Small Business Flex Fund Raises an Additional $ 40 Million to Help Small Businesses in Washington State

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The commitments of Heritage Bank, JPMorgan Chase and WaFd Bank bring the total to the fund to $ 70 million

Released: October 15, 2021 at 2:18 pm MDT|Updated: 1 hour ago

OLYMPIA, wash., Oct 15, 2021 / PRNewswire / – The Small Business Flex Fund reached a milestone this week and is now overall $ 70 million in tied capital that benefits small businesses and nonprofits, particularly in underrepresented communities, across the state Washington.

Small Business Flex Fund

The Small Business Flex Fund provides WA corporations and nonprofits with access to flexible, low-interest loans.

Launched earlier this summer, the Small Business Flex Fund is a public-private partnership designed to help small businesses and nonprofits recover from the effects of the COVID-19 pandemic and get their businesses back on track. It started with a $ 30 million Contribution from the Washington Department of Commerce and has since had an additional $ 40 million by Heritage Bank, JPMorgan Chase, and WaFd Bank.

In relation to the impact that the contributions of the banks will have, Lisa Brown, Director of the Washington The Commerce Department said, “Our Small Business Flex Fund is an important tool to provide much-needed growth capital to smaller businesses and nonprofits looking to recover from the pandemic in the medium and long term. We appreciate partnerships with Heritage, JPMorgan Chase and WaFd Bank to grow the fund and ensure this opportunity is available to businesses across the state, particularly in communities that have historically been underserved. “

Bryan McDonald, President & COO of Heritage Bank, said, “Programs like the Small Business Flex Fund are in for small businesses Washington. As long-time supporters of these companies, we are aware of the many obstacles some of them may face, especially when it comes to accessing the financial resources they need to develop and grow. It is time to start rebuilding our local economy and these loans will help us get there. ”

“The Small Business Flex Fund will provide critical, low-cost loans to help small business owners who are facing difficult circumstances around the world Washington State, especially in under-represented communities. JPMorgan Chase is proud to support their growth in a post-pandemic economy, “said Erin Robert, Head of Impact Finance at JPMorgan Chase.

The Small Business Flex Fund is managed by the National Development Council and funded by Calvert Impact Capital. It was founded with the aim of helping Washington’s Small businesses and non-profit organizations are getting back on their feet after the pandemic and planning for the future. Corporations and non-profit organizations with fewer than 50 employees and annual sales of less than $ 3 million can apply online in advance and, when qualified, will be matched with a lender. Once matched, the participating lender assists the business owner throughout the application process and provides additional advisory support.

The Small Business Flex Fund has had soft loans of up to since its inception in June $ 150,000 to over 110 small businesses and nonprofits in need of business support. The total amount funded since the start of the program has been exceeded $ 9.5 million. The fund works with and through local Community Development Financial Institutions (CDFIs) that operate in resource-rich communities and companies with low bank accounts. The Small Business Flex Fund is designed to help.

Ruth Brown, Executive Preschool Director of Causey’s Learning Center in Seattle, used the loan to keep paying her team of preschool teachers and making necessary infrastructure updates in her center. She said, “This loan saved my business. When the pandemic broke out, I lost half of my income. I applied for the loan so I could keep my teachers and pay some of the smaller bills. The process of getting the loan was really simple – it only took a few weeks from applying to receiving the loan. I didn’t have to deal with a lot of red tape! I was shocked!

Brent Beardall, President and CEO of WaFd Bank, noted, “As a long-term supporter of Washington small businesses and the positive impact 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 support the ongoing economic recovery from the effects of the pandemic . “

The Flex Fund aims to $ 100 million continues to support the recovery of small businesses and nonprofits across the state. The additional funding announced today brings up the current amount $ 70 million.

For more information and to apply, visit SmallBusinessFlexFund.org.

About the Small Business Flex Fund
The Small Business Flex Fund gives small businesses and nonprofits access to flexible, low-interest loans and business support services anywhere Washington. Supported by the Washington Department of Commerce, the Fund is a collaborative partnership of local and national community funding organizations established to Washington’s Micro-enterprises and address the needs of historically underserved and underserved communities. The fund includes executives from all sectors including local lenders, national and state nonprofits, corporations, philanthropic donors, and investors – all of whom are passionate about promoting an equitable recovery across the state.

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SOURCE The Small Business Flex Fund

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