Washington Small Business Credit Initiative
Stories of Change. When demand exploded for his patented intelligent paper products with embedded digital capabilities, intelliPaper innovator Andrew DePaula’s small manufacturing operation couldn’t keep up. He needed to add equipment to increase production or turn down business. Unfortunately, traditional lenders turned him down for financing because they couldn’t see the market for this one-of-a-kind technology taking the printing, packaging and advertising world by storm. Enter Andrew’s local economic development agency in Spokane, which connected him to Washington State’s Small Business Credit Initiative and Craft3...More
The federal Small Business Jobs Act of 2010 directed $1.5 billion to state programs that improve access to capital for small businesses so they can grow and create new jobs.
Washington state received $19.7 million which it manages through four new Small Business Credit Initiative programs. Working with private partners, the state expects to leverage these funds and by the end of 2016 drive up to $300 million in new capital to Washington small businesses.
The Collateral Support Program (CSP) can help small businesses secure SBA 504 financing with their lenders when collateral support is a concern. CSP will place cash deposits with the lending institution as additional collateral support to help lenders approve the necessary bridge loan required to achieve SBA 504 approval. Participating lenders listed below can be contacted for program details and qualifications. SBA 504 loans can provide financing for real estate as well as heavy equipment. Lenders can visit the CSP website for more information on how to participate.
Capital Access Program
The Capital Access Program (CAP) is not accepting any applications at this time.
Craft3 is a non-profit Community Development Financial Institution (CDFI) that lends to small businesses in underserved communities across the state and partnering with other small business lenders. Through its SBCI partnership, Craft3 will generally make loans 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.