Description

Loans for starting, acquiring and expanding a small business.

Links & Contact Info

Basic 7(a) Loan Program

Notes

This type of loan is the most basic and the most used within SBA's business loan programs. Borrowers must apply through a participating lender institution.

Description

Provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.

Links & Contact Info

Certified Development Company (CDC) 504 Loan Program

Notes

To be considered for a Certified Development Company(CDC)/504 loan, applicants must meet these eligibility requirements:

• Operate as a for-profit company.
• Do business (or propose to) in the United States or its possessions.
• Have a tangible net worth less than $15 million and an average net income less than $5 million after taxes for the preceding two years.
• Loans cannot be made to businesses engaged in speculation or investment in rental real estate.
• Be an eligible type of business. Check this list of eligible and ineligible types of businesses to see if your company qualifies.
• Use proceeds for an approved purpose.
• Not have funds available from other sources. Both business and personal financial resources are reviewed as part of the eligibility criteria. If these resources are found to be excessive, the business will be required to use those resources in lieu of part or all of the requested loan.
• Be able to repay the loan on time from the projected operating cash flow of the business.
• Have relevant management expertise.

Have a feasible business plan.

Description

Offers very small loans for start-up, newly established or growing small business concerns. SBA makes funds available to nonprofit community based lenders which, in turn, make loans to eligible borrowers.

Links & Contact Info

Microloan Program

Notes

Loans up to a maximum of $50,000.

Applications are submitted to the local intermediary and all credit decisions are made on the local level.

Description

Provides financial assistance to victims of disasters or to individuals in a declared disaster area.

Links & Contact Info

Disaster Assistance Loans

Notes

You may be eligible for this type of loan even if you don't own a business.

Description

Assists small businesses, small agricultural cooperatives and nonprofit organizations as they recover from economic losses resulting from physical disaster or an agricultural production disaster.

Links & Contact Info

Economic Injury Loans

Notes

Description

Provides exporters and lenders with a streamlined method of obtaining financing for loans and lines of credit up to $500,000.

Links & Contact Info

Contact your local U.S. Export Assistance Center

Notes

Lenders use their own credit decision process and loan documentation; exporters get access to their funds faster. SBA provides an expedited eligibility review with a response in less than 24 hours.

Description

Offers loans targeted at businesses that are able to generate export sales but need additional working capital to support these opportunities.

Links & Contact Info

Contact your local U.S. Export Assistance Center

Notes

Export Lenders

Description

Gives term loans that are designed for businesses that plan to start/continue exporting or those that have been adversely affected by competition from imports.

Links & Contact Info

International Trade Loans

Notes

Proceeds of the loan must enable the borrower to be in a better position to compete.

Description

Offers funds to eligible small businesses to meet ordinary and necessary operating expenses that could have been met, but are unable to be met, because an essential employee was "called-up" to active duty in their role as a military reservist.

Links & Contact Info

Military Reservist Economic Injury Disaster Loan

Notes

The maximum MREIDL loan amount is $2 million; loan amount is limited to the actual economic injury as calculated by SBA. The amount is also limited by business interruption insurance and whether the business and/or its owners have sufficient funds to operate. If a business is a major source of employment, SBA has authority to waive the $2 million statutory limit.

The purpose of MREIDL loans is not to cover lost income or profits. MREIDL funds cannot be used in lieu of regular commercial debt, to refinance long-term debt, or to expand the business.

Description

Contract Loan Program

Links & Contact Info

CAPLines

Notes

Finances the cost associated with contracts, subcontracts or purchase orders. Proceeds can be disbursed before the work begins.

Description

Seasonal Line of Credit Program

Links & Contact Info

CAPLines

Notes

Supports the buildup of inventory, accounts receivable or labor and materials above normal usage for seasonal inventory. The business must have been in business for a period of 12 months and must be able to demonstrate that it has a definite established seasonal pattern.

Description

Builders Line Program

Links & Contact Info

CAPLines

Notes

Provides financing for small contractors or developers to construct or rehabilitate residential or commercial property that will be sold to a third party that is not known at the time construction/rehabilitation begins. Loan maturity is generally three years, but can be extended up to five years, if necessary, to facilitate the sale of the property.

Description

Working Capital Line of Credit Program

Links & Contact Info

CAPLines

Notes

A revolving line of credit (up to $5,000,000) that provides short-term working capital. Businesses that generally use these lines provide credit to their customers or have inventory as their major asset.

Description

Eleven federal agencies provide funding for small innovative technology businesses to explore the potential for commercializing their service or product.

