dec. 24—The Small Business Flex Fund has opened a pre-application for its low interest loan program, which allocates funds to small businesses and nonprofits in Washington state.
The fund is supported by the Washington State Department of Commerce, allocating small businesses and nonprofits financial support, according to its website. Entities are able to borrow as much as $150,000, used to finance payroll, utilities and rent, supplies, marketing and advertising, repairs and improvements. Businesses are given a 60-month repayment time and no fees or interest will be accumulated within the first year, with an interest rate of 3% to 4%.
Businesses and nonprofits eligible to apply must have a staff of fewer than 50 employees, an annual revenue of less than $3 million and have been open for at least one year. Nonprofits must be in operation since January 2019.
For more information about the Small Business Flex Fund, visit smallbusinessflexfund.org.