Small Business Loans

SBA LOANS

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Let M&T navigate the ins and outs of SBA requirements. A nationally recognized Top 10 SBA lender, we can help manage your loan application process.

According to statistics released by the U.S. Small Business Administration (SBA) for total approved loans through the SBA's 7(a) lending program during the federal fiscal year ending 9/30/2022.

Business Loans for Washington state Businesses

Need money to grow your business?

I. Federal

I.A. US Small Business Administration

I.A.1. Starting or Growing a Small Business

SBA loan applications are structured to meet SBA requirements, so that the loan is eligible for an SBA guarantee. This guarantee represents the portion of the loan that SBA will repay to the lender if you default on your loan payments. Access the Small Business Resource Guide, with information regarding local lenders, here.

I.A.1.a. Basic 7(a) Loan

Description Loans for starting, acquiring and expanding a small business. Links & Contact Info Basic 7(a) Loan Program Notes This type of loan is the most basic and the most used within SBA's business loan programs. Borrowers must apply through a participating lender institution.

I.A.1.b. Certified Development Company (CDC) 504 Loan

Description Provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. Links & Contact Info Certified Development Company (CDC) 504 Loan Program Notes To be considered for a Certified Development Company(CDC)/504 loan, applicants must meet these eligibility requirements: Operate as a for-profit company.

Do business (or propose to) in the United States or its possessions.

Have a tangible net worth less than $15 million and an average net income less than $5 million after taxes for the preceding two years.

Loans cannot be made to businesses engaged in speculation or investment in rental real estate.

Be an eligible type of business. Check this list of eligible and ineligible types of businesses to see if your company qualifies.

Use proceeds for an approved purpose.

Not have funds available from other sources. Both business and personal financial resources are reviewed as part of the eligibility criteria. If these resources are found to be excessive, the business will be required to use those resources in lieu of part or all of the requested loan.

Be able to repay the loan on time from the projected operating cash flow of the business.

Have relevant management expertise. Have a feasible business plan.

Microloan

Description Offers very small loans for start-up, newly established or growing small business concerns. SBA makes funds available to nonprofit community based lenders which, in turn, make loans to eligible borrowers. Links & Contact Info Microloan Program Notes Loans up to a maximum of $50,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level.

I.A.2. Disaster Loans

I.A.2.a. Disaster Assistance

Description Provides financial assistance to victims of disasters or to individuals in a declared disaster area. Links & Contact Info Disaster Assistance Loans Notes You may be eligible for this type of loan even if you don't own a business.

I.A.2.b. Economic Injury

Description Assists small businesses, small agricultural cooperatives and nonprofit organizations as they recover from economic losses resulting from physical disaster or an agricultural production disaster. Links & Contact Info Economic Injury Loans Notes

I.A.3. Export Assistance Loans

I.A.3.a. Export Express

Description Provides exporters and lenders with a streamlined method of obtaining financing for loans and lines of credit up to $500,000. Links & Contact Info Contact your local U.S. Export Assistance Center Notes Lenders use their own credit decision process and loan documentation; exporters get access to their funds faster. SBA provides an expedited eligibility review with a response in less than 24 hours.

I.A.3.b. Export Working

Description Offers loans targeted at businesses that are able to generate export sales but need additional working capital to support these opportunities. Links & Contact Info Contact your local U.S. Export Assistance Center Notes Export Lenders

International Trade

Description Gives term loans that are designed for businesses that plan to start/continue exporting or those that have been adversely affected by competition from imports. Links & Contact Info International Trade Loans Notes Proceeds of the loan must enable the borrower to be in a better position to compete.

I.A.4. Veteran and Military Community Loans

I.A.4.a. Military Reservist – Economic Injury Loan

Description Offers funds to eligible small businesses to meet ordinary and necessary operating expenses that could have been met, but are unable to be met, because an essential employee was "called-up" to active duty in their role as a military reservist. Links & Contact Info Military Reservist Economic Injury Disaster Loan Notes The maximum MREIDL loan amount is $2 million; loan amount is limited to the actual economic injury as calculated by SBA. The amount is also limited by business interruption insurance and whether the business and/or its owners have sufficient funds to operate. If a business is a major source of employment, SBA has authority to waive the $2 million statutory limit. The purpose of MREIDL loans is not to cover lost income or profits. MREIDL funds cannot be used in lieu of regular commercial debt, to refinance long-term debt, or to expand the business.

I.A.5. Special Purpose Loans

I.A.5.a. CAPLine

Help small businesses meet their short-term and cyclical working-capital needs through the SBA umbrella program called CAPLines.

Description Contract Loan Program Links & Contact Info CAPLines Notes Finances the cost associated with contracts, subcontracts or purchase orders. Proceeds can be disbursed before the work begins.

Description Seasonal Line of Credit Program Links & Contact Info CAPLines Notes Supports the buildup of inventory, accounts receivable or labor and materials above normal usage for seasonal inventory. The business must have been in business for a period of 12 months and must be able to demonstrate that it has a definite established seasonal pattern.