Following submission of proposals, agencies make SBIR awards based on small business qualification, degree of innovation, technical merit, and future market potential. Small businesses that receive awards then begin a three-phase program (see below).

Links & Contact Info

509.358.2006
email: (iwfsbir@innovatewashington.org)

Contact the SBA for more information at: www.sba.gov

Notes

Only for-profit proprietorships, small businesses and manufacturers (fewer than 500 employees) qualify for SBIR/STTR funding. These programs provide a unique source of seed capital for Washington citizens and small businesses to explore and develop innovative new product concepts.

Use SBA.gov's “Loans and Grants Search Tool” to get a list of financing programs for which you may qualify. Please note that many small businesses do not qualify for government grants. For more information, visit “Facts About Government Grants.”

Description

• Phase I - Startup: Awards of up to $100,000 for approximately 6 months support exploration of the technical merit or feasibility of an idea or technology.
• Phase II - R&D: Awards of up to $750,000, for as many as 2 years, expand Phase I results.
• Phase III – Marketplace: No SBIR funds support this phase. The small business must find funding in the private sector or other non-SBIR federal agency funding.

Links & Contact Info

(same as above)

Notes

(same as above)

Description

Privately managed, for-profit investment funds that use privately raised capital and guaranteed SBA loans to provide long-term loans and equity investments to qualifying small businesses.

Links & Contact Info

Visit: “Is SBIC Financing Right for your Business”

“How Should You Seek Financing from an SBIC?” provides tips for approaching SBICs in the “SBIC Directory”.

Notes

Because they seek attractive net returns for their private investors, SBICs use their own investment criteria and processes to make investment decisions. SBA has no influence over SBIC investment decisions.

Description

Participating states use federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs.

Links & Contact Info

State Small Business Credit Initiative (SSBCI)

Notes

Existing and new state programs are eligible for support under the State Small Business Credit Initiative.

Description

Designed to provide capital to qualified community banks and community development loan funds (CDLFs) to encourage small business lending.

Links & Contact Info

Small Business Lending Fund (SBLF)

Notes

Established by the Small Business Jobs Act of 2010 to encourage Main Street banks and small businesses to work together, help create jobs, and promote economic growth in communities across the nation.

Description

Counsels and advises small businesses of all types on procedures for contracting with the U.S. Department of the Treasury.

Links & Contact Info

Office of Small and Disadvantaged Business Utilization

Notes

Assists small businesses, small disadvantaged business, women-owned small businesses, veteran owned small businesses, service disabled veteran owned small businesses, and small businesses located in historically underutilized business zones.

Description

Promotes economic revitalization and community development in low-income communities through investment in and assistance to mission-driven lenders known as Community Development Financial Institutions (CDFIs).

Links & Contact Info

Community Development Financial Institutions Fund (CDFI Fund)

Notes

• Community Development Financial Institutions Program
• New Markets Tax Credit Program
• CDFI Bond Guarantee Program
• Bank Enterprise Award Program
• Native American CDFI Assistance Program

Description

Zero interest loans provided to local utilities which, in turn, pass through to local businesses (ultimate recipients) for projects that create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility is responsible for repayment to the Agency.

Links & Contact Info

Washington

Mario Villanueva, State Director
1835 Black Lake Boulevard SW, Ste B
Olympia, 98512
(360) 704-7740

www.rd.usda.gov/wa

Rural Economic Development Loan & Grant Program

Notes

REDL (and REDG) intermediaries pass funding to ultimate recipients and eligible projects. Examples of eligible projects include:

• Business incubators;
• Community development assistance to nonprofits and public bodies;
• Facilities and equipment for education and training for rural residents to facilitate economic development;
• Facilities and equipment for rural medical;
• Start-up venture costs, including, but not limited to financing fixed assets such as real estate, buildings (new or existing), equipment, or working capital;
• Business expansion; and
• Technical assistance.

Interest rate is 0%; maximum term is 10 years; up to 80% of project cost, with 20% from either the ultimate recipient or the intermediary.

The intermediary may incorporate interest rates or administrative loan fees after the funds have been loaned out and revolved once. First time-around, all loans are at zero interest. Repayment may be deferred up to two years.

Description

USDA provides grant funds to local utility organizations which use the funding to establish revolving loan funds. Loans are made from the revolving loan funds to projects that will create or retain rural jobs. When the revolving loan fund is terminated, the grant is repaid to the Agency.

