Washington Small Business Loans: Where to get it in Washington State

Washington Small Business Loans: Are you a small scale entrepreneur in Washington looking for loan or grant to finance your business or grow it; there is good news for you.

There are firms and companies in the State of Washington giving out loans; you may be interested in it. This article provides information on how to get this loan.

It may interest you to know that Washington 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. For instance, in 2017, Washington was ranked as the top state for business in the U.S. by CNBC.

Where to get Small Business Loans in Washington State

According to the CNBC rankings, the state landed at the top of the list due to its strong economy, which grew 3.7 percent in 2016 (nearly 2.5 times the national rate) and its lack of income and corporate income tax.

When situating a business in Washington the concern with small scale entrepreneurs is where to look for small business. Fortunately, there are a variety of options available, such as loans, grants, and investors for small businesses in Washington.

To begin, what is a small business loan? The understanding you get about what it is will guide you immensely on where to get it in Washington.

What is a Small Business Loan?

Small business loan refers to the means the money a small business owner borrows to start a new small business, purchase an existing small business or brings money into an existing small business to finance current or future business activity.

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 credit worthiness of the applicant.

Small Business Loans in Washington

For those companies and start-ups that meet the criteria of specific lenders in Washington, the following are some Washington small business loan lenders for small businesses:

  • Ameri Trust CDC

Ameri trust CDC has been in Washington State since 1993. This company offers low cost, fixed rate loans to small businesses in a partnership with the United States Small Business Administration (SBA).

The company is able to offer these loans through the SBA’s 504 Loan Program which allows small businesses to obtain financing for the purchase or construction of commercial real estate and equipment.

As a Certified Development Company, Ameri trust CDC is licensed by the SBA to process, approve, close and service these small business loans.

Ameri trust CDC offers commercial real estate financing to purchase or build a new building, remodel an existing building or purchase equipment.

  • Banner Bank

For more than one hundred years, Banner Bank has existed in Washingtonians. Founded in 1890, Banner Bank offers both personal and business banking services, with 13 loan offices located in the Pacific Northwest region.

Small Business Loans in Washington

This bank offers seven (7) different types of small business loans: equipment and term loans, SBA lending, agricultural loans, lines of credit, mergers and acquisition, quick step loans, and owner-occupied real estate financing.

SBA loans are offered through a partnership with the small business administration and can be used to buy equipment, buy inventory, move locations, develop real estate, or for other purposes. They are available in amounts up to $5 million, as either fixed or variable interest rate loans.

  • Seattle Metropolitan Credit Union

Over the years, precisely, since 1934, Seattle Metropolitan Credit Union has provided financial services to customers in Washington State. In addition to personal financing, Seattle Metropolitan Credit Union offers commercial lending, including small business loans.

Seattle Metropolitan Credit Union’s equipment loans can be used to purchase any type of equipment that a small business may need, from heavy machinery to office furniture to new computer systems.

These loans are offered in terms of up to 84 months, with both fixed and variable interest rates available. With an equipment loan, Seattle Metropolitan Credit Union allows the purchase of either new or used equipment.

  • Washington Federal

Washington Federal, since 1917 has offered financial services to customers in Washington. Currently, it offers checking and savings accounts, mortgages, credit and debit cards, and commercial banking to clients throughout the state.

It also offers three (3) types of loans for small businesses: business lines of credit, commercial real estate loans, and business term loans. Washington Federal’s business lines of credit are available in amounts of up to $50,000 (unsecured).

Quick decisions are available in amounts of up to $10,000 with limited documentation. For commercial real estate financing, Washington Federal offers multiple options to purchase or refinance commercial properties.

  • Artist Trust

For artists working in Washington, this company offers grants that can assist in launching and sustaining a successful small business. This non-profit organization was founded in 1986 as a way for artists and art loves to support artists.

Over the past thirty two (32) years, Artist Trust has given out more than $10 million to Washington State artists through funding, training, and resources. It also 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.

  • Home Street Bank

Home Street Bank is one of the top pick for the Seattle region. This bank is great at building relationships with their clients. They have commercial relationship managers that build relationships with their commercial partners. The Home Street bank happens to be one of the best lenders in terms of reputations.

  • Inland Northwest Bank

Inland Northwest Bank is one of the top lenders in the Spokane region. It is a small, regional lender that only services a few cities in the area, but they have expertise at working with small business owners in the city.

They can help you get the financing you need to take your small business to the next level. If you want a local partner that cares about Spokane’s economy, this is the team to work with.

  • Columbia Credit Union

Columbia Credit Union has the most affordable interest rates in the Vancouver, Washington region. The only downside to working with them is that you need to become a member of their union to get access to their capital, though, this is easy enough.

The Columbia Credit Union has a great online banking portal that can help you keep track of your business banking and lending from a central location.

In a Nutshell

In a Nutshell

From the above therefore, as a small scale business man in Washington, you have a lot of information at your disposal to choose from as long as getting a loans for your small business in Washington is concern.

However, though obtaining a loan for a small business can be challenging, Washington has a great economic climate for entrepreneurs. With a variety of options, there is a multitude of ways to get started on your plans to set up your small business.

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