Description Builders Line Program Links & Contact Info CAPLines Notes Provides financing for small contractors or developers to construct or rehabilitate residential or commercial property that will be sold to a third party that is not known at the time construction/rehabilitation begins. Loan maturity is generally three years, but can be extended up to five years, if necessary, to facilitate the sale of the property.

Description Working Capital Line of Credit Program Links & Contact Info CAPLines Notes A revolving line of credit (up to $5,000,000) that provides short-term working capital. Businesses that generally use these lines provide credit to their customers or have inventory as their major asset.

I.A.6. Innovation

I.A.6.a. Small Business Innovation Research (SBIR)

Description Eleven federal agencies provide funding for small innovative technology businesses to explore the potential for commercializing their service or product. Following submission of proposals, agencies make SBIR awards based on small business qualification, degree of innovation, technical merit, and future market potential. Small businesses that receive awards then begin a three-phase program (see below). Links & Contact Info 509.358.2006

email: Contact the SBA for more information at: www.sba.gov Notes Only for-profit proprietorships, small businesses and manufacturers (fewer than 500 employees) qualify for SBIR/STTR funding. These programs provide a unique source of seed capital for Washington citizens and small businesses to explore and develop innovative new product concepts. Use SBA.gov's “Loans and Grants Search Tool” to get a list of financing programs for which you may qualify. Please note that many small businesses do not qualify for government grants. For more information, visit “Facts About Government Grants.”

I.A.6.b. Small Business Technology Transfer (STTR) Grant Programs

Description Phase I - Startup: Awards of up to $100,000 for approximately 6 months support exploration of the technical merit or feasibility of an idea or technology.

Phase II - R&D: Awards of up to $750,000, for as many as 2 years, expand Phase I results.

Phase III – Marketplace: No SBIR funds support this phase. The small business must find funding in the private sector or other non-SBIR federal agency funding. Links & Contact Info (same as above) Notes (same as above)

Small Business Investment Companies (SBICs) Program

Description Privately managed, for-profit investment funds that use privately raised capital and guaranteed SBA loans to provide long-term loans and equity investments to qualifying small businesses. Links & Contact Info Visit: “Is SBIC Financing Right for your Business” “How Should You Seek Financing from an SBIC?” provides tips for approaching SBICs in the “SBIC Directory”. Notes Because they seek attractive net returns for their private investors, SBICs use their own investment criteria and processes to make investment decisions. SBA has no influence over SBIC investment decisions.

I.B. US Department of the Treasury

I.B.1. Small Business Opportunities

I.B.1.a. State Small Business Credit Initiative (SSBCI)

Description Participating states use federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. Links & Contact Info State Small Business Credit Initiative (SSBCI) Notes Existing and new state programs are eligible for support under the State Small Business Credit Initiative.

I.B.1.b. Small Business Lending Fund (SBLF)

Description Designed to provide capital to qualified community banks and community development loan funds (CDLFs) to encourage small business lending. Links & Contact Info Small Business Lending Fund (SBLF) Notes Established by the Small Business Jobs Act of 2010 to encourage Main Street banks and small businesses to work together, help create jobs, and promote economic growth in communities across the nation.

Office of Small and Disadvantaged Business Utilization

Description Counsels and advises small businesses of all types on procedures for contracting with the U.S. Department of the Treasury. Links & Contact Info Office of Small and Disadvantaged Business Utilization Notes Assists small businesses, small disadvantaged business, women-owned small businesses, veteran owned small businesses, service disabled veteran owned small businesses, and small businesses located in historically underutilized business zones.

I.B.2. Community Financial Opportunities

I.B.2.a. Community Development Financial Institutions Fund (CDFI)

Description Promotes economic revitalization and community development in low-income communities through investment in and assistance to mission-driven lenders known as Community Development Financial Institutions (CDFIs). Links & Contact Info Community Development Financial Institutions Fund (CDFI Fund) Notes Community Development Financial Institutions Program

New Markets Tax Credit Program

CDFI Bond Guarantee Program

Bank Enterprise Award Program

Native American CDFI Assistance Program

I.C. US Department of Agriculture

I.C.1. Rural Development

I.C.1.a. Rural Economic Development Loan (REDL) Program

Description Zero interest loans provided to local utilities which, in turn, pass through to local businesses (ultimate recipients) for projects that create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility is responsible for repayment to the Agency. Links & Contact Info Washington Mario Villanueva, State Director

1835 Black Lake Boulevard SW, Ste B

Olympia, 98512

(360) 704-7740 Rural Economic Development Loan & Grant Program Notes REDL (and REDG) intermediaries pass funding to ultimate recipients and eligible projects. Examples of eligible projects include: Business incubators;

Community development assistance to nonprofits and public bodies;

Facilities and equipment for education and training for rural residents to facilitate economic development;

Facilities and equipment for rural medical;

Start-up venture costs, including, but not limited to financing fixed assets such as real estate, buildings (new or existing), equipment, or working capital;

Business expansion; and

Technical assistance. Interest rate is 0%; maximum term is 10 years; up to 80% of project cost, with 20% from either the ultimate recipient or the intermediary. The intermediary may incorporate interest rates or administrative loan fees after the funds have been loaned out and revolved once. First time-around, all loans are at zero interest. Repayment may be deferred up to two years.

