Small Business Funding

Funding Resources

Are you looking for funding? Finding the right financial support can be daunting, but you don’t have to navigate it alone. Check out these resources for information on grants, loans, and expert guidance to help you secure the funding you need to grow, innovate, and make an impact.

Business Impact NW

Unlike credit cards, cash advances, or other types of high-interest or predatory loans, Business Impact NW works with you to ensure you have the right loan at the right rate, and that you can pay it back. As a compassionate lender, they can be more flexible than traditional lenders.

  • The Capital Readiness Program empowers business owners from underserved communities to secure business funding and capital investment. They have a dedicated team of certified credit counselors ready to support businesses through a wide range of capital opportunities.

  • Business Impact NW will work with you to ensure your business plan and materials are put together so that the loan process goes smoothly. Whether you need funding today or in 6 months, their readiness team will help you put together a successful application.

    • The 5 Cs of Financing is the lens they use to evaluate your ability to successfully pay back a loan.

    • They have many free resources that will help - from understanding your credit report to legal advice and market research - all from trusted partners.

    • Type of help from Business Impact NW:

  • LOAN OPTIONS

    • Business Impact NW offers small business loans ranging from $5,000 to $500,000, and commercial real estate loans up to $750,000.

    • Their average interest rate is from 11% to 13%. While this is higher than some banks, they take risks that most banks won't.

    • They offer loan products to meet you where you are, such as an Impact Loan (for those with limited collateral), ITIN loan (for those without a social security number), and more.

    • They offer loans in Washington, Oregon, Idaho, and Alaska to business owners at every stage, from start-ups to established businesses. They can work with you over the phone, via live web chat, and through email.

  • Brought to you by the Small Business Borrowers’ Bill of Rights, these are the six fundamental rights that all small business owners seeking financing deserve.

  • NEW BUSINESSES (0-2 YEARS OF OPERATION)

CRAFT3

Craft3 is nonprofit community lender focused on building a thriving, just, and empowered Pacific Northwest. As a community development financial institution (CDFI) they operate differently than a bank. They can support small businesses — especially those that have been denied access to opportunity — by offering responsible capital and tools to support you on your business journey.

  • Are you thinking about applying for a business loan, but are unsure about the process or what a lender will ask for?

    First, you’re not alone. Many successful business owners have questions and encounter obstacles before they succeed in securing a business loan.  

    Second, Craft3 has a lending guide that can help you, called The Definitive Guide to Getting Loan Ready. This guide will lead you through a series of steps designed to inform, empower, and support you through the lending process. Depending on your situation, the order of steps may vary and you can work on several of them at once.

  • General Business Loans

    To start and grow a business, you’ll likely need capital and a trusted financing partner. Our business loans can empower you to take advantage of opportunities. From start-up capital, to equipment purchases, and even to business acquisitions, we’re here to help turn your ideas into reality.

    Bridge Loans

    Craft3 offers bridge financing, typically for capital campaigns and grants. We specialize in working with nonprofits to help them get started on projects before a capital campaign is complete or grant funding has been received.

    Owner-Occupied Commercial Real Estate Loans

    Owning your building can be a game-changer. It can be a buffer against gentrification and economic downturns, as well as an enduring asset. Traditional capital and equity requirements put real estate purchases out of reach for too many. We aim to change that.

    Construction Loans

    A construction loan can let you finance a building project or tenant improvements. Our lenders and underwriters are experienced at structuring and executing construction loans and they can help you navigate the entire process.

    Shari’a-Compliant Financing

    Muslims who seek to live in accordance with Shari’a principles are unable to access conventional debt capital because of Islam’s prohibition against charging or paying interest. To better serve the growing Muslim community in the Pacific Northwest, Craft3 has worked with key partners to develop two types of Shari’a-compliant financing.

  • Craft3 is committed to helping you succeed and to providing sound advice throughout your business journey. Our business loans can empower you to take advantage of opportunities and turn ideas into reality.

  • Capital and operating grants help Craft3 build capacity, capitalize loans, offer lower rates to borrowers, and provide additional business services.

  • Starting and growing a business is challenging and the business journey is often full of twists and turns, with multiple milestones and potential setbacks. We strive to support you with tools throughout your business journey.

Livelihood NW

Livelihood NW’s role is to holistically support your financial health by helping you feel more comfortable about making financial decisions. They help you understand the ecosystem of lending and grant resources, and navigate these options for the best possible match for your specific needs.

