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.
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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.
Pictured above: Jeff Hanson (circa 9th grade) working on a project with his father and brothers.
Jeff Hanson lives in a very giving community.
About six years ago, Jeff’s first daughter was diagnosed with cancer. Without him ever saying “help,” his community jumped into action.
From Labor Day to Thanksgiving, he said, the Hansons didn’t cook one meal for themselves, take care of their horses, or clean the stalls. The community did.
“There’s a huge, giving nature. It’s a very tight community,” he said. “It’s unreal.”
Jeff and his wife first moved to the Seattle, Washington, area “many, many years ago,” as he puts it. He calls Seattle a melting pot, and a place that he really, really loves. For about 25 years, he worked in high tech at Microsoft, a job he enjoyed at the time but eventually fell out of love with.
For Jeff, it all comes back to passion.
“I realized I just wasn’t living a full life,” he said. “I was successful but I wasn’t listening to my passion or following my passion.”
Jeff said he never dreamt of becoming a design build general contractor, but he grew up in a house-building family and he was always building. When he realized building was his passion, he started working weekends and vacations to make a little side money.
“I literally did two jobs for two years and I was exhausted, but passion fuels you, feeds you energy, and with that energy you can do stuff,” he said.
By working around the clock, he made enough money to start his business. But then once he got that one big job to start, he said goodbye to his former career and hello to Hanson Design Build, LLC.
“Once you tap into your passion you’re a superhero,” he said. “I mean you literally almost have limitless energy when you find your passion.”
Jeff keeps coming back to passion. He knows it sounds screwball, but he reiterates that when you find something you love, it ignites you.
To set himself up for the future, Jeff applied for financing through Lendio, but it wasn’t without some hesitation. He said the funding manager reached out and bugged him, but in a meaningful way. He was interested, but wasn’t prepared to take those steps.
“I was really naïve,” Jeff shares, “and the funding manager was really good at educating me on the steps.”
The financing that Jeff received was put toward his working capital, paying off some minor debts and helped set him up for a small business loan.
Now Jeff gets to live out his passion every day. He says passion is a huge component for owning a small business. But, he adds, that success for any small business owners lies in how you respond when things change.
“Create a roadmap for your mental focus, but realize that every day it’s going to change,” he said. “Don’t be too rigid and embrace the day. Something will change. Something negative will happen. How you respond is really where success lies.”
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.
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