Small* business owners and nonprofits can start applying 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 recover and grow. The program is operated through the Washington Department of Commerce, with a foundational investment of $30 million. Eligible applicants will be connected with a pre-approved private lending institution.
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%. The goal of the program is to ensure resources are available for creating business resiliency over the longer-term, post-COVID era.
*Small = fewer than 50 employees / $3 million annual revenue. Culturally-appropriate in-language assistance available. If a business doesn’t qualify, they will be connected to a community organization that can assist with finding other resources.