Join speakers from the Washington State Department of Commerce and the National Development Council to discuss the new Small Business Flex Fund. The Flex Fund is a low-interest loan program designed to help even the smallest of businesses and nonprofits recover and grow with access to flexible funding support. A partnership between the Washington State Department of Commerce and several financial institutions and organizations, the Flex Fund is an important milestone in the recovery of local small businesses in Washington State after COVID-19.
The program is available to businesses and nonprofits with less than 50 employees, with an annual revenue of $3 million and who experience direct economic hardship due to Covid-19.
Benefits of the program :
- Low Interest Rate – Borrow up to $150,000, for a 3-4% interest rate with no fees and interest-only payments for the first year. 60 & 72 month (only available until 12/31/21) terms.
- Flexible Use of Funds – Use the loan to pay payroll, utilities and rent, for marketing and advertising, business improvements and other business expenses.
- Applying is Simple – apply online here.
Note the Small Business Flex Fund is not a forgivable loan and not associated with Federal Paycheck Protection Program (PPP) or any other SBA loan. The borrower will need to pay back the full amount of the lion with interest over a 5 or 6 year term.
We will host a Q&A session as time allows – feel free to submit your questions in advance when registering. If you are unable to attend the live webinar, please register to receive an email link to the recording.