  • There are many steps to take when preparing to access capital, and Livelihood NW can help you through this process. This may include access to credit repair resources or high interest debt consolidation, establishing a business bank account, filling out paperwork and applications, understanding terminology, and more.

    The first step is to meet with a Livelihood NW Advisor to assess your needs and goals.

  • Startups are one of the most difficult businesses to fund. Lenders usually want to see 2 years of financials. Since startups cannot provide historical financials, you might need to demonstrate successful financial management in other ways, or provide collateral to secure a loan, or scale down your concept to something you can fund more easily to start generating revenue and prove your concept to a lender.

    Pitch competitions, crowdfunding, investment, business partners, and family loans may be more accessible to start-ups, however each has its pros/cons. Livelihood NW can help you navigate your options.

    Schedule a meeting with a Business Advisor or an Open Business Advising appointment to get started.

  • Grants are a popular funding source as they do not need to be paid back. However, this type of funding typically is available to a specific, often niche audience. Sometimes, grant proceeds are taxable, so check with your Tax Preparer or grant provider for details.

    Livelihood NW offers several grants. Talk to an advisor for more information.

    Livelihood NW keeps an ever-evolving list of grants and posts them monthly in their newsletter. Sign up for their newsletter to receive updates.

  • You might qualify for special funding reserved for those who historically have had less opportunities to build wealth and access capital. Schedule a meeting with a Business Advisor or an Open Business Advising appointment to get started.

  • Livelihood NW does NOT offer loans or investment, but can recommend trusted options for you to explore.

    They do have a grant program. They also partner with other organizations to subsidize the cost of their services. Depending on what program you are in, you may also be eligible for free or subsidized services from other organizations.

    Schedule a meeting with your Business Advisor or an Open Business Advising appointment to learn more.

MESO

MESO is a designated SBA micro-lender, an IDA fiduciary, a USDA RMAP (Rural Micro-Entrepreneur Assistance Program) lender, and a Community Development Financial Institution (CDFI).

  • MESO brings a holistic array of services and programs to small businesses. Services include Access to Capital, Business Planning and Advising, Market Research, Individual Development Accounts (IDA), Classes and Workshops, Networking, Mentoring, and connections to local Resources and Referrals.

  • Credit Builder Loan: You can apply for a MESO credit builder loan. This program will help you build credit knowledge, credit scores and credit history.

    Small Business Loan: MESO offers loans of up to $250,000. Fill out a Loan Inquiry Form.

  • The Small Business Borrowers’ Bill of Rights identifies six fundamental rights that all small business owners seeking financing deserve and outlines how lenders, brokers and lead generators should uphold and protect these rights.

  • MESO provides a list of words and terms used in the lending process. See their Loan Glossary for more information.

  • Schedule an informational session with MESO to get started.

SBA - Small Business Adminstration

The U.S. Small Business Administration (SBA) is a government agency dedicated to supporting small businesses through a range of programs, including access to funding through loans and grants. By partnering with lenders, the SBA empowers small businesses to thrive and contribute to their local economies.

  • SBA partners with lenders to help increase small business access to loans. Get $500 to $5.5 million to fund your business:

    7(a) loans: SBA's primary program for providing long-term financing for a variety of purposes. 7(a) loans are delivered by SBA 7(a) lenders.

    504 Loans: Long-term, fixed-rate financing available through mission-oriented, community-based SBA Certified Development Companies.

    Microloans: Loans of $50,000 or less help businesses and certain non-profit childcare centers. Microloans are provided by intermediary lenders.

    Benefits of SBA-guaranteed loans:

    • Competitive terms: SBA-guaranteed loans generally have rates and fees that are comparable to non-guaranteed loans.

    • Counseling and education: Some loans come with continued support to help you start and run your business.

    • Unique benefits: Lower down payments, flexible overhead requirements, and no collateral needed for some loans.

    • Learn More.

  • Find an investor for your business from among more than 300 Small Business Investment Companies (SBICs) licensed by the SBA. If your small business is interested in SBIC financing, take the following steps when you approach an SBIC.

  • Explore SBA's low-interest disaster loans that help businesses and homeowners recover from declared disasters.

  • The Small Business Administration (SBA) guarantees bid, performance, and payment surety bonds issued by certain surety companies.

  • SBA provides limited small business grants.