Small Business Loans & SBA loans in Washington State

Got questions about financing options for small business owners in the Evergreen State? Learn about available options and which ones might work best for you.

$
Applying is free and won't impact your credit*

Types of Washington business loans.

There are many small business loan options in Washington, making it important to shop around and compare your options. As you search for financing for your venture, you may come across these popular options.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Washington state business loan options.

Several local organizations provide small business funding resources in the Evergreen State.

From term loans to SBA loans, Sound Credit Union will help your small business get the funding that it needs.

Small businesses in the Seattle area can work with Seattle Credit Union to get the funding that they need. The credit union offers startup business loans, lines of credit, and more.

Small businesses located in the Pacific Northwest can look to Washington Trust Bank to help them get the financing they need.

As one of the top SBA 7(a) lenders in the northwest, work with SBA Preferred Lending Partner Gesa Credit Union to get an SBA loan for your business.

For small businesses located in central Washington, look no further than Cashmere Valley Bank to get the SBA funding that you need.

From lines of credit to equipment loans, look to Columbia Credit Union to get the funding your Washington state small business needs.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Speak with a Washington state representative.

No items found.

FAQs

What other resources are available to Washington small businesses?

In addition to federal funding resources, Washington state provides a range of financial support options to help small businesses thrive. Nonprofit organizations like Craft3 provide loans to businesses in underserved communities. Additionally, many counties and cities have their own economic development programs that offer financial assistance. It’s recommended to explore these local resources and consult with a business adviser to understand all available options.

What Washington state small business grants are available?

Beyond sector-specific grants, Washington state offers numerous general business grants that small businesses of various industries can take advantage of. The Department of Commerce administers the Community Economic Revitalization Board (CERB) grants aimed at infrastructure development and job creation in local economies. At the governor’s discretion, the Strategic Reserve Fund (SRF) offers grants for projects that lead to substantial job growth or retention. Private organizations and foundations also offer grant programs.

What do I need to qualify for a loan in Washington state?

To qualify for a Washington state business loan, you’ll need to select a structure like a corporation or LCC and officially set up your business. Then, use the Washington State Department of Revenue’s business lookup to make sure your preferred business name is available. If you plan to form a corporation or LLC, you’ll need to appoint a registered agent and file Articles of Organization or Articles of Incorporation. Once you’ve gone through these steps and obtained an Employer Identification Number (EIN), you’ll be ready to apply for financing. Qualifications for a loan will vary, but will likely include credit score, time in business, and business finances.

Which loan is right for my Washington business?

The right loan for your Washington business is the option that will help your business grow over time by expanding your operations and reaching more customers. However, you also want to ensure that the repayment terms are not so onerous that you struggle to pay back the loan.

How can a Washington state business loan help my business?

A business loan in Washington state can help you take full advantage of entrepreneurship opportunities in the state. A loan can help your company stand out from the crowd and keep its footing. Most financing options are flexible so you can put the proceeds toward startup costs, marketing, inventory, payroll, expansion, or anything else you need to launch or grow. You can easily see your loan options online with Lendio’s platform, all for free.

What is an SBA preferred lender?

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

What are the benefits of an SBA loan?

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

This is some text inside of a div block.
This is some text inside of a div block.
This is some text inside of a div block.

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Text Link
Lendio
1
Text Link
Locations
2
Text Link
Washington
3