Category Archives: Funding

Small Business Rental Relief Grant Program

KITSAP CARES

The Kitsap Economic Development Alliance  is partnering with Kitsap County, the City of Bremerton, and the City of Port Orchard to distribute federal CARES funding to offer up to $5000 rental relief assistance to local small business owners negatively impacted by COVID-19.

City of Bremerton Phase 2 Application Portal closes @ noon Aug 31

Stay tuned for Kitsap County Phase 4 with expanded eligibility criteria

NEW program – KEDA CARES Grants

(Businesses located in the cities of Poulsbo and Bainbridge Island should check with their local Chamber of Commerce for details on local CARES assistance.)  

Criteria and timelines vary according by jurisdiction.

Successful applicants may receive up to $5,000 based upon eligible COVID-19 impacts.

City of BremertonKitsap CountyKEDA CARES

Introducing edg3 FUND 2020.

Edg3 Fund 2020.jpg

Kitsap Bank’s edg3 FUND is back and better than ever with more prizes and additional benefits!
This small business competition is for entrepreneurs dedicated to growing their community
economically, socially and environmentally. And in 2020, the competition will also recognize small
businesses that have demonstrated innovation and resiliency during the COVID-19 pandemic.

Prizes –

  • $25,000 edg3 FUND Grand Prize Winner
  • $10,000 Innovation Award
  • $5,000 #causegood Community edg3 Award
  • $5,000 Public Favorite Award

2020 edg3 FUND Timeline –

  • Nomination Period: August 3 – 31
  • Application Period: August 15 – September 15
  • Finalists Announced: October 1
  • Finalist Pitches/Interviews: October 2 – 23
  • Public Vote: October 26 – November 6
  • Winners Announced: November 20

Please note, this is not a needs-based competition; recipients are selected based upon how well they meet the competition criteria. Must be a for-profit business based in Western Washington. All businesses must comply with federal and state laws. Entities that are tax-exempt organizations, non-profits, or charitable trusts are not eligible to participate. Businesses may self-nominate.

Nominate ( Yourself? ) Today

Things You Should Know About the Paycheck Protection Program (PPP)

SBA and Treasury Announce New EZ & Revised Full Forgiveness Applications for the Paycheck Protection Program

Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness applicationimplementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Also see SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers

Small Business Owner’s Guide to the CARES Act

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.

This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.

Congressman Kilmer’s team shared this resource for small businesses regarding the benefits available now that the CARES Act has been signed into law. Click here to access the 11 page PDF document on Google Drive. Continue reading

Congress Acts to Help Small Businesses

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

SBA To Help Small Businesses Impacted by Coronavirus (COVID-19)

Up to $2 Million in Disaster Assistance Loans

SBA Administrator, Jovita Carranza, issued the following statement today in response to the President’s address to the nation:
“The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.”

Is an SBA loan right for you?

SBA loan

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

Myths and Facts About Grants for “For-Profit” Business

“How can I get grant money to start a for-profit business?”

This is the number one funding related question that Small Business Administration, other government agencies and financial institutions encounter from potential entrepreneurs seeking money to start a business.

The infomercials on late night television selling books or offering free seminars appear to be very convincing. I have spent hours investigating myths and facts about grants. Here are the findings:

Myths about Grants for “For-Profit” Business:

As part of the research on grants, I attended a few different seminars that were held by privately owned organizations at some of the major hotels. Continue reading

Nine Ways to Fund Your Business

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