Washington’s Department of Commerce will issue $26M to businesses
across the State over the next 7 years, targeting those owned by socially and economically
disadvantaged individuals. The funding is available via the State Small
Business Credit Initiative (‘SSBCI’).
More information can be found on the Puget Sound Business Journal or on the US Department of Treasury site.
Heritage Bank was selected to operate the program in Washington.
The program offers a standard companion loan under market interest rates as
well as a loan for up to 9% of the purchase cost with a 1% interest rate forgivable
after 10 years.
To qualify, Heritage requires businesses to have fewer than
750 employees, reside in WA and have a loan size up to $20 Million.
Weitz: This one is for all my local business owner followers. I'm not going to endorse taking out a loan given my clear prospects for the general market and the current rate environment, but I really see this as a great tool if you want to develop already owned land and/or need that extra little push to buy your commercial space if you can't afford the typical commercial down payment. If interested, you can reach out to Heritage Bank directly.
For more on Snohomish County Commercial Real Estate, reach out to Snohomish County Commercial Broker or email me at Scott@WeitzCommercial.com
Regards,
Scott Weitz
Weitz Commercial
105 Union St
Snohomish, WA
