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Washington state has been awarded $163.4 million from the Treasury Department to create five new capital access programs for small businesses.
The new funding will be used to launch an updated version of the state's highly successful Small Business Credit Initiative program, which was completed in 2016, reports the Seattle Times.SSBCI leveraged an original $19.7 million investment from the 2010 Small Business Jobs Act into $150 million in new capital for Washington small businesses.
With the federal infusion, Washington will operate five distinct programs underSSBCI 2.0:Micro and mall Business Loan Fund: Assists small businesses with obtaining loans through participating elnders and Community Development Financial Institutions (CDFIs).
Revenue-based Loan Program: Provides access to capital through a revenue-based debt product that focusses on underbanked communities around the state.
Washington State Venture Capital Fund: An equity/venture capital program that provides capital commitments to new venture capital funds with diverse investment teams or that are focused on investing in underserved startups or targeted investment objectives such as climate technologies.
Commercial Real Estate Loan Program: Provides subsidized owner-occupied commercial real-estate loans that could be used for tenant improvements, construction, purchase or refinance.
Small Business Collateral Support Program: Provides small business loans to companies that have trouble qualifying for short-term loans through collateral support
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