Low interest loans of up to US $ 150,000 are available to small business owners and non-profit organizations under a new government program. Flex Foundation for Small Business.
The State Department of Commerce partners with financial institutions and community organizations to provide loans of $ 100 million or more to firms with fewer than 50 employees and less than $ 3 million in annual revenues.
Eligible companies can apply for loans up to USD 150,000. Loans are available for 60- or 72-month terms at interest rates ranging from 3% to 4.5%.
The foundation is a public-private partnership aimed at helping small businesses and nonprofit organizations, especially in low-income communities, recover as governments reopen their businesses.
“Our economic recovery 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,” Gov. Jay Inslee said. “The Small Business Flex Fund will not only help our businesses recover from the pandemic, but also enable them to plan ahead, grow and thrive.”
Commerce Department Director Lisa Brown said 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 non-profit organizations that are trying to grow and grow, especially in low-income areas led by women and people of color,” Brown said. “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.”
For information about the program, follow the link: SmallBusinessFlexFund.org…