Links & Contact Info

Rural Economic Development Loan & Grant Program

Notes

(Same as above)

Description

Helps agricultural producers enter into value-added activities related to the processing and/or marketing of bio-based, value-added products. Grants are awarded through a national competition.

Links & Contact Info

Value Added Producer Grants

Administered by State Offices:

Eastern WA

Roni Baer
(509) 454-5740, x134
roni.baer@wa.usda.gov

Western WA

Greg York
(360) 704-7729
greg.york@wa.usda.gov

Notes

Independent producers, agricultural producer groups, farmer- or rancher-cooperatives, and majority-controlled producer-based business ventures are eligible to apply for this program. You may receive priority if you are a beginning farmer or rancher, a socially-disadvantaged farmer or rancher, a small or medium-sized farm or ranch structured as a family farm, a farmer or rancher cooperative, or are proposing a mid-tier value chain.

Maximum grant amount: $75,000 for planning grants; $200,000 for working capital grants

Matching fund requirements: 50% of total project costs

Description

Program to borrow working capital to fulfill export sales. The Working Capital Guarantee can open up borrowing opportunities for small businesses or increase the amount a bank is willing to lend. Get the liquidity needed to compete more effectively in the global marketplace today.

Links & Contact Info

Working Capital Guarantees: Liquidity to Grow Your Business

Working Capital Loan Guarantee Program

Global Credit Express Direct Loan Program

REVIEW THE PROCESS OVERVIEW HERE

Notes

• Application Fee - $100 for a final commitment.
• Up-front Facility Fee equals 1.75% of the total loan amount, based on a one-year loan. Loans of up to six months carry a facility fee of 0.875% of the total loan amount; those meeting certain criteria may qualify for a lower 1.25% Facility Fee.
• Interest rate and other application fees charged by the commercial lender.
• Loans secured by export-related accounts receivable and inventory (including work-in-process) tied to an export order.
• Coverage: Ex-Im Bank generally guarantees 90% of the bank loan, including principal and interest.

Description

Export Credit insurance safeguards against commercial and political nonpayment risk, ensuring payment and protecting margins. Insurance allows business growth by extending credit terms and turning foreign receivables into cash flow.

Links & Contact Info

Export Credit Insurance: Insure Your Accounts Receivable

Express Policy

Small Business Multi-Buyer Policy

Standard Multi-Buyer Policy

Single Buyer Policy

Notes

Grow an Export Business: Enter new markets and attract new customers by extending more flexible credit terms.

Ensure You Get Paid: Guarantee payment of invoices and safeguard against commercial risk (e.g., bankruptcy) and political risk (e.g., war or currency inconvertibility).

Generate Cash Flow: Use insured receivables as collateral for a loan or sell them to a third-party to address working capital needs.

Lock in Margins: Remove risk from the equation and chart a path for business with dependable margins.

Eligibility: A business meets basic eligibility requirements if it: Has been in business for at least one year; Has at least one person working in the firm full time; Has a positive net worth; Exports U.S. made products and/or services provided by U.S. personnel.

Description

Program to secure longer term financing for your foreign buyers. Medium term and long term products offered, allowing businesses to extend competitive U.S. based terms on large scale foreign sales.

Links & Contact Info

Buyer Financing: For Multi-year Capital Equipment Sales

Medium-Term Insurance

Medium-Term Loan Guarantees & Long-Term Loan Guarantees

Direct Loans

Notes

Provide Competitive Terms: Access to competitive financing terms and options.

Reduce Risks to Your Cash Flow: Transfer the risk to accounts receivable by getting paid upfront, or insuring the invoices against commercial risk (e.g., bankruptcy) and political risk (e.g., war or currency inconvertibility).

Buyer Financing: Increase cash flow by allowing buyers to receive financing to purchase your exports.

Eligibility: (same as above)

Description

For companies with annual revenues less than $400 million, this program provides medium- to long-term funding through direct loans and loan guarantees to eligible investment projects in developing countries and emerging markets.

Links & Contact Info

DFC Financial Products

Information Officer: 202-336-8799 or info@opic.gov

Notes

The Expanding Horizons workshop is OPIC’s premier outreach event. Learn more about OPIC's upcoming workshops and seminars.

Description

Helps small businesses secure SBA 504 financing with their lenders when collateral support is a concern. CSP places cash deposits with the lending institution as additional collateral support to help lenders approve the necessary bridge loan required to achieve SBA 504 approval.

