On June 30th the Small Business Flex Fund was launched as a joint project between the Washington State Department of Commerce, Heritage Bank, and WaFd Bank. The Fund helps small businesses and nonprofits access the financial support they need to thrive by providing flexible working capital loans
Small businesses and nonprofits can borrow up to $150,000 and the money can be spent flexibly, including on payroll, utilities & rent, supplies, marketing & advertising, building improvements or repairs, and other business expenses. Interest rates are 3% – 4.5%, with no fees & interest-only payments for the first year. Loan terms of 60 month and 72 months available.
The qualifications to apply are:
- Business headquartered in Washington
- Fewer than 50 employees
- Annual revenues of less than $3 million
- Experienced direct economic hardship due to COVID-19
To learn more and apply today, visit smallbusinessflexfund.org and review the program brochure here.