 The Small Business Flex Fund provides access to working capital to those that need it most – smaller, local business and nonprofits with fewer than 50 employees and annual revenue of less than $3 million. The fund recently announced a new $40 Million funding round of low interest loans up to $150,000 for: – Payroll – Utilities & rent – Marketing & advertising – Building improvements or repairs More info from Dept of Commerce |
| Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness If you received the Payroll Protection Loan (PPP) make sure you are taking the necessary steps to apply for loan forgiveness. A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender. You can find more information on the SBA Website.  |
| 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. Learn more now. |
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The Washington State Department of Commerce this week launched a new 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 reopen for business. Gov. Jay Inslee in November 2020 approved a foundational investment of $30 million for Commerce to create a recovery loan program. Commerce is partnering with several financial institutions and community-based organizations to lend $100 million or more to small businesses and nonprofits with fewer than 50 employees and annual revenues of less than $3 million.
Qualifying businesses and nonprofits can apply for loans up to $150,000. Loans are available in 60- or 72-month loan terms at interest rates between 3-4.5%. The Fund works with and through local Community Development Financial Institutions (CDFIs), which serve under resourced communities and underbanked businesses the Small Business Flex Fund aims to help. Interested applicants pre-apply on the Flex Fund’s online portal and, if they qualify, will be matched with a lender. Once matched, the participating lender will assist the business owner throughout the application process and provide additional advisory support. If a business doesn’t qualify, they will be connected to a trusted community organization that can assist with finding other resources. For more information and to apply, visit smallbusinessflexfund.org.
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The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open.
During this live webinar we will discuss:
Staff from SBA will be answering your questions live throughout the presentation with dedicated Q&A time at the end.
Who should attend: Current small business owners who have experienced pandemic related revenue losses who own a restaurant, bar, and other similar places of business that serve food or drink.
The application portal is still open! This program is administered by the state Department of Commerce and focuses on brick-and-mortar for-profit small businesses, especially those that were required to close due to public health and safety measures. Grant awards will be up to $25,000. Visit commercegrants.com for information. Materials are available in multiple languages and technical assistance teams are ready to help with questions.
The Washington State Department of Agriculture (WSDA) is offering grants to small agriculture-related businesses in sectors that have suffered economically due to the coronavirus pandemic, but have been left out of earlier relief programs.
The WSDA Relief and Recovery grants, funded through a partnership with the state Department of Commerce, are intended to assist small businesses in four agriculture sectors, which include:
The application period for the WSDA grants will be open for two weeks, beginning as soon as Friday, April 9. Visit agr.wa.gov/grants to learn more.
Kitsap SCORE 