Olympia, wash., September 7, 2022 /PR Newswire/ — Small Business Flex Fund celebrates a milestone this week, surpassing its initial fundraising goal $100 million committed capital of Washington Small businesses and nonprofits, especially businesses in underrepresented communities.
Released at June 2021the fund is $30 million Investing in Governor-Directed Federal Coronavirus Relief Fund Jay Inslee To State of Washington Department of Commerce. Since then, it has received support from Heritage Bank, JPMorgan Chase, Umpqua Bank and WaFd Bank. His two recent commitments from KeyBank and Wells Fargo have pushed the fund past its funding goals and the fund now totals $105 million.
Governor comment Jay Inslee “During the pandemic, we were hearing from small businesses and nonprofits that access to low-interest loan programs could fill important financial gaps in their ability to plan for recovery and growth. Thanks to KeyBank and Wells Fargo’s renewed commitment, hundreds more companies will be able to take advantage of this tool.”
“KeyBank is committed to the communities we serve and is proud to extend access to small business loans to nonprofits and businesses. State of Washington“, Said Brian Maddox, the national leader of KeyBank’s Community Development Finance Institution (CDFI) team. “our $14.5 million Investments are a key part of our efforts to forge more strategic partnerships with CDFIs across the country and build on the success of the National Community Benefits Plan. ”
“We appreciate the opportunity to partner with CDFI, technical assistance providers and funders. Washington To provide much-needed capital to the small businesses and nonprofits that are the lifeblood of communities across the state.” Megan Tiare, managing director of Wells Fargo’s Community Lending and Investment group. “We understand that CDFIs are an important part of the financial ecosystem, especially in times of recovery, and we are delighted to be adding them. Washington The list of eight state-level Small Business Pandemic Recovery Funds supported by Wells Fargo includes: $49 million with loans and grants. ”
just finished $57 million Loans distributed so far include: there are still few $45 million Loans can be borrowed at low fixed interest rates of 3% and 4% For eligible small businesses and nonprofits. Fund application deadline extendedand therefore businesses and non-profits with less than 50 employees and annual revenues of less than 50 $3 million You can pre-register online March 2023If eligible, the business owner will be matched with a community lender who will assist the business owner throughout the application process and connect them with additional advisory support as 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 and restore growth and prosperity. “Access to capital is a challenge for many small business owners and nonprofits in minority communities, even in good times. The Small Business Flex Fund provides a significant opportunity to recover and rebuild from the pandemic. It not only serves as a catalyst for growth and expansion, but also acts as a catalyst for growth and expansion.” Lisa Browndirector State of Washington Department of Commerce. “We thank Keybank and Wells Fargo for this milestone contribution that helped the foundation exceed its goals. $100 million.”
Flex funds are already at their largest $150,000 About 700 small businesses and nonprofits. Nearly 80% of funded small businesses and nonprofits have diverse owners. Recipients have spent loans on a variety of business-related expenses, including utilities, rent, marketing, building improvements, labor, and supplies. For more information on companies and non-profits that have benefited from this program, please visit his website at: SmallBusinessFlexFund.org/borrowers-stories.
The fund will partner with local Community Development Finance Institutions (CDFIs) and a network of lenders with decades of experience serving the resource-poor communities and underbanked businesses that the Flex Fund seeks to support. I’m here. Ascendas, Business Impact NW, Craft 3, Evergreen Business Capital Community Finance, obi credit union Community Impact Loan Fund of the National Development Council.
Lenders are supported by leading technical assistance and business support organizations such as Business Impact Northwest’s Washington Women’s Business Center and Veterans Business Outreach Center, Center for Inclusive Entrepreneurship (CIE), Minority Business Development Authority – Tacoma Business Center, Sister I’m here. Sky Co., Ltd.venture nonprofits, Spokane Financial Access for Neighborhood Action Partners (SNAP).
For more information and to apply, please visit: SmallBusinessFlexFund.org.
About the Small Business Flex Fund
The Small Business Flex Fund provides access to flexible, low-interest loans and business support services to small businesses and nonprofits around the world. Washington. Supported by State of Washington The Department of Commerce, Fund is a collaborative partnership of local and national community financial organizations created to assist. of Washington Build the smallest business to serve the needs of historically underresourced and underbanked communities. The fund includes leaders from various sectors, including local community lenders, national and state-based nonprofits, corporations, charitable donors and investors. All are passionate about an equitable recovery statewide.
SOURCE Small Business Flex Fund