Small Business Resiliency Loan
Program Overview
Program Objective
FUNDING GAP
Our communities have experienced barriers to accessing business.
This program removes barriers and provides growth opportunities.
BUILDING CREDIT
Low credit scores have hindered folks’ loan access.
This program is a stepping stone to traditional loans, helping businesses build credit history safely.
TRUST & PARTNERSHIPS
Lack of capital, language barriers, and fees create distrust in financial institutions.
We aim to connect businesses with trusted partners (SBRNs) and credit unions, building relationships for future success.
Program Success So Far:
From May to October 2024, we successfully secured ** $ 360,000 ** in grant-loans, supporting 15 local businesses with up to $ 25,000 each in the three rounds. These loans have been crucial for businesses looking to expand, improve operations, and stabilize their finances.
Program Highlights:
- Total Loan Amount Secured: $ 360,000
- Businesses Supported: 15
- Up to $ 25,000 Loan Amount Per Business
- 4%, with repayment terms from 12 to 24 months Low Interest Rate:
- $ 500 to $ 25,000 Loan Amounts Available
Unique Benefit:
One of the most impactful features of the SBRL program is that once the loan is fully paid off, businesses receive a * grant * equal to the loan amount. For example, if you borrow $ 25,000, you’ll receive an additional $ 25,000 as a grant after paying off the loan — giving you an invaluable resource to further invest in your business.
Success Stories:
Our loan program has supported businesses across Clark, Snohomish, King, and Pierce counties, including Seattle, Federal Way, Des Moines, Redmond, Everett, Mukilteo, Camas, Gig Harbor and Tacoma. These businesses used their loans for:
- Expanding inventories
- Paying off debt
- Investing in new equipment and digital marketing
- Establishing new services
- Improving operational efficiency
These strategic investments have led to increased income, improved customer satisfaction, and long-term growth for these businesses.
Diverse Impact:
We are proud that the SBRL program has benefited underrepresented communities. Of the 15 businesses supported so far, 7 were women-owned and 8 were Asian immigrant-owned. We remain committed to fostering business growth across diverse communities.
