The Seattle Office of Economic Development is investing $8 million of economic recovery funding to connect small businesses to operating capital. The new Capital Access Program will lower the cost of Washington State Small Business Flex Fund loans for eligible small businesses by paying down 25% of the loan principal.
In collaboration with Community Development Financial Institutions (community lenders), small businesses can borrow up to $150,000 with 4% interest to use on business expenses such as payroll, rent and utilities. Eligible businesses that apply for a Flex Fund loan will also be eligible for additional resources in addition to direct funding through the Capital Access Program, including financial counseling, technical assistance and connection to community-based resources.
To be eligible for the Small Business Capital Access Program, small businesses need to:
- Be a for-profit small business located within the Seattle city limits.
- Have experienced direct economic disruption due to COVID-19.
- Meet at least two of the following three factors:
- No more than $5 million in annual revenue in 2019 or 2020.
- No more than 50 full-time equivalent employees.
- No more than two locations.
Application opens on March 8, 2022, and closes on April 8, 2022, at 5 p.m.
For more information, click here: https://www.seattle.gov/office-of-economic-development/commercial-affordability/capital-access-program