New Flex Small Business Foundation Small businesses and non-profit organizations in Washington DC can now obtain low-interest loans of up to $ 150,000.
Interest rates range from 3 to 4.5 percent, loans are provided for a period of 60 or 72 months.
Applicants must have fewer than 50 employees with less than $ 3 million in annual income and can pre-apply to participate in the Flex Fund program. online portal… Those who qualify will be provided with a lender to provide assistance and advice during the application process. Those who do not qualify will be connected to a trusted community organization to help find other resources.
This public-private partnership between the Washington State Department of Commerce with various financial institutions and community organizations was created to help small businesses and non-profit organizations during a period of recovery and growth. They expect to borrow $ 100 million or more. According to Gov. Jay Inslee, the fund will be available “for many years” to continue to help in times of economic hardship.
“The rebirth of our economy is an incredible milestone, and we want our smallest businesses and nonprofits to have equal access to flexible financial support to get back on their feet,” Inslee said.
In particular, the Fund is aimed at helping people from low-income groups of the population.
“The COVID-19 pandemic has shed a bright light on the many historical injustices and obstacles faced by various communities. One of these barriers is access to working capital for small businesses and nonprofits that are trying to grow and grow, especially in low-income areas led by women and people of color, ”said Lisa Brown, director of the Washington State Department of Commerce in a statement. “We designed the Small Business Flex Fund to provide more equitable access to growth capital for small local businesses and nonprofits, enabling faster economic recovery across Washington.”
The Fund loans are provided by five local community lenders: Ascendus, Business Impact NW, Craft3, Evergreen Business Capital Community Finance, and the National Community Loans Development Council.
For more information visit the Small Business Flex Fund website. here…