Anne-Marie Saint-John, Alva, Long Island City, NY >
New York, NY., June 30, 2021 – Small business owners and nonprofits in the State of Washington can now apply for low interest loans of up to $150,000 through the Small Business Flex Fund. The Fund is a public-private partnership aimed at helping small businesses and nonprofits recover and grow as communities across the state reopen for business. The Small Business Flex Fund was created to provide access to growth capital for the businesses that need it most, ensuring a greater economic recovery for all of Washington.
The Fund, supported by the Washington State Department of Commerce, works with and through local Community Development Financial Institutions (CDFIs), such as Ascendus which has been serving the types of under resourced communities and underbanked businesses the Small Business Flex Fund aims to help, for decades.
Interested applicants will be able to pre-apply online and, if they qualify, will be matched with a lender. Once matched, the participating lender will assist the business owner throughout the application process and provide additional advisory support.
The Small Business Flex Fund’s online application and matching platform is hosted by Community Reinvestment Fund, USA a national CDFI based in Minneapolis, MN.
“At Ascendus, we believe in the power of ‘Up,’ which for many small businesses has meant gaining equitable access to flexible loans to help recover from the pandemic,” said Paul Quintero, CEO of Ascendus. “We are thrilled to be participating in this program and look forward to continuing to serve local businesses in innovative ways.”
Four other CDFIs are originating loans purchased by the Fund, including Business Impact NW, Craft3, Evergreen Business Capital Community Finance and the National Development Council Community Impact Loan Fund. This network of lenders has decades of experience serving Indigenous, rural and immigrant communities as well as communities of color across Washington.
The CDFIs will also be supported by leading technical assistance and business support organizations including Business Impact Northwest’s Washington Women’s Business Center, Food Business Resource Center and Veterans Business Outreach Center, Center for Inclusive Entrepreneurship (CIE), the Minority Business Development Agency – Tacoma Business Center, Sister Sky Inc., Spokane Neighborhood Action Partners’ (SNAP) Financial Access and Women’s Business Center, Ventures and the Washington Small Business Development Center (WSBDC).
For more information and to apply, visit: www.SmallBusinessFlexFund.org or contact Coco Corona, Ascendus Communications and Marketing Manager at [email protected].
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About the Small Business Flex Fund
The Small Business Flex Fund provides access to flexible, low-interest loans and business support services to small businesses and nonprofits across Washington. Backed by the Washington State Department of Commerce, the Fund is a collaborative partnership of local and national community finance organizations created to support Washington’s smallest businesses and address the needs of historically under resourced and underbanked communities. The Fund includes leaders from across sectors including local community lenders, national and state-based nonprofit organizations, corporations, philanthropic donors, and investors – all who are passionate about an equitable recovery across the state.
About Ascendus
Ascendus is a nonprofit small business lender working to create economic opportunity by providing entrepreneurs with access to the capital and the business support they need to create and grow healthy enterprises and contribute to thriving local economies. Since 1991, Ascendus has provided more than $200 million to 25,000 small businesses owners across the country.