I.C.1.b. Rural Economic Development Grant (REDG) Program

Description USDA provides grant funds to local utility organizations which use the funding to establish revolving loan funds. Loans are made from the revolving loan funds to projects that will create or retain rural jobs. When the revolving loan fund is terminated, the grant is repaid to the Agency. Links & Contact Info Rural Economic Development Loan & Grant Program Notes (Same as above)

Value Added Producer Grant Program

Description Helps agricultural producers enter into value-added activities related to the processing and/or marketing of bio-based, value-added products. Grants are awarded through a national competition. Links & Contact Info Value Added Producer Grants Administered by State Offices: Eastern WA Roni Baer

(509) 454-5740, x134

roni.baer@wa.usda.gov Western WA Greg York

(360) 704-7729

greg.york@wa.usda.gov Notes Independent producers, agricultural producer groups, farmer- or rancher-cooperatives, and majority-controlled producer-based business ventures are eligible to apply for this program. You may receive priority if you are a beginning farmer or rancher, a socially-disadvantaged farmer or rancher, a small or medium-sized farm or ranch structured as a family farm, a farmer or rancher cooperative, or are proposing a mid-tier value chain. Maximum grant amount: $75,000 for planning grants; $200,000 for working capital grants Matching fund requirements: 50% of total project costs

I.C.2. Other USDA Programs

USDA provides funding opportunities for rural small businesses through loans, loan guarantees, and grants.

Advanced Biofuel Payment Program

Business & Industry Loan Guarantees

Community Connect Grants

Distance Learning & Telemedicine Grants

Distributed Generation Energy Project Financing

Intermediary Relending Program

Rural Business Development Grants

Rural Business Investment Program

Rural Energy for America Program Renewable Energy Systems & Energy Efficiency Improvement Loans & Grants

Rural Microentrepreneur Assistance Program

Small Socially Disadvantaged Producer Grant

Telecommunications Infrastructure Loans & Loan Guarantees

I.D. Other Federal Resources

I.D.1. The Export-Import Bank of the United States

The official export credit agency of the United States whose mission is to ensure that U.S. companies — large and small — have access to the financing needed to turn export opportunities into sales. Ex-Im Bank's small business products are designed for companies that meet the Small Business Administration's definition of a small business. To be eligible for Ex-Im small business products, you must export goods or services produced with more than 50% U.S. parts and labor. With few exceptions, these goods or services cannot be military in nature.

Export Import Bank

Export Import Library / Brochures

General Contact Information

I.D.1.a. Working Capital Guarantee Program

Description Program to borrow working capital to fulfill export sales. The Working Capital Guarantee can open up borrowing opportunities for small businesses or increase the amount a bank is willing to lend. Get the liquidity needed to compete more effectively in the global marketplace today. Links & Contact Info Working Capital Guarantees: Liquidity to Grow Your Business Working Capital Loan Guarantee Program Global Credit Express Direct Loan Program REVIEW THE PROCESS OVERVIEW HERE Notes Application Fee - $100 for a final commitment.

Up-front Facility Fee equals 1.75% of the total loan amount, based on a one-year loan. Loans of up to six months carry a facility fee of 0.875% of the total loan amount; those meeting certain criteria may qualify for a lower 1.25% Facility Fee.

Interest rate and other application fees charged by the commercial lender.

Loans secured by export-related accounts receivable and inventory (including work-in-process) tied to an export order.

Coverage: Ex-Im Bank generally guarantees 90% of the bank loan, including principal and interest.

I.D.1.b. Export Credit Insurance

Description Export Credit insurance safeguards against commercial and political nonpayment risk, ensuring payment and protecting margins. Insurance allows business growth by extending credit terms and turning foreign receivables into cash flow. Links & Contact Info Export Credit Insurance: Insure Your Accounts Receivable Express Policy Small Business Multi-Buyer Policy Standard Multi-Buyer Policy Single Buyer Policy Notes Grow an Export Business: Enter new markets and attract new customers by extending more flexible credit terms. Ensure You Get Paid: Guarantee payment of invoices and safeguard against commercial risk (e.g., bankruptcy) and political risk (e.g., war or currency inconvertibility). Generate Cash Flow: Use insured receivables as collateral for a loan or sell them to a third-party to address working capital needs. Lock in Margins: Remove risk from the equation and chart a path for business with dependable margins. Eligibility: A business meets basic eligibility requirements if it: Has been in business for at least one year; Has at least one person working in the firm full time; Has a positive net worth; Exports U.S. made products and/or services provided by U.S. personnel.

