The Washington State Department of Commerce has launched the first of five planned small business loan and investment programs that are aimed at increasing access to capital for small businesses in Washington, particularly those that have been historically underserved or underbanked.
A total of $163 million in funding comes from the U.S. Treasury’s State Small Business Credit Initiative (SSBCI). Commerce manages the SSBCI programs in Washington.
The first two SSBCI programs, the Small Business Flex Fund 2 ($63 million) and the Owner-Occupied Commercial Real-Estate Loan Program ($25 million) are now accepting applications.
“Access to capital is one of the major challenges for small businesses, particularly those in historically underserved and underrepresented communities,” said Mike Fong, director of the Washington State Department of Commerce. “These innovative loan programs will help fill this funding gap and have a multiplier effect that benefits local economies across the state.”
Fong noted the short and long-term impact of the programs. Loan funds repaid will support future loans to more businesses.
Owner-Occupied Commercial Real Estate Loan Program
The $25-million Owner-Occupied Commercial Real-Estate Loan Program helps small businesses qualify for financing and lower risk related to owner-occupied real estate loans. Targeted at socially and economically disadvantaged business owners and very small businesses, the funds can be used for tenant improvements, construction, and the purchase or refinance of qualifying properties.
Read the full story:
