|Small business owners and nonprofits across Washington can start applying today 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 – particularly those in low-income communities – recover and grow as communities across the state reopen for business.|
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Your Go-To Resource for Small Business Recovery
Small businesses are the backbone of Washington’s economy and many have been devastated during the pandemic. Many have closed, others are barely hanging on. Small businesses owned by people of color have been particularly impacted. In response, Congress has passed several aid packages and the State of Washington has provided relief, along with many local communities. But resources can be difficult to find, and the applications can be challenging to navigate.
On this website you’ll find answers to frequently asked questions, information on how to find individual technical assistance, how to find a lender, training opportunities and where to find more detailed program information.
Our goal is to help as many Washington small businesses and non-profits as possible access the help they need.
Click here… https://www.smallbizhelpwa.com
March 24, 2020
I know that these past few weeks have been challenging for many folks. The COVID-19 pandemic has undeniably impacted our economy, and this rings especially true for small businesses across our region. As someone who worked professionally in economic development before serving in Congress, I’ve always believed that small businesses are the backbone of our economy.
With that in mind, I strongly believe that Congress must take immediate action to support small business owners and their employees. I’ve taken action and wanted to share some helpful resources that small businesses like yours may find helpful.
As you may be aware, Congress authorized disaster loan assistance for small businesses in the first coronavirus response law. The U.S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to small businesses, private non-profit organizations, homeowners, and renters to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Continue reading
Up to $2 Million in Disaster Assistance Loans
If you’re starting or growing your small business, you should learn about loans guaranteed by the U.S. Small Business Administration (SBA) as a funding option.
If you apply for an SBA loan, your loan won’t be from the SBA, and you won’t make your payments to the agency. Instead, the SBA approves lenders to provide loans to small businesses under their loan programs. Continue reading
by Kelly Deis of SoundPoint Consulting
If you don’t have the capital to fund your business growth, here are a few ideas. Which one is right for you?
1. Bank Loan or Line of Credit
Borrowing from the bank is probably the most traditional way of funding a business. This can take the form of a traditional loan or line of credit. Some banks may require an SBA guarantee which is a little more expensive than a bank-only loan. Others may require covenants, or conditions, within which the business must perform.
Bankers will review your historical performance and business plan in great detail. Assuming that these pass muster, the bank will require collateral in the form of inventory, equipment or even your house. In many cases they will insist on a personal guarantee.
Bank loans are debt financing requiring periodic payment of principal and interest. However, they do not require you to give up equity in your business; if your business takes off, you keep the profits (after debt repayment). Continue reading
You have financing options. Do some research.
Microloans sound interesting for a hair stylist.
When you’re thinking about borrowing money, do some research.
Find some options. Then, pick the one that’s right for you.
Cash is the fuel that makes a business run. It is needed to pay salaries including your own, fund marketing programs to acquire and retain new customers, invest in equipment and facilities, pay rent, supplies and many more day-to-day activities. Most financial experts recommend three to six months of operating expenses, but using this for every business in every situation is misleading.
To determine how much cash you need, you must look at the following key areas.
How Much Cash Have You Been Using?
If you’re an established business owner, look at your monthly cash flow report (or go to the next paragraph if you’re a start-up). This report will provide an historical and seasonal perspective. Note the cash received from sales and the cash spent. The net of these two is often referred to as the “net burn rate.” For example, if you have $50,000 in sales and $30,000 in expenses, then your net burn is +$20,000
Your “gross burn rate” only takes cash expenditures into account; in our example, that’s $30,000 and is the more conservative amount, since it does not assume any sales are made. Historical spending patterns are a good starting point in considering future spending plans. Continue reading
10 Types of Small Business Financing and How to Qualify
Choosing the right financing option for your small business—and figuring out which ones you can get—can feel confusing or overwhelming.
This guide will help you understand ten popular types of financing often available to small businesses.
More importantly, it can help you understand which ones are available and appropriate for your business now.