Are you a Kent small business owner who is still struggling to fully recover from the pandemic?
Do you have fewer than 50 employees?
Is your annual revenue less than $3 million?
Then you may be eligible for a loan of up to $150,000 through Washington’s Small Business Flex Fund.
Applications for new loans will be accepted until February 2023, and the Fund has nearly $40 million in loans still available.
In the wake of the pandemic, businesses around the country have fought to keep their doors open. Ongoing supply chain crises, workforce shortages and general inflation haven’t made things any easier.
The Flex Fund was designed with those challenges in mind.
As average interest rates continue to rise, the Flex Fund’s fixed, low-interest rates of 3-4% and its 60-month repayment timeline provide flexible working capital.
Use of the loans is also flexible: Business owners can put those funds toward payroll, utilities and rent, supplies, marketing & advertising, building improvements or repairs, and other business expenses.
Since June 2021, it has distributed nearly $63 million to Washington’s smallest businesses and nonprofits.
You can hear some of our business owner success stories here.
After a business qualifies, owners are matched with a local community lender who provides support and assistance throughout the application process. If applying businesses don’t initially qualify for a loan, the lender will consult with the owners on increasing credit scores and writing more comprehensive business plans so that they may apply more successfully a second time.
Nearly 700 businesses have already received loans through the Flex Fund, and 80% of those are owned by immigrants, women and people of color.
Applications are still being accepted through February 2023, and there are borrowers in Kent waiting to work with your business today.
To see if you qualify and to start the application process now, visit SmallBusinessFlexFund.org.
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