The City of Seattle's Office of Economic Development (OED) has announced an $8M investment to launch the Capital Access Program, a new partnership with local community development financial institutions (CDFI) that will connect small businesses to flexible working capital loans.
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. To be eligible for the Small Business Capital Access Program, small businesses must:
- Be a for-profit small business located within the Seattle city limits.
- Have experienced direct economic disruption due to COVID-19.
- Meet at least two of the following three factors:
- No more than $5 million in annual revenue in 2019 or 2020.
- No more than 50 full-time equivalent employees.
- No more than two locations.
To apply for flexible working capital loans through the City’s Capital Access Program, eligible small businesses must first submit a Flex Fund application online. Applications open tomorrow, March 8, 2022, and must be submitted by April 8, 2022, at 5 p.m. For more information on the application process, eligibility and guidelines, visit the Capital Access Program Website..
To assist businesses in successfully applying for the flexible capital loans, OED and Business Impact NW will host virtual information sessions to explain financing details, eligibility, how to apply, resources to assist with the process and answer individual questions. Information sessions will be held:
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March 17, 2:30-3:30 p.m. To register, please visit this link.
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March 28, 2:30-3:30 p.m. To register, please visit this link.
Businesses can request support from OED such as language access services, disability accommodations, materials in alternate formats and accessibility information by calling (206) 684-8090 or