Foreign Buyer Financing

Description Program to secure longer term financing for your foreign buyers. Medium term and long term products offered, allowing businesses to extend competitive U.S. based terms on large scale foreign sales. Links & Contact Info Buyer Financing: For Multi-year Capital Equipment Sales Medium-Term Insurance Medium-Term Loan Guarantees & Long-Term Loan Guarantees Direct Loans Notes Provide Competitive Terms: Access to competitive financing terms and options. Reduce Risks to Your Cash Flow: Transfer the risk to accounts receivable by getting paid upfront, or insuring the invoices against commercial risk (e.g., bankruptcy) and political risk (e.g., war or currency inconvertibility). Buyer Financing: Increase cash flow by allowing buyers to receive financing to purchase your exports. Eligibility: (same as above)

I.D.2. Overseas Private Investment Corporation (OPIC)

OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy and national security objectives. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.

I.D.2.a. Small and Medium Enterprise Financing Program

Description For companies with annual revenues less than $400 million, this program provides medium- to long-term funding through direct loans and loan guarantees to eligible investment projects in developing countries and emerging markets. Links & Contact Info DFC Financial Products Information Officer: 202-336-8799 or info@opic.gov Notes The Expanding Horizons workshop is OPIC’s premier outreach event. Learn more about OPIC's upcoming workshops and seminars.

II. State

II.A. Department of Commerce

The federal Small Business Jobs Act of 2010 directed $1.5 billion to state programs that improve access to capital for small businesses so they can grow and create new jobs.

Description Helps small businesses secure SBA 504 financing with their lenders when collateral support is a concern. CSP places cash deposits with the lending institution as additional collateral support to help lenders approve the necessary bridge loan required to achieve SBA 504 approval. Links & Contact Info Collateral Support Program Duane Edwards, SVP Team Leader & Relationship Manager

Liberty Bay Bank

Ph: (360) 394-4775

Rosendo Guizar, VP Business Banking Division

Baker Boyer National Bank

Email: Notes SBA 504 loans can provide financing for real estate as well as heavy equipment. Encourages lenders to provide SBA loan approvals to small businesses that might otherwise not qualify due to lack of collateral. Fees range from 2-3% of the CSP amount being provided. Gives a business another chance for loan approval if they previously were rejected for a SBA 504 loan due to insufficient collateral. Allows a business to keep their relationship at their current bank (if it participates in CSP and SBA). May be combined with the Linked Deposit Program through the Office of Minority and Women Business Enterprises, which may result in lower interest.

Description A non-profit Community Development Financial Institution (CDFI) that lends to small businesses in underserved communities across the state and partners with other small business lenders, providing loans to entrepreneurs, nonprofits, individuals and others who don’t normally have access to financing. Provides expertise, networks and other advocacy. Links & Contact Info Craft3 Fund 888.231.2170 Ilwaco

PO Box 826

203 Howerton Way, SE

Ilwaco, WA 98624 Port Angeles

905 West 9th St, Suite 223

Port Angeles, WA 98363 Seattle

401 Second Avenue, S, Suite 301

Seattle, WA 98104 Notes Through its SBCI partnership, Craft3 will generally make loans ranging in size from $10,000 to $15 million. Business Application Business Loans are available for financing commercial real estate, energy efficiency upgrades, start-ups and expansion of businesses needing working capital, acquisitions, inventory, fixtures, equipment and related business property.

Description An $18.5 million venture fund, investing in early-stage life science, biotech, medical device, alternative energy, and information technology companies emerging from universities and research centers across WA. Links & Contact Info W Fund The W Fund

PO Box 95259

Seattle, WA 98145

Tel: 877-753-7997

Fax: 206-543-0586

Notes The Fund targets initial investments of up to $500K and seeks to partner with other venture and angel groups on larger investments. Interested companies should apply by email to:

II.A.1.d. Child Care Facility Fund Loans

Description Provide financial assistance to employers and child care businesses. The mission of the fund is to increase the availability of quality, affordable, convenient child care for working families. Loans only. Links & Contact Info Tom Stilz

CCFF Program Manager

Department of Commerce

1011 Plum Street SE

P.O. Box 42525

Olympia WA 98504-2425 Laura Dallison

Department of Early Learning

360-725-4678 Notes Requires borrowers to offer business and/or personal collateral and guarantees to secure financing, provide a fixed interest rate of five percent, and allow flexible terms tailored to the borrower's needs.

Maximum loan: $100,000.

Minimum loan: $25,000.

Maximum term: 10 years. Loan funds can be used to: Start or expand a licensed child care facility;

Make capital improvements in an existing DEL-licensed child care facility;

Acquire personal property for a child care facility that is depreciable under the federal tax code;

Purchase developmentally appropriate health and safety improvements and program equipment for child care facilities; and

Pay for operational costs for the first three months of a new child care facility. Funds cannot be used for: Construction;

Refinancing projects;

Travel expenses;

Debt incurred prior to the date of project approval;

Political or religious purposes; or

Organizations without proper licensing.

