City Of Sammamish: NEW Simple Flex Fund For Small Businesses And Nonprofits

Press release from the City of Sammamish:

July 01, 2021

The Washington State Department of Commerce has launched a new public-private partnership focused on providing loans to Washington’s smallest businesses and non-profits.

About the Small Business Flex Fund

Washington State Department of Commerce has made a foundational investment of $30 million into this public-private partnership. The fund is anticipated to scale to $100 million, leveraging the State’s initial investment to bring in additional private capital.

• Flexible and affordable loans designed to help small businesses and non-profits reopen and rebuild
• Provides historically underbanked communities (low to moderate-income communities, communities of color, women-owned businesses) with access to loans
• Can be used in conjunction with small business grants, PPP and other programs
• Supported by a network of Community Development Financial Institutions (CDFIs) around Washington that specialize in community-based small business lending and support and are serving on the front lines of the economic crisis in under-resourced communities
• A tool Washington can use beyond COVID-19 to support businesses after natural disasters and other economic crisis

WHO QUALIFIES

• Businesses and non-profits with annual revenue under $3 million and fewer than 50 employees
• Have experienced direct economic disruption as a result of COVID-19

HOW TO APPLY

• Interested borrowers will apply through an online portal: https://smallbusinessflexfund.org/
• Eligible borrowers will be matched with a CDFI lender that serves their region
• CDFIs will assist businesses and non-profits with the application and will provide support services

This press release was produced by the City of Sammamish. The views expressed here are the author’s own.