Small Business Programs
Access to Capital for Small Businesses
Seattle small businesses face massive historical challenges, such as unprecedented levels of construction, skyrocketing rents, and crime. Businesses owned by communities of color, immigrants and refugees are most likely to be affected negatively by these challenges. Among the most prominent of these barriers is access to capital, which limits the establishment, expansion, and survival of small businesses. In fact, half of Seattle small businesses hold a cash buffer of less than 1 month. Learn how we are addressing these disparities through our pilot funding programs.
Image source: "Cash is King: Flows, Balances, and Buffer Days" by JP Morgan Chase & Co Institute
OED Capital Programs
Small Business Stabilization Fund Pilot
Low income microenterprises with five employees or less can apply for grants of up to $10,000.
Small Business Tenant Improvement Fund Pilot
Low income small business owners can apply for grants of up to $50,000 to cover improvements to their commercial space.
Resources from Our Partners
BINW provides entrepreneurs access to capital and business assistance. As a Preferred Lender for the U.S. Small Business Administration (SBA), BINW can work with businesses towards achieving their lending goals from $2,500 to $250,000. BINW also provides free one-on-one business coaching as well as various workshops, courses, and seminars.
Contact Joe Sky-Tucker at 206-324-4330 x140.
Craft3 is a non-bank community lender that's delivered capital throughout Oregon and Washington since 1994. It lends to established nonprofits and growing and start-up businesses - including those that don't qualify for traditional loans. Loans are available for working capital, inventory and equipment, real estate, debt restructure and project financing. It maintains a Seattle office in the Chinatown-International District. Rates and terms vary, and loans range in size from $25,000 to $3,000,000.
Contact Andrew Mattingly at 888-231-2170 x128.
The RVCDF assists business along the MLK corridor in southeast Seattle. The non-profit organization's loan criteria are not the same as those at traditional lending agencies. They look at factors including character, business capacity, and projected cash flow, as well as the impact a business will have on the Rainier Valley community. They additionally have payment terms and interest rates that are very flexible. Loans range from $50,000 - $2,000,000.
Contact Wayne Lau - 206.722.5280 x101, or Charleete Black - 206.722.5280 x105.