Links & Contact Info

Collateral Support Program

Duane Edwards, SVP Team Leader & Relationship Manager
Liberty Bay Bank
Ph: (360) 394-4775
Email:duanee@libertybaybank.com

Rosendo Guizar, VP Business Banking Division
Baker Boyer National Bank
Email: guizarr@bakerboyer.com

Notes

SBA 504 loans can provide financing for real estate as well as heavy equipment. Encourages lenders to provide SBA loan approvals to small businesses that might otherwise not qualify due to lack of collateral.

Fees range from 2-3% of the CSP amount being provided.

Gives a business another chance for loan approval if they previously were rejected for a SBA 504 loan due to insufficient collateral.

Allows a business to keep their relationship at their current bank (if it participates in CSP and SBA).

May be combined with the Linked Deposit Program through the Office of Minority and Women Business Enterprises, which may result in lower interest.

Description

A non-profit Community Development Financial Institution (CDFI) that lends to small businesses in underserved communities across the state and partners with other small business lenders, providing loans to entrepreneurs, nonprofits, individuals and others who don’t normally have access to financing. Provides expertise, networks and other advocacy.

Links & Contact Info

Craft3 Fund

888.231.2170

Ilwaco
PO Box 826
203 Howerton Way, SE
Ilwaco, WA 98624

Port Angeles
905 West 9th St, Suite 223
Port Angeles, WA 98363

Seattle
401 Second Avenue, S, Suite 301
Seattle, WA 98104

Notes

Through its SBCI partnership, Craft3 will generally make loans ranging in size from $10,000 to $15 million.

Business Application

Business Loans are available for financing commercial real estate, energy efficiency upgrades, start-ups and expansion of businesses needing working capital, acquisitions, inventory, fixtures, equipment and related business property.

Description

An $18.5 million venture fund, investing in early-stage life science, biotech, medical device, alternative energy, and information technology companies emerging from universities and research centers across WA.

Links & Contact Info

W Fund

The W Fund
PO Box 95259
Seattle, WA 98145
Tel: 877-753-7997
Fax: 206-543-0586
admin@thewfund.com

Notes

The Fund targets initial investments of up to $500K and seeks to partner with other venture and angel groups on larger investments.

Interested companies should apply by email to: apply@thewfund.com

Description

Provide financial assistance to employers and child care businesses. The mission of the fund is to increase the availability of quality, affordable, convenient child care for working families.

Loans only.

Links & Contact Info

Tom Stilz
CCFF Program Manager
Department of Commerce
1011 Plum Street SE
P.O. Box 42525
Olympia WA 98504-2425

Laura Dallison
Department of Early Learning
laura.dallison@del.wa.gov
360-725-4678

Notes

Requires borrowers to offer business and/or personal collateral and guarantees to secure financing, provide a fixed interest rate of five percent, and allow flexible terms tailored to the borrower's needs.
Maximum loan: $100,000.
Minimum loan: $25,000.
Maximum term: 10 years.

Loan funds can be used to:

• Start or expand a licensed child care facility;
• Make capital improvements in an existing DEL-licensed child care facility;
• Acquire personal property for a child care facility that is depreciable under the federal tax code;
• Purchase developmentally appropriate health and safety improvements and program equipment for child care facilities; and
• Pay for operational costs for the first three months of a new child care facility.

Funds cannot be used for:

• Construction;
• Refinancing projects;
• Travel expenses;
• Debt incurred prior to the date of project approval;
• Political or religious purposes; or
• Organizations without proper licensing.

Description

Supports state programs that help small businesses access global markets and increase sales of world-class, American-made goods and services. Assistance available includes export vouchers up to $10,000.

Links & Contact Info

STEP Grant

Nicole Gunkle
Special Projects and STEP Export Voucher Manager
WA State Department of Commerce
206-256-6131
nicole.gunkle@commerce.wa.gov

Notes

Funded in part through a cooperative agreement with the U.S. Small Business Administration. The WA State Department of Commerce STEP activities include an Export Voucher program, Commerce-led trade show delegations to key events around the globe, targeted support for rural, veteran, minority and women-owned businesses, and expert financial counseling for companies in need of more complex export finance support.

Through the STEP program, businesses may:

• Receive an Export Voucher for preapproved export expenses;
• Attend Governor-led trade missions;
• Join Commerce trade specialists at targeted international trade shows and meet potential new customers;
• Get help finding export financing from local banks; and
• Apply for U.S. Ex-Im Bank Guarantee and Insurance Programs.

Description

Offers qualified companies up to $10,000 for export-related expenses (a minimum 25% cash match is required).

