Washington Small Business Credit Initiative
Stories of Change. Commerce partnered with Craft3, a nonprofit community development financial institution, to provide loans to small businesses who may otherwise struggle to access capital from traditional banks. The Craft3 Fund has helped strengthen underserved communities by supporting economic growth and opportunity and investing in critical industries to create and retain jobs. Read about how the Craft3 Fund has changed businesses and lives throughout the state. More
Washington State received $19.7 million from the federal Small Business Jobs Act of 2010 to lend out though programs that improve access to capital for small businesses so they can grow and create new jobs. Working with private partners, the state expects to leverage these funds through the end of 2016, driving up to $150 million in new capital to Washington small businesses.
The Collateral Support Program (CSP) can help small businesses secure bridge loans of up to 18 months including SBA 504 bridge financing. CSP will place cash deposits with the lending institution as additional collateral support to help lenders approve the loan. Please visit our Collateral Support Program website for a list of participating lenders you can contact for program details and qualifications. Lenders can visit the CSP website for more information on how their institution can participate.
Craft3 is a non-profit Community Development Financial Institution (CDFI) that has partnered with SBCI to make loans to small businesses with a focus on underserved communities across the state. Generally loans range from $250,000 to $5 million.
The W Fund, an $18.5 million venture fund, invests in early-stage life science, biotech, medical device, alternative energy, and information technology companies emerging from universities and research centers across Washington. The objective is to spur company formation and job creation from Washington’s significant research and development base. Fund recipients will be located in the state, providing vital capital and creating economic opportunity in key growth sectors. Investment maximums are $500,000 per investee.
Capital Access Program
The Capital Access Program (CAP) is not accepting any applications at this time.