Small Business Loans for Washington State Companies
Small Business Credit Initiative
Washington State received $19.7 million from the federal Small Business Jobs Act of 2010 to lend through 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.
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 capital 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 must be located in the state, provide vital capital and creating economic opportunity in key growth sectors. Investment maximums are $500,000 per investee per round.
Capital Access Program
The Capital Access Program (CAP) is not accepting any applications for small business loans at this time.
Artisan Electric is a full-service residential and commercial electrical contractor specializing in solar photovoltaic systems throughout the Puget Sound. Since 2007, Artisan has helped shape the area’s energy future by educating communities, simplifying processes and creating energy solutions that are both practical and elegant.
Owners Jason Williams and Evan Leonard found that while they excelled in running sales, design and installations, neither fully understood the financial side. High revolving balances, high overhead and inefficiencies were making it impossible to make a profit. With the help of a new controller, they cleaned up and reconciled the financials. Jason and Evan needed capital to pay off debt, but traditional banks couldn’t help. Craft3 could.