The US Treasury Department has awarded US$163.4 million to Washington state to operate distinct capital access programs for small businesses. Utilizing this federal infusion, Washington will unveil five new programs under the State Small Business Credit Initiative (SSBCI) to provide loans to support the growth and expansion of small businesses across the state. The programs to be launched in mid-2023 include (1) Micro and Small Business Loan Fund, (2) Revenue-based Loan Program, (3) Washington State Venture Capital Fund, (4) Commercial Real Estate Loan Program, and (5) Small Business Collateral Support Program. The SSBCI helps underserved community entrepreneurs translate their business ideas and ambitions into reality.
