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Washington state is a great place to start or own a business. Despite higher-than-average rent and labor costs, it still ranks as a fantastic place to be a business owner.
Given this favorable environment, many Washingtonians may be considering either starting a new business or expanding their current business.
The question often becomes where to look for small business financing in Washington state. Fortunately, there are a variety of options available, such as loans, grants, and investors for small businesses in Washington.
Read on to learn more about some financing options specifically for Washington state entrepreneurs.
On this page:
Small Business Loans in Washington
Small business loans are a good option for established businesses with a steady income flow or for entrepreneurs with excellent credit. Approval and interest rates for a small business loan are based on the creditworthiness of the applicant, so they may not be the best choice for all small businesses.
However, for those companies and start-ups that meet the criteria of specific lenders, the following are some Washington online business loan options for small businesses:
As low as 6.00%
$5,000 – $2 million
1 – 5 years
The above information is for the Lendio Business Term Loan.
Lendio is the largest small business loan marketplace in the U.S. with a network of over 300+ lenders. These lenders include PayPal, Bank of America, American Express, and more.
You can apply with one simple application without impacting your credit. The application process can be completed online in 15 minutes with no fee or obligation. If approved, funds can be made available in as little as 24 hours.
- Short term loan
- Business term loan
- Business line of credit
- Merchant cash advance
- Business credit card
- Equipment financing
- Commercial mortgage
- Startup loan
- SBA loans
- Accounts receivable financing
- Business acquisition loan
9.77% – 35.98%
$5,000 – $500,000
6 – 60 months
The information above is for the LendingClub Business Term Loan.
LendingClub is a peer-to-peer lender that connects investors with businesses in need of financing. To be eligible, businesses must have at least $50,000 in annual sales, as well as been in business for 12 months or more.
You can apply online in under 5 minutes and receive multiple quotes. If you decide to pay off your loan early, there are no prepayment fees to worry about.
7.00% – 69.00%
$500 – $250,000
6, 12, or 18 months
The information above is for the Kabbage Business Line of Credit.
Kabbage is a small business lender offering a business line of credit. The lender has a low minimum loan amount which can make it a good option for Washington business owners in need of a small amount of financing.
In order to be eligible, your business needs to be at least 12 months old, with $50,000 in annual revenue.
Small Business Grants in Washington
For artists working in Washington, Artist Trust offers grants that can assist in launching and sustaining a successful small business. This nonprofit organization was founded in 1986 as a way for artists and art loves to support artists. Over the past 32 years, Artist Trust has given out more than $10 million in Washington State artists through funding, training, and resources.
Artist Trust offers a number of grants directly to artists working in all disciplines. These grants range in value, but are intended to support the artist in his or her work. Each grant has specific criteria, such as a grant for $10,000 for a female-identified visual artist aged 60 or older who has dedicated 25 or more years to creating art. Other grants are awarded to artists who are nominated by panels of artists and art professionals. Because these funds are small business grants, the recipients do not have to repay these amounts.
Small Business Investors in Washington
Angel investors are generally wealthy individuals or groups of people who invest money or otherwise provide financing in small businesses or start-up companies. Angel investors are typically good options for new businesses or those without a strong credit history.
Here are some Washington state small business investment options:
Alliance of Angels
Alliance of Angels was founded in 1997 by a group of investors. Since that time, it has become the largest and most active group of angel investors in the region. Every year, Alliance of Angels invests over $10 million into more than 20 companies. There are currently 140 investors in Alliance of Angels.
In addition to providing funding, Alliance of Angels is committed to providing advice to entrepreneurs. Its investors consist of senior business leaders from major corporations, who use their experience and relationships to help the small businesses that they choose. They only invest in companies in the Pacific Northwest.
Ideally, companies should be referred by someone that they know, but they also accept applications via ProSeeder. Their goal is to provide a decision within 6 weeks. Companies that meet their investment criteria will be invited to a screening meeting to explore how they can work with Alliance of Angels. Funding may be provided in a variety of amounts, depending on the need of the company.
Bellingham Angel Investors
Founded in 2005, Bellingham Angel Investors consists of a maximum of 50 investors who seek opportunities in the Pacific Northwest and British Columbia. They have invested in numerous successful ventures, with a focus on Whatcom, Skagit, and Island counties.
Applications can be made directly through the Bellingham Angel Investors website. It will require submitting basic information, documentation about the company, a business plan, financial data, and other key documents.
Zino Society is a group of angel investors, entrepreneurs and connectors that work to assist investors and businesses in finding success through investing, consulting and mentoring. Zino Society utilizes an Accelerator program, which allows start-up companies to work with sponsoring partners to accelerate their presentation for capitalization.
In an average year, Zino Society prepares more than 100 early stage companies, hosts 11 investment forums, and facilitates the Zino Annual Angel Investment Fund.
Companies can apply to funding using the ProSeeder platform. They will then be required to have a preliminary interview with Zino Society’s vice president. If they meet investment criteria, they will be invited to present before the society’s coaching and advisory board members.
While obtaining financing for a small business can be challenging, Washington has a great economic climate for entrepreneurs. With a variety of options, there are a multitude of ways to get started on your plans to start or expand your business.
Author: Jeff Gitlen