II.B. Other Washington State Programs

II.B.1. Export Washington

A service of the Washington State Department of Commerce Business Services Division, Export WA is the source for Washington State businesses that want to begin exporting or expand their existing export activities.

Description Supports state programs that help small businesses access global markets and increase sales of world-class, American-made goods and services. Assistance available includes export vouchers up to $10,000. Links & Contact Info STEP Grant Nicole Gunkle

Special Projects and STEP Export Voucher Manager

WA State Department of Commerce

206-256-6131

Notes Funded in part through a cooperative agreement with the U.S. Small Business Administration. The WA State Department of Commerce STEP activities include an Export Voucher program, Commerce-led trade show delegations to key events around the globe, targeted support for rural, veteran, minority and women-owned businesses, and expert financial counseling for companies in need of more complex export finance support. Through the STEP program, businesses may: Receive an Export Voucher for preapproved export expenses;

Attend Governor-led trade missions;

Join Commerce trade specialists at targeted international trade shows and meet potential new customers;

Get help finding export financing from local banks; and

Apply for U.S. Ex-Im Bank Guarantee and Insurance Programs.

II.B.1.b. Export Voucher Program

Description Offers qualified companies up to $10,000 for export-related expenses (a minimum 25% cash match is required). Links & Contact Info Nicole Gunkle (same as above) Apply for an Export Voucher Programs & Services/Export Grants and Loans Notes Funded in part by SBA State Trade and Export Promotion grant. Qualifying companies must: Be registered for business in Washington State;

Have a Federal Identification Number tied to a Washington address;

Be in good standing with the Washington State Department of Revenue; and

Be a small business concern (SBC) as defined by SBA criteria, and meet other program criteria: have been in business for at least one year; operate profitably; and demonstrate export readiness.

Qualifying export expenses Trade show, trade mission fees, registration, etc.;

Travel, airfare (U.S. carrier only);

Interpreter fees;

Translation services (website, marketing materials, etc.);

Export training programs and services of the U.S. Foreign Commercial Service; and

International Certifications.

II.B.2. Innovate Washington

II.B.2.a. Technology Growth Fund

Description $3 million dollar revolving loan fund. Available to 10 counties within Eastern Washington and 5 counties in North Idaho. Links & Contact Info Technology Growth Fund 800-436-8504

Jeff White, Director of Finance

(509) 358-2024

Notes Funded by a grant from the U.S. Department of Commerce Economic Development Administration & loan funds from the Business Development Corp. (BDC) of Eastern Washington.

II.C. Washington State – Executive Branch

II.C.1. Washington Economic Development Finance Authority (WEDFA)

The Washington Economic Development Finance Authority (WEDFA) is an independent agency within the executive branch of state government. WEDFA was created by the legislature to act as a financial conduit to businesses through the issuance of nonrecourse revenue bonds. WEDFA has the authority to issue these bonds on both a taxable and tax-exempt basis in support of qualifying projects — primarily manufacturing, processing and waste disposal facilities. WEDFA cannot assist retail projects.

II.C.1.a. "Non-recourse" loans and bonds, sometimes referred to as “Industrial Revenue Bonds”

Description WEDFA borrows the money from a bank or bond purchaser then lends the proceeds in return for an agreement to repay WEDFA an amount equal to debt service. WEDFA assigns its rights in the loan repayments to the bank/bond purchaser. Links & Contact Info Apply FAQs Rodney G. Wendt

Executive Director,

WEDFA

1000 Second Avenue, Suite 2700 Seattle WA 98104

206-587-5634, tel.

206-579-0782, cell

Notes The biggest benefit to this type of financing is that the bank or bond purchaser does not have to pay income tax on the interest they earn on the investment. This means they are willing to accept a lower interest rate. WEDFA passes on the lower interest rate to the borrower, reducing the borrowing cost. This type of financing is available primarily to finance facilities for manufacturing businesses, nonprofit enterprises and recycling and waste disposal operations. In the 2015 interest rate environment, this financing tool can be beneficial to projects that are larger than $2.5 million. WEDFA can also issue taxable bonds, making it possible to fund multi-purpose facilities in a single package.

II.D. Other State Resources

II.D.1. Assistance Center

Description Works with the international trade experts at the Washington State Department of Commerce to provide an integrated menu of services that help businesses implement their export strategy. Provides free export finance counseling to small and medium-sized Washington exporters or prospective exporters. Links & Contact Info The Westin Building,

2001 6th Avenue, Suite 2600,

Seattle, WA 98121 US

(206) 256-6115

Doug Kemper

President and CEO

206-256-6127 Zara Castillo

Program Manager

206-256-6115 Notes EFACW was created by the Washington State Legislature in 1983 as a nonprofit organization and is funded mainly by the state of Washington. Center staff can help businesses navigate international trade transactions and find the right export financing by helping businesses to: Understand an export transaction;

Grasp the basics of export financing;

Navigate Ex-Im Bank and SBA finance programs;

Access credit insurance;

Negotiate contracts with foreign buyers; and

Deal with foreign exchange issues.

