State makes low interest loans available to small businesses

The state Department of Commerce is partnering with financial institutions and community-based organizations.

Low-interest loans of up to $150,000 are available to small business owners and nonprofits through the state’s new Small Business Flex Fund.

The state Department of Commerce is partnering with financial institutions and community-based organizations to lend $100 million or more to firms with fewer than 50 employees and annual revenue of less than $3 million.

Qualifying firms can apply for loans up to $150,000. Loans are available in 60- or 72-month terms at interest rates between 3% and 4.5%.

The fund is a public-private partnership aimed at helping small businesses and nonprofits — particularly those in low-income communities — recover as the state reopens for business.

“Reopening our economy is an incredible milestone and we want to ensure that our smallest businesses and nonprofits have equitable access to flexible financial support to get back on their feet,” Gov. Jay Inslee said in a statement. “The Small Business Flex Fund will not only aid in our businesses’ recovery from the pandemic, but it will allow them to plan ahead, grow and thrive.”

Commerce Department Director Lisa Brown said “the COVID-19 pandemic shone a bright light on many of the historic inequities and barriers facing different communities.”

“One of those barriers is access to working capital for small businesses and nonprofits trying to develop and grow, especially those in low-income areas and led by women and people of color,” Brown said. “We designed the Small Business Flex Fund to provide more equitable access to growth capital for smaller, local businesses and nonprofits, ensuring a greater economic recovery for all of Washington.”

For program information, go to: SmallBusinessFlexFund.org.

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Business

Izaac Escalante-Alvarez unpacks a new milling machine at the new Boeing machinists union’s apprentice training center on Friday, June 6, 2025 in Everett, Washington. (Olivia Vanni / The Herald)
Boeing Machinists union training center opens in Everett

The new center aims to give workers an inside track at Boeing jobs.

Some SnoCo stores see shortages after cyberattack on grocery supplier

Some stores, such as Whole Foods and US Foods CHEF’STORE, informed customers that some items may be temporarily unavailable.

People take photos and videos as the first Frontier Arlines flight arrives at Paine Field Airport under a water cannon salute on Monday, June 2, 2025 in Everett, Washington. (Olivia Vanni / The Herald)
Water cannons salute Frontier on its first day at Paine Field

Frontier Airlines joins Alaska Airlines in offering service Snohomish County passengers.

Amit B. Singh, president of Edmonds Community College. 201008
Edmonds College and schools continue diversity programs

Educational diversity programs are alive and well in Snohomish County.

A standard jet fuel, left, burns with extensive smoke output while a 50 percent SAF drop-in jet fuel, right, puts off less smoke during a demonstration of the difference in fuel emissions on Tuesday, March 28, 2023 in Everett, Washington. (Olivia Vanni / The Herald)
Sustainable aviation fuel center gets funding boost

A planned research and development center focused on sustainable aviation… Continue reading

Helion's 6th fusion prototype, Trenta, on display on Tuesday, July 9, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
Helion celebrates smoother path to fusion energy site approval

Helion CEO applauds legislation signed by Gov. Bob Ferguson expected to streamline site selection process.

FILE — Jet fuselages at Boeing’s fabrication site in Everett, Wash., Sept. 28, 2022. Some recently manufactured Boeing and Airbus jets have components made from titanium that was sold using fake documentation verifying the material’s authenticity, according to a supplier for the plane makers. (Jovelle Tamayo/The New York Times)
Boeing adding new space in Everett despite worker reduction

Boeing is expanding the amount of space it occupies in… Continue reading

Water drips from an Alaska Airlines Boeing 737 after it received a water salute while becoming the first scheduled 737 arrival Thursday, Feb. 17, 2022, at Paine Field Airport in Everett, Washington. (Ryan Berry / The Herald)
Boeing and Airbus forecast strong demand for their jets

Boeing and Airbus project more than 40,000 new jets are needed.

Hundreds wait in line to order after the grand opening of Dick’s Drive-In’s new location in Everett on Thursday, June 12, 2025 in Everett, Washington. (Olivia Vanni / The Herald)
Dick’s Drive-In throws a party for opening day in Everett

More than 150 people showed up to celebrate the grand opening for the newest Dick’s in Snohomish County.

Patrick Russell, left, Jill Russell and their son Jackson Russell of Lake Stevens enjoy Dick’s burgers on their way home from Seattle on Friday, Sept. 22, 2023 in Edmonds, Washington. The family said the announcement of the Dick’s location in Everett “is amazing” and they will be stopping by whenever it opens in 2025. (Olivia Vanni / The Herald)
Dick’s Drive-In announces details for Thursday’s grand opening in Everett

Dick’s will celebrate its second Snohomish County location with four days of festivities.

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.