Providing small businesses with access to critical capital.
It can be difficult for small businesses to secure financing in this post-recession economy. To improve access to funds so businesses can grow and add new jobs, the federal government passed the Small Business Jobs Act in 2010. This initiative allows states to create new programs that are geared specifically to the needs of small businesses.
In Washington, the Department of Commerce has worked with private financial institutions to create three new programs whose $19.7 million in funds will deliver $300 million in new capital to Washington State small businesses by 2016.
Capital Access Program
If you’re a small business that has had problems getting financing, the Capital Access Program can help. CAP targets small businesses that need $5,000 up to $1 million. Participating lenders are encouraged to make loans to small businesses that fall just short of conventional business loan requirements. As an incentive, the program offers lenders additional funding to offset any potential losses from loan defaults.
Following are documents you’ll need to be considered for CAP. These open up as Word files. To view and save them, click on the respective link.
See our FAQ for answers to the most commonly asked questions about the Capital Access Program.
Craft3 is ideal for businesses that are typically underserved in their community and have funding needs in the $1 to $5 million range. The program is administered through a non-profit Community Development Financial Institution (CDFI), partnering with smaller lending firms in the community as needed. Smaller loans are also available through Craft3.
The W Fund is a venture fund that is intended for companies in their early stages, emerging from state universities and research centers or start-ups in the life sciences, biotech, medical device, alternative energy and information technology fields. The goal of the W Fund is to spur innovation, business formation and job creation, taking advantage of the state’s significant research and development base. Fund recipients must be located in Washington and provide vital capital and create economic opportunity in the state’s key growth sectors.
Need more information or want to apply for an SBCI loan? Visit their site.