Description Offer no-charge business advising, management training and market research that can help build a company’s export strategy. Links & Contact Info Contact SBDC Business Advisor Notes SBDCs operate in 24 locations around the state, with certified SBDC international trade specialists based in Spokane and South Seattle.

Description An SBA-funded women’s business center staffed with successful women business owners who understand the unique needs of women entrepreneurs. The WCWB offers affordably priced and practical online and in-person training as well as personalized coaching to help women business owners accelerate their success from start-up to growth to market leadership. Links & Contact Info (360) 754-6320 Email: Notes Through on-going coaching sessions, business coaches: Introduce resources, other professionals and organizations that can support a business; Help identify and capitalize on opportunities; and Help in understanding financial statements and taxes, project cash flow, and understand a break-even analysis.

II.D.2. Venture Capital Connections

Description Partnership with Department of Commerce. Links & Contact Info For more information, click here. Notes Designed to keep economic and intellectual wealth in communities throughout Washington; part of Governor Inslee’s long-term economic development efforts to create more jobs statewide. It is Startup 365’s goal to give provide the tools, resources, education and training needed to start a business anywhere in the state.

III. Local

III.A. Cities and Town

Local jurisdictions, including cities, towns and counties, sometimes have financing available based on State or Federal grants they have been awarded. This link will take you to a listing of cities and towns in Washington State; from there, links are provided to individual websites for further funding opportunity research.

III.B. Economic Development Councils

Economic Development Councils work with businesses to strengthen opportunities in their region. The following links will take you to listings of economic development councils; from there, links are provided to individual websites for further funding opportunity research.

Economic Development Councils

* This document was created with the best information available at the time (May 2015). For additions or corrections please call the Governor’s Office for Regulatory Innovation and Assistance at 1-800-917-0043 or email . Please visit our website at

How to get a personal loan in 8 steps



A personal loan through a traditional bank, credit union or online lender is worth considering. These unsecured debt products can help you get over a financial hump, cover an unexpected expense, pay down debt faster or make a big-ticket purchase.

There are several types of personal loans to choose from, including debt consolidation loans, home improvement loans, medical loans and wedding loans. Although the application process is relatively simple, you should know what to expect beforehand to avoid any surprises.

What information to have before applying for a loan

Before applying for a personal loan, gather all the documents and information you need along the way. Doing so will allow you to move through each step of the process efficiently and get your funds as quickly as possible.

The items you may need include the following:

Two forms of personal identification, such as a driver’s license, state-issued identification card, Military ID, certificate of citizenship, Social Security card, birth certificate or passport.

Proof of income, such as W-2s, paystubs, 1099s, bank statements and tax returns.

Employer’s information, including the company name, your manager’s name and the phone number.

Proof of residence, such as a utility bill with your name and address or a lease agreement, mortgage statement, proof of insurance (auto, home or rental), a property tax receipt or a voter registration card.

How to get a personal loan in 8 steps

There are many reasons to get a personal loan, like an unexpected hospital bill or a necessary car repair. If you’ve decided that a personal loan is the right type of financing for you, follow these eight steps to apply.

1. Run the numbers

The last thing you or lenders want is for you to take out a personal loan and not be able to afford to pay it off. While lenders typically do their due diligence to make sure you have the ability to repay the debt, it’s smart to run your own numbers to make sure it’ll work out.

Start by determining how much cash you’ll need, keeping in mind that some lenders charge an origination fee, which they deduct from your loan proceeds. Make sure you borrow enough to get what you need after the fee.

Use a personal loan calculator to find out what your monthly payment will be. This can be difficult if you don’t know what rates and repayment terms lenders will offer, but you can play around with the numbers to get an idea of what the loan will cost you and decide if your budget can handle it.

Takeaway: Before you apply for a personal loan, find out whether the lender charges an origination fee — and if it does, ask what the fee is. Figure out how much cash you’ll need after fees, and a monthly payment you can comfortably afford.

Next steps: Use Bankrate’s personal loan calculator to estimate your monthly payments.

2. Check your credit score

Most lenders will run a credit check to determine how likely you are to repay your loan. While some online lenders have started to look at alternative credit data, they will still typically look at your credit score.

The best personal loans typically require that you have at least fair credit — usually between 580 and 669. Good and excellent credit above 670 will give you the best chance of getting approved with a competitive interest rate.

You can get a free copy of your credit report from It will provide a free copy of your credit report from all three credit bureaus every 12 months. Check to see if there are any errors on the report. If you find mistakes, contact the major credit reporting agencies (Equifax, TransUnion and Experian) to get them corrected.

If your credit score is low for other reasons, you may still have a chance to get a loan. But the interest rates and fees may be too high to make it worth it, so take steps to improve your credit before applying.

Takeaway: Checking your credit score will give you an idea of where you stand. The better your credit score, the more likely you are to get approved for a loan and the lower your interest rate could be.