Links & Contact Info

Nicole Gunkle

(same as above)

Apply for an Export Voucher

Programs & Services/Export Grants and Loans

Notes

Funded in part by SBA State Trade and Export Promotion grant.

Qualifying companies must:

• Be registered for business in Washington State;
• Have a Federal Identification Number tied to a Washington address;
• Be in good standing with the Washington State Department of Revenue; and
• Be a small business concern (SBC) as defined by SBA criteria, and meet other program criteria:
  • have been in business for at least one year;
  • operate profitably; and
  • demonstrate export readiness.

Qualifying export expenses

• Trade show, trade mission fees, registration, etc.;
• Travel, airfare (U.S. carrier only);
• Interpreter fees;
• Translation services (website, marketing materials, etc.);
• Export training programs and services of the U.S. Foreign Commercial Service; and 
• International Certifications.

Description

$3 million dollar revolving loan fund. Available to 10 counties within Eastern Washington and 5 counties in North Idaho.

Links & Contact Info

Technology Growth Fund

800-436-8504
Jeff White, Director of Finance
(509) 358-2024
jeffw@innovatewashington.org

Notes

Funded by a grant from the U.S. Department of Commerce Economic Development Administration & loan funds from the Business Development Corp. (BDC) of Eastern Washington.

Description

WEDFA borrows the money from a bank or bond purchaser then lends the proceeds in return for an agreement to repay WEDFA an amount equal to debt service. WEDFA assigns its rights in the loan repayments to the bank/bond purchaser.

Links & Contact Info

Apply

FAQs

Rodney G. Wendt
Executive Director,
WEDFA
1000 Second Avenue, Suite 2700 Seattle WA 98104
206-587-5634, tel.
206-579-0782, cell
wedfa@wshfc.org
www.wedfa.org

Notes

The biggest benefit to this type of financing is that the bank or bond purchaser does not have to pay income tax on the interest they earn on the investment. This means they are willing to accept a lower interest rate. WEDFA passes on the lower interest rate to the borrower, reducing the borrowing cost.

This type of financing is available primarily to finance facilities for manufacturing businesses, nonprofit enterprises and recycling and waste disposal operations. In the 2015 interest rate environment, this financing tool can be beneficial to projects that are larger than $2.5 million.

WEDFA can also issue taxable bonds, making it possible to fund multi-purpose facilities in a single package.

Description

Works with the international trade experts at the Washington State Department of Commerce to provide an integrated menu of services that help businesses implement their export strategy. Provides free export finance counseling to small and medium-sized Washington exporters or prospective exporters.

Links & Contact Info

The Westin Building,
2001 6th Avenue, Suite 2600,
Seattle, WA 98121 US
(206) 256-6115
info@efacw.org
www.efacw.org

Doug Kemper
President and CEO
Doug.Kemper@efacw.org
206-256-6127

Zara Castillo
Program Manager
zara.castillo@efacw.org
206-256-6115

Notes

EFACW was created by the Washington State Legislature in 1983 as a nonprofit organization and is funded mainly by the state of Washington.

Center staff can help businesses navigate international trade transactions and find the right export financing by helping businesses to:

• Understand an export transaction;
• Grasp the basics of export financing;
• Navigate Ex-Im Bank and SBA finance programs;
• Access credit insurance;
• Negotiate contracts with foreign buyers; and
• Deal with foreign exchange issues.

Description

Offer no-charge business advising, management training and market research that can help build a company’s export strategy.

Links & Contact Info

Contact SBDC Business Advisor

Notes

SBDCs operate in 24 locations around the state, with certified SBDC international trade specialists based in Spokane and South Seattle.

Description

An SBA-funded women’s business center staffed with successful women business owners who understand the unique needs of women entrepreneurs. The WCWB offers affordably priced and practical online and in-person training as well as personalized coaching to help women business owners accelerate their success from start-up to growth to market leadership.

Links & Contact Info

(360) 754-6320

Email: info@wcwb.org

Notes

Through on-going coaching sessions, business coaches:

Introduce resources, other professionals and organizations that can support a business;

Help identify and capitalize on opportunities; and

Help in understanding financial statements and taxes, project cash flow, and understand a break-even analysis.

Description

Partnership with Department of Commerce.

Links & Contact Info

For more information, click here.

Notes

Designed to keep economic and intellectual wealth in communities throughout Washington; part of Governor Inslee’s long-term economic development efforts to create more jobs statewide.

It is Startup 365’s goal to give provide the tools, resources, education and training needed to start a business anywhere in the state.