City of Seattle announces new $8 million program to support small businesses

City announces new $8 million program to support small businesses

3/2/202223:11

Seattle Mayor Bruce Harrell and the Seattle Office of Economic Development (OED) announced the launch of the Capital Access Program - a new partnership with local community development financial institutions (CDFI) that will connect small businesses to flexible working capital loans. OED is investing $3 million in Coronavirus Local Fiscal Recovery Funds (CLFR) and $5 million in funding from the Equitable Communities Taskforce (ECI) to finance the Capital Access Program.

The new Capital Access Program will leverage city funding to lower the cost of Washington State Small Business Flex Fund loans for eligible small businesses by paying down 25% of the loan principal. Small businesses can borrow up to $150,000 with 4% interest to use on business expenses such as payroll, utilities and rent, supplies, marketing and advertising, building improvements or repairs, and other business expenses. Applications open on March 8, 2022, and must be submitted by April 8, 2022, at 5 p.m.

Speakers and attendees include:
Mayor Bruce Harrell
Councilmember Sara Nelson, City of Seattle, Pos. 9/Citywide
Markham McIntyre, Interim Director, OED
Ken Takahashi, Director of Commercial Affordability, OED
Chuck Depew, Senior Director, National Development Council
Stephanie Morales, The Liink Project

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