Small Business Flex Fund Raises Additional $ 40 Million to Support Washington State Small Businesses
Heritage Bank, JPMorgan Chase and WaFd Bank commitments bring Fund total to $ 70 million
Posted: October 15, 2021 at 3:18 p.m. CDT|Update: 1 hour ago
OLYMPIA, Wash., October 15, 2021 / PRNewswire / – The Small Business Flex Fund reached a milestone this week, raising a total of $ 70 million in committed capital that will benefit small businesses and nonprofits, especially those in underrepresented communities, throughout the state of Washington.
The Small Business Flex Fund provides access to low-interest, flexible loans to businesses and nonprofits in Washington State.
Launched earlier this summer, the Small Business Flex Fund is a public-private partnership aimed at helping small businesses and nonprofits recover from the impacts of the COVID-19 pandemic and grow their businesses again. It started with a $ 30 million contribution of the Washington state Ministry of Commerce and has since raised a $ 40 million of Heritage Bank, JPMorgan Chase and WaFd Bank.
Speaking of the impact that bank contributions will have, Lisa Brown, director of the Washington state The Commerce Department said, “Our Small Business Flex Fund is an important tool in providing much needed growth capital for small businesses and nonprofits considering their mid to long term recovery from the pandemic. We value the partnerships with Heritage, JPMorgan Chase and WaFd Bank to grow the Fund and ensure this opportunity is available to businesses statewide, especially in historically underserved communities. “
Bryan mcdonald, President and COO of Heritage Bank said, “Programs like the Small Business Flex Fund are critical for small businesses in Washington state. As a long-time supporter of these companies, we recognize the many obstacles some of them may face, especially when it comes to accessing the financial resources they need to grow and grow. It’s time to start rebuilding our local economies and these loans will help us get there. ”
“The Small Business Flex Fund will provide essential low-cost loans to help small business owners facing difficult circumstances through the Washington state, especially those from under-represented communities. JPMorgan Chase is proud to support its growth in a post-pandemic economy, ”said Erin robert, Head of Impact Finance at JPMorgan Chase.
The Small Business Flex Fund is administered by the National Development Council with funding organized by Calvert Impact Capital. It was founded with the aim of helping Washington’s smaller businesses and nonprofits are recovering from the pandemic and planning for the future. Companies and non-profit organizations with less than 50 employees and an annual turnover of less than $ 3 million can pre-apply online and, if qualified, will be matched with a lender. Once matched, the participating lender will assist the business owner through the application process and provide additional advisory support.
Since its launch in June, the Small Business Flex Fund has provided low-interest loans of up to $ 150,000 to over 110 small businesses and non-profit organizations in need of economic assistance. The total amount that has been funded since the inception of the program has been exceeded $ 9.5 million. The Fund works with and through local Community Development Financial Institutions (CDFIs), which serve the resourceful communities and underbanked businesses that the Small Business Flex Fund aims to help.
Ruth brown, executive director of the preschool at Causey’s Learning Center in Seattle, used the loan to be able to continue paying his team of preschool teachers and make the necessary updates to his centre’s infrastructure. She said: “This loan saved my business. When the pandemic hit I lost half of my income. I applied for the loan so I could keep my teachers and cover some of the smaller bills. It was only a few weeks between applying for and getting the loan. I didn’t have to go through a lot of paperwork! I was shocked! It’s not just about keeping your business afloat, it it’s about moving forward.
Brent Beardall, the Chairman and CEO of WaFd Bank said: “As long-term supporters of Washington small businesses and the positive influence they have in their communities, WaFd Bank recognizes the importance of supporting these vital businesses and prides itself on promoting unique public-private partnerships that contribute to the continued economic recovery after the impact of the pandemic. “
The Flex Fund aims to raise $ 100 million continue to support the recovery of small businesses and nonprofits statewide. The additional funding announced today brings the current amount $ 70 million.
For more information and to apply, visit SmallBusinessFlexFund.org.
About the SME Flex Fund
The Small Business Flex Fund provides access to flexible low-interest loans and business support services to small businesses and non-profit organizations through Washington. Supported by the Washington state Ministry of Commerce, the Fund is a collaborative partnership of local and national community finance organizations created to support Washington’s smaller businesses and meet the needs of historically underfunded and underbanked communities. The Fund includes leaders from all sectors, including local community lenders, national and state nonprofits, businesses, philanthropic donors and investors, all passionate about a fair recovery statewide.
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SOURCE The Flex Fund for Small Businesses
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