News Flash

General City News & Events

Posted on: July 2, 2021

Low Interest Loans Available for Small Businesses

The City of Mountlake Terrace invites our small businesses and nonprofit organizations to learn more about the Washington State Small Business Flex Fund.  Supported by the state’s Department of Commerce, the Flex Fund helps small businesses and nonprofits access financial support to recover from the COVID-19 pandemic and grow stronger moving forward.

This loan program is designed to help access funds at a competitive interest rate.   Small businesses and nonprofits can borrow up to $150,000 with low interest rates on 60 or 72-month repayment plans. The program offers 3% to 3.5% interest rates with no fees & interest-only payments for the first year for non-profits and 4% to 4.5% interest rates for small businesses.  The 72-month loan term is only available through the end of this year.

The funds are available for payroll, utilities, rent, supplies, marketing and advertising, building improvements or repairs, and a number of other business expenses. To be eligible, you must have fewer than 50 employees, annual revenues of less than $3 million, and have experienced a direct economic hardship due to COVID-19.  Any COVID-19 relief funds you have received for your small business are separate and do not impact your ability to apply for and receive a loan through the Small Business Flex Fund.

For more information or to apply online, please visit https://smallbusinessflexfund.org.   To find more resources for your small business, visit https://smallbusinessflexfund.org/help/.

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