Next steps: Check your credit score and history. If your score is lower than the qualification requirements and you don’t need a loan immediately, work on improving it.

3. Consider your options

Depending on your creditworthiness, you may need a co-signer to get approved for a personal loan with a decent interest rate. If you can’t find a co-signer, or the lenders you’re considering don’t allow co-signers, you may have the option to get a secured personal loan instead of an unsecured one.

Secured loans require collateral, such as a vehicle, a house or cash in a savings account or certificate of deposit, in exchange for more favorable terms. If you fail to repay the loan, the lender can seize the collateral to satisfy the debt.

You’ll also need to think about where to get a personal loan. With traditional banks, for instance, you may have a hard time getting approved if you have bad credit. Some online lenders, however, specialize in working with bad-credit borrowers, and some credit unions have short-term loans that serve as cheap alternatives to payday loans.

If you don’t meet the typical qualifications and your purchase can wait, take some time to build up your credit score so you can qualify.

Takeaway: If you don’t meet the qualification requirements for a decent rate, and you need a loan right now, a co-signer, a bad-credit loan or a secured loan could improve your chances of approval.

Next steps: If you don’t think you’ll get approved, research your loan options or reach out to a family member or friend with good financial health about being your co-signer.

4. Choose your loan type

Once you know where your credit stands and consider your options, determine which type of loan is best for your situation. While some lenders are flexible in terms of how you use the funds, others may only approve loan applications if the money will be used for specific purposes.

For example, one lender might let you take out a personal loan to fund your small business, while a different lender might not allow you to use borrowed funds for business purposes at all. It’s generally smart to find a lender that is comfortable loaning you money for the exact reason you need it.

You can search the Bankrate personal loan marketplace for different types of loans, such as:

Debt consolidation loans : Debt consolidation is one of the most common uses for personal loans. By taking out one loan to cover your existing debt, you decrease the monthly payments you have to worry about and receive one (potentially lower) interest rate.

: Debt consolidation is one of the most common uses for personal loans. By taking out one loan to cover your existing debt, you decrease the monthly payments you have to worry about and receive one (potentially lower) interest rate. Credit card refinancing loans : Some companies, like Payoff, specialize in loans for people looking to pay off credit card debt. Because personal loan rates are often lower than credit card rates, a loan may be a good way to clear your credit card balances and pay them off over a longer period.

: Some companies, like Payoff, specialize in loans for people looking to pay off credit card debt. Because personal loan rates are often lower than credit card rates, a loan may be a good way to clear your credit card balances and pay them off over a longer period. Home improvement loans : A home improvement loan may be a good option if you’re looking to pay for a large renovation up front without taking out a secured home equity loan.

: A home improvement loan may be a good option if you’re looking to pay for a large renovation up front without taking out a secured home equity loan. Medical loans : Because medical expenses are often unpredictable, a personal loan may be a good way to decrease the immediate financial burden and pay debt down over a number of years.

: Because medical expenses are often unpredictable, a personal loan may be a good way to decrease the immediate financial burden and pay debt down over a number of years. Emergency loans : Emergency loans are useful for a number of purposes. A car breakdown, a smaller medical expense or a burst pipe may be good reasons to take out this type of loan.

: Emergency loans are useful for a number of purposes. A car breakdown, a smaller medical expense or a burst pipe may be good reasons to take out this type of loan. Wedding loans: Weddings and vacations can be pricey, which is why many people turn to personal loans to pay for them. This spreads payments out over years, so you don’t need to worry about paying for a special occasion all at once.

Takeaway: Find a lender that offers loans designed for your specific needs.

Next steps: Search the Bankrate personal loan marketplace to find the ideal loan for you and your borrowing needs.

5. Shop around for the best personal loan rates

Avoid settling for the first offer you receive; instead, take some time and shop around for the best possible interest rate. Compare several lenders and loan types to get an idea of what you qualify for.

You can generally find personal loan offers from banks, credit unions and online lenders. If you’ve been a longtime account holder with your bank or credit union, consider checking there first. Often, showing that you’ve made positive financial choices for years means your bank or credit union may be willing to look past recent credit missteps or give you a better rate.

Some online lenders also allow you to get prequalified with a soft credit check, which won’t impact your credit score. Check with the lenders you are considering to see if they offer a prequalification process. Utilize this option to get a full understanding of the rates available to you.

Lenders that don’t offer a prequalification process will typically run hard credit inquiries as part of the loan application process. To limit the effect of hard inquiries on your credit score, it’s best to do your rate shopping within 45 days to count them as a single inquiry for credit-scoring purposes.

Takeaway: Don’t settle for the first offer you receive. Compare several lenders and loan types and check for a prequalification option before applying to avoid an impact on your credit.

Next steps: Shop around and compare offers, rates and fees to find a loan with competitive rates. Get prequalified if this is an option.

6. Pick a lender and apply

After you’ve done your research, pick the lender with the best offer for your needs, then start the application process.

