New small business loan program now accepting applications

The Department of Commerce has launched a new loan program called the Small Business Flex Fund. This program connects community-based lenders with small business owners who are looking for financial help to speed up their recovery from the pandemic.

Small businesses can receive loans for up to $150,000 with interest rates between 4-4.5%. The first year of the loan includes no fees and interest-only payments.

Recipients can use these 60- or 72-month loans for a wide variety of expenses like payroll, rent, utilities, advertising and other common businesses expenses.

In order to qualify, your business must have:

• Fewer than 50 employees
• Less than $3 million in annual revenues
• Experienced direct economic hardship because of the pandemic
• Been operating for at least a year before June 30, 2020

You may use these loans alongside other loan and grant programs. However, the Small Business Flex Fund is not a forgivable loan program like the Paycheck Protection Program (PPP).

The Washington State Department of Commerce website has more information about the Small Business Flex Fund including a program overview. Be sure to check out their FAQ section for a list of documents  you’ll need to submit during the application process.

Click here to submit a Small Business Flex Fund loan application.