Financing options for your business.
Having ready access to capital is essential for business success these days. Whether it’s short- or long-term loans, public monies for important infrastructure improvements or even funding to clean up once polluted and unusable lands, Washington State has a range of funding opportunities available to state businesses.
The Community Economic Revitalization Board oversees grants to local and regional municipalities that can improve infrastructure, whether it’s roads, ports, power, water or Internet connectivity. Eligible projects typically benefit communities or public entities by creating jobs and economic vitality locally.
If you have a project that will create jobs for low to moderate income residents, a float loan may be an option, offering you a short-term, fixed gap source of funding is certain requirements are met.
Washington offers three programs through the Small Business Credit Initiative, including CAP, which helps small businesses that are having trouble getting conventional business loans; Craft3, which serves traditionally under-served businesses that need funding; and finally, the W Fund, which is geared toward start-ups and companies emerging from state universities and research centers.
These bonds are ideal for businesses building or expanding manufacturing/processing facilities and wholesale distribution centers as they usually offer companies lower interest loans than are typically available on the open market.
Brownfields are designed to provide financing for properties that require extensive cleanup and reclamation due to contamination. The Brownfields Coalition, which offers this low interest funding option, can also work with owners and developers to streamline permitting at the local, regional and national level.