by filling out the information above.
Get matched
Local, community-based lenders match with eligible borrowers through the application portal.
Be supported
Local, community-based lenders will assist with every step of the application and provide additional support services.
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.