Ready to Apply?
$250,000
BORROW UP TO
8.5 – 11.5%
interest rates as of December 18, 2024
1-4%
Prime +
36-72
MONTH LOAN TERMS
Know before you apply
We care about your privacy. The only personal details we need today are:
Business Name
Business Address (must be in Washington)
Your Full Name
Phone Number
Valid Email Address (so your chosen lender can get in touch)
We will ask you your total business revenue last year and if you made a profit
Pre-applying will not run a formal credit check, but you should be ready with your approximate credit score.
Complete Your Pre-Application Now
How to Pre-Apply
Eligibility & Loan terms
Pre-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.
ACCESSIBLE LOAN TERMS.
Borrow up to $250,000
Interest rates currently range from 8.5-11.5% 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
*This range is 1-4% above the current WSJ prime rate of 7.5%, a national base rate determined by the 10 largest U.S. banks.
LOAN USE IS FLEXIBLE.
Payroll
Utilities & rent
Marketing & advertising
Building improvements or repairs
Other business expenses
What to expect from our loan pre-application
PRE-APPLICATION QUESTIONNAIRE
Pre-apply for funding by filling out the information requested via a quick questionnaire, which takes only minutes to complete with no credit check required.
Get matched
If you’re an eligible borrower, you’ll match with trusted, community-based lenders after completing the pre-application questionnaire. You’ll also have the option to match with additional support services as part of the pre-application.
FIND SUPPORT
Once matched, local, community-based lenders and technical assistance providers will assist you with every step of the full loan application and provide additional support services.
Due to a limited amount of funding availability and the high volume of pre-applications expected, it is anticipated that not all pre-applicants will be able to receive a loan. Pre-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 a pre-application will depend on the volume of pre-applications received by the matched community lender. Please note that submitting a pre-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 full application that will determine your eligibility for a loan.
We recommend pre-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.