A wide range of funding opportunities through loans, grants and local programs are available to businesses seeking to expand or start operations in Washington.
City of Spokane Valley Outside Agency Funding
The City of Spokane Valley accepts applications generally in August from non-profit organizations that provide economic development activities and social services that directly benefit Spokane Valley citizens. Each year, the Spokane Valley City Council sets aside funds in its budget to support such organizations and activities. Efforts that have been funded in the past include assistance with medical care for low income individuals, promotion of the arts, a social services provider, regional economic development efforts, and others. Award amounts vary and awards are made in late fall. This process has concluded for the 2020 budget year.
Loans, Grants and Resources to Fuel Growth
The Washington State Department of Commerce leads the state’s initiatives to help small businesses grow statewide by re-energizing communities and promoting an entrepreneurial spirit. The department’s StartUp Washington website provides access to statewide tools and resources to help establish a new business, as well as grow an existing small businesses. A new program, Thrive, provides opportunities for “second stage” companies to access resources that can assist with market research, marketing, human resources and much more. You can view the requirements to participate in the Thrive program on the StartUp Washington website.
This program provides assistance for businesses that want to begin exporting or expand their current export activities. Through the Export Voucher Program and the State Trade & Export Promotion Grant, eligible businesses can receive an Export Voucher for preapproved export expenses, attend governor-led trade missions, join trade specialists at international trade shows and meet potential customers, get help finding export financing from local banks, and apply for U.S. Ex-IM bank Guarantee and Insurance Programs. Learn more at the Washington State Department of Commerce.
Industrial Revenue Bonds
Businesses starting up or expanding manufacturing or processing facilities may qualify for low interest, tax free Industrial Revenue Bonds. The Washington Economic Development Finance Authority (WEDFA) administers the program, borrowing capital from a bank or a bonder purchases and lending the capital to a participating business. WEDFA then assigns its rights in the loan repayments to the bank or bond purchaser. Because through this type of financing the bank can accept a lower interest rate, the borrowing cost is reduced for businesses. WEDFA can also issue taxable bonds, making it possible to fund multi-purpose facilities in a single package.
For local businesses, Spokane Valley provides a number of programs and organizations to assist with expansion and growth. Spokane Valley’s partners are dedicated to serving Washington businesses and fueling the economy.
Local Business Incentives
Collateral Support Program for Small Business
This program helps small businesses secure SBA 504 financing with their lenders when collateral support is a concern.
Craft3 is a non-profit institution that lends to small businesses in under-served communities across Washington. The Craft3 Fund provides loans to entrepreneurs, non-profits, individuals and others who don’t normally have access to financing. Generally, loans range from $25,000 to $3 million.
The mission of the SNAP Financial Access Business Development Services is to create income and assets for low to moderate income persons through business development and expansion.
The W Fund invests in early stage life science, biotech, medical device, alternative energy and information technology businesses emerging from universities, research centers and individual start-ups across Washington.
The Small Business Administration (SBA) offers several financial assistance programs to small businesses. The SBA guarantees loans made by its partners such as lenders, community development organizations and micro-lending institutions. SBA sets the guidelines for these loans. When a business applies for an SBA loan, it is applying for a commercial loan, structured according to SBA requirements with a SBA guaranty.
This program provides loans up to $350,000 and is the SBA’s primary program for helping start-up and existing small businesses for a variety of general business purposes. SBAExpress provides an accelerated review turnaround time, including a response within 36 hours.
This program provides loans at an average of $13,000. SBA provides funds to designated intermediary lenders, which are non-profit community-based organizations. The maximum repayment term is six years. Interest rates vary depending on the intermediary lender and their costs from the U.S. Treasury.
This program provides long-term, fixed-rate loans up to $5 million to finance fixed assets like real estate or equipment.