Funding Options for Small and Growing Businesses
Small businesses require capital to grow. Unfortunately, many loan programs are designed to serve larger businesses. To close the funding gap, the Department of Commerce offers your growing business several loan programs that can help you purchase new equipment, renovate, expand or construct facilities, support early stage product development or repurpose properties that have been abandoned or underutilized due to environmental issues.
The Small Business Jobs Act in 2010 allowed states to create new programs that are geared specifically to the needs of small businesses that want to grow and expand. The Washington State Department of Commerce 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 the end of next year.
Funded in part by a Small Business Administration grant, the Export Voucher Program helps small businesses offset some of the costs (up to $5,000) of getting into the export business or expanding into new international markets, such as trade show or trade mission fees, travel or the cost of hiring translators or interpreters.
Infrastructure is an essential ingredient for creating economic growth and vitality. To expand and grow, businesses need roads, ports, water, power and connectivity. To provide this critical infrastructure, the Community Economic Revitalization Board (CERB) funds a variety of projects that have not only strengthened communities throughout the state, but created more than 34,000 jobs in the process.
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.