Depending on the type of lender, you may be able to do the entire application process online. Alternatively, some lenders may require you to apply in person at your local bank or credit union branch.

Every lender is different regarding what information it’ll need on the application, but you’ll typically need to provide your name, address and contact information, income and employment information and the reason for the loan.

The lender will also request you share how much you want to borrow. It may then give you a few options to consider after a soft credit check. You’ll also have a chance to review the complete terms and conditions of the loan, including fees and your repayment period. Read through the loan agreement thoroughly to avoid hidden fees and other pitfalls.

Takeaway: All lenders have different qualification requirements and may ask for different information. Lenders may also require you to apply in person, while others let you complete the entire application online.

Next steps: Determine the application process for the lender you have chosen. Once you are ready to apply, gather all of the information you will need for the application and apply as directed.

7. Provide necessary documentation

Every lender is different regarding what you need to apply. Once you submit your application, your lender will likely ask you to provide additional documentation. For example, you might need to upload or fax a copy of your latest pay stub, a copy of your driver’s license or proof of residence.

The lender will let you know if it needs any documentation from you and how to get it to the right person. The faster you provide the information, the sooner you’ll get a decision.

Takeaway: Be prepared to present additional documentation as requested during the application process.

Next steps: Gather pay stubs, proof of residence, driver’s license information and W-2s in advance to speed up the application process. Submit all requested documentation quickly to your lender to get your decision as soon as possible.

8. Accept the loan and start making payments

After the lender notifies you that you’ve been approved, you’ll need to finalize the loan documents and accept the terms. Once you do this, you’ll typically get the loan funds within a week — but some online lenders get it to you within one or two business days.

When you are approved, start keeping track of when your payments are due, and consider setting up automatic payments from your checking account. Some lenders even offer interest rate discounts if you set your account to make autopayments.

Consider paying extra each month. While personal loans can be cheaper than credit cards, you’ll still save money on interest by paying the loan off early. Adding even a small amount to your monthly payments can help you do so.

Takeaway: You could receive the funds as early as one to two business days after getting approved and accepting the loan terms. Once you’re approved, start considering how you’ll pay down your balance.

Next steps: Create a plan to make your monthly payments and pay your loan off. Consider automatic payments and think about paying extra each month to save on interest.

Tips for speeding up the process

If you’re looking for a personal loan, you likely want to get your hands on the money as soon as you can. These tips can help you avoid delays when applying for a personal loan:

Check your credit report before applying . Know where your credit stands before shopping around for personal loans. Good credit can make it easier to qualify for a personal loan at a lower interest rate. Furthermore, spotting and correcting errors immediately is a simple way to avoid issues later on when you’re applying for a loan.

. Know where your credit stands before shopping around for personal loans. Good credit can make it easier to qualify for a personal loan at a lower interest rate. Furthermore, spotting and correcting errors immediately is a simple way to avoid issues later on when you’re applying for a loan. Pay off debt . If you have debt and you don’t need the loan funds urgently, paying some debt off can raise your credit score and lower your debt-to-income (DTI) ratio, which can increase your chances of approval.

. If you have debt and you don’t need the loan funds urgently, paying some debt off can raise your credit score and lower your debt-to-income (DTI) ratio, which can increase your chances of approval. Talk to your existing financial institution. Banks and credit unions might be more willing to consider a personal loan application from a customer with whom it’s had a positive, long-standing relationship.

Banks and credit unions might be more willing to consider a personal loan application from a customer with whom it’s had a positive, long-standing relationship. Get prequalified . Some lenders have a prequalification process that you can undergo without a hard credit check. You can also get an idea of what your loan rates and terms may be before you apply to determine if moving forward with the lender is worthwhile.

. Some lenders have a prequalification process that you can undergo without a hard credit check. You can also get an idea of what your loan rates and terms may be before you apply to determine if moving forward with the lender is worthwhile. Consider online lenders . Many online lenders offer next-day loan decisions, and funds may be deposited into your bank account within a few days after applying if you are approved.

. Many online lenders offer next-day loan decisions, and funds may be deposited into your bank account within a few days after applying if you are approved. Pick loan funds up in person. If your lender has a brick-and-mortar location, ask if there is an option to pick funds up at the branch so you can get the money faster.

How to find the best personal loan rates

To find the best deal on a personal loan for your unique financial situation, compare rates, terms and fees from multiple lenders. You can do this by reviewing lenders’ websites individually or signing up for an online marketplace that allows you to prequalify for multiple loans at one time without impacting your credit.

Bottom line

If you’ve decided a personal loan is the right financing option, run the numbers to see if you can afford to take on debt. Then check your credit score so you have an idea of where you stand before applying. Typically, the higher your score, the better your approval odds and chances of securing a lower rate.

Afterward, explore your loan options and compare rates, terms and fees from multiple lenders to get the best deal for your unique financial situation. Once you’ve found the lender that best matches your borrowing needs, gather the required documentation and submit a personal loan application online or in person.