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Olympia, Wash., September 7, 2022 /PRNewswire/ – The Small Business Flex Fund This week he celebrated an amazing achievement by passing his first goal of raising 100 million dollars Committed capital b Washington Small businesses and nonprofits, especially those in underrepresented communities.
started in June 2021The fund was started by a 30 million dollars Investing federal coronavirus relief funds directed by the governor Jay Inslee to the Washington State Department of Commerce. It has since received backing from Heritage Bank, JPMorgan Chase, Umpqua Bank and WaFd Bank. Two recent commitments from KeyBank and Wells Fargo have pushed the fund past its fundraising goal, and the fund is now sitting on the total. 105 million dollars.
Commenting on the process, Governor Jay Inslee During the pandemic, we’ve heard from small businesses and nonprofits that access to low-interest loan programs fills a big financial gap in planning for recovery and growth. Flex funds are meeting the demand. I appreciate it all. Bank partners and community organizations that are helping hundreds of businesses get back to work. Thanks to a new commitment from KeyBank and Wells Fargo, hundreds more businesses will be able to take advantage of this tool.
“KeyBank is committed to the communities we serve, and we are proud to help expand access to small business loans for nonprofits and businesses. Washington StateHe said Brian MaddoxNational Leader of KeyBank’s Community Development Finance Institutions (CDFI) Group. “Ours 14.5 million dollars Investment is a key part of our efforts to create more strategic partnerships with CDFAs across the country and to make our National Community Benefit Plan a success.
“We appreciate the opportunity to collaborate with CDFIs, technical assistance providers and funders. Washington to provide much-needed capital to small businesses and nonprofits that are the lifeblood of communities across the state,” he said. Megan TirManaging Director of Community Lending and Investments Group at Wells Fargo. “We recognize that CDFIs are an important part of our financial ecosystem, especially during the recovery, and we are pleased to add Washington Eight State-Level Small Business Epidemic Recovery Funds Supported by Wells Fargo More 49 million dollars through loan and grant capital.”
Just finished 57 million dollars In loans disbursed to date, It is almost still there. 45 million dollars Fixed, low-interest rates of 3% and 4% are available in the loan For qualified small businesses and nonprofits. The application deadline for the fund has also been extendedso businesses and non-profit organizations with fewer than 50 employees and annual revenue below 3 million dollars He can still pre-apply online. March 2023. If eligible, business owners are matched with a community lender, who will assist the business owner throughout the application process and connect them with additional counseling support if needed.
The Small Business Flex Fund is a public-private partnership aimed at helping small businesses and nonprofits recover from the impact of the COVID-19 pandemic, allowing them to grow and prosper again. “Access to capital is a challenge for many small business owners and the nonprofit community at the best of times. The Small Business Flex Fund provides a critical opportunity to recover and rebuild from the pandemic, but also serves as a catalyst for growth and expansion,” he said. Lisa BrownDirector Washington State Department of Commerce. Thank you to KeyBank and Wells Fargo for making this critical contribution that helped the fund exceed its goal. 100 million dollars.”
The Flex Fund provides loans at low interest rates 150,000 dollars About 700 small businesses and non-profits. 80% of the funded small businesses and nonprofits are owned by a diverse group. Recipients spend their loans on a variety of business-related expenses, including utilities, rent, marketing, building improvements, payroll, and supplies. Visit to learn more about some of the businesses and charities that have benefited from this program SmallBusinessFlexFund.org/borrowers-stories.
The Fund works with a network of local Community Development Financial Institutions (CDFIs) and aims to help Flex Fund, a lender with decades of experience serving under-resourced communities and under-banked businesses. Six of these community lenders are originating loans for the fund, Ascendus, Business Impact NW, Craft3, Evergreen Business Capital Community Finance; OB Credit Union and the National Development Council Community Impact Loan Fund.
The lenders are supported by leading technical assistance and business support organizations including Business Impact Northwest Washington Women’s Business Center and Veterans Business Development Center, Inclusive Entrepreneurship (CIE), Minority Business Development Agency – Tacoma Business Center, sister. Sky Inc., Ventures is a non-profit and Spokane Access to Neighborhood Action Partners (SNAP) funding.
For more information and to apply, visit SmallBusinessFlexFund.org.
About Small Business Flex Fund
The Small Business Flex Fund provides flexible, low-interest loans and business support services to small businesses and nonprofit organizations. Washington. Supported by Washington State Department of Commerce, the fund is a cooperative partnership of local and national community finance organizations created to support. of Washington Meeting the needs of small businesses and historically underserved and underbanked communities. The Fund includes leaders from a variety of sectors, including local community lenders, national and state-based nonprofits, corporations, philanthropic donors and investors – all seeking a just recovery in the state.
Source Small Business Flex Fund
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