Loans – PPP & More

PPP loan currently closed


Act Now! The portal to all participating lenders is open.

Slideshow about PPP, EIDL, and PPP Forgiveness from Steve Burke, subject matter expert for WA State SBDC

The SBA put out this webinar explaining the Shuttered Venue Operators Grant that has some great info on the difference between the SVOG, EIDL, and PPP.

PPP Loan Forgiveness Application




EIDL Loan Applications Extended Until the End of 2021!

Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply.
This week, SBA announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021.To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds.
Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds.
Click here to learn more and apply for an Economic Injury Disaster Loan
More information will be shared as new programs are rolled out.

The American Rescue Plan Act added 15 Billion in available funds for the EIDL payments, including 5 billion for supplemental for those hardest hit.

Coastal Communities Loan Fund: 
Great loan option for small businesses impacted by Covid-19 if you need accessible, low- interest, deferred loans.
–Loans up to $25,000 for working capital 
–Streamlined application and approval process 
–Low interest rates, deferred loan payments
–Located in Clallam, Jefferson, Grays Harbor, Pacific or Wahkiakum County 
–Operating business, not a passive real estate entity 
–In business for a minimum of one year, and able to provide a 2018 Federal Tax Return 
–Viable, demonstrating profitability before disruptions from COVID-19
–Have a plan to recover post-disruption 
–Current on federal income taxes
Size and Terms: Loan Size: up to $25,000 (must justify amount in application) Interest Rate: 2.44% (variable; 75% of WSJ Prime) Term: 7 years Repayment Schedule: Principal and interest payments will be deferred for six (6) months. Interest will accrue during deferral period. Deferral may be extended based on demonstrated need. Loans may be prepaid, in part of whole, at any time without penalty. Fees: No application fee; a closing fee of up to $500 can be amortized in the loan. 
Uses of Funds: Loan proceeds may be used for working capital (examples include but are not limited to payroll, rent, insurance, utilities, etc.). 
Collateral
1. A UCC lien on business assets
2. All owners owning 20% or more of the business will be required to execute a personal guarantee 
For more information or to apply, contact: Melissa LaFayette mlafayette@ndconline.org

Main Street Lending Program: The MSLP is intended to provide support for small and mid-sized businesses through four-year term loans (the “Main Street Loans”) from eligible lenders to eligible US businesses, which together with their affiliates, have up to 15,000 employees or revenues of up to $5 billion. First Federal and other local community banks are participating in the US Federal Reserve program.

SBA 7(a) Business loans7a loan proceeds can be used for short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies.

SBA 504 loans A 504 loan may be used to purchase fixed assets such as: land and improvements, including owner-occupied buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or to modernize, renovate or convert existing facilities; or to purchase long-term machinery and equipment with a useful life of at least 10 years. Soft costs like architectural and legal fees, environmental studies, appraisals, and interest and fees on the construction and/or interim bank financing can also be rolled into the loan. Financing for other needs such as working capital, inventory, debt consolidation or refinancing are eligible through a separate SBA 7(a) Loan Guaranty Program.
SBA Microloans – The Microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.
The U.S. Small Business Administration provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.
For more information go to: SBA 7(a), 504 and microloans
SBA Seattle District Office phone number: 206-553-7310

Craft3 Business Resiliency loans:

  • Loan size of $15,000 to $50,000
  • Interest rate is 5% fixed
  • Term is 48 months (4 years)
  • Payments are:
    • Fully deferred for months 1, 2, 3
    • Interest-only for months 4, 5, 6
    • Principal & interest on the balance amortized over the remaining 42 months
  • Fees:
    • are 2 percent
    • no other closing costs required
    • There is no penalty for early repayment
  • Minimum Eligibility:
    • In business in Clallam County 2+ years
    • Profitable in 2019
    • Personal credit score of 640+
    • Business negatively impacted by Covid-19
  • Learn more:

UDSA Loan Programs:
USDA Business & Industries Loan
Fact Sheet >> Click here
Checklist >> Click here
Pre-Application Guide >> Click here

Our local Washington Small Business Development Center (SBDC) Advisor is Mike Rieckhoff.  He can be reached at mike.rieckhoff@wsbdc.org
We do our best to keep this page updated but if none of these programs work for your needs contact us @ info@clallam.org or there are sometimes programs that may fit a niche industry need at:  https://www.commerce.wa.gov/open-grants-loans/
SBA Programs – Scams and Fraud Alertshttps://www.sba.gov/document/report–sba-programs-scams-fraud-alerts?utm_medium=email&utm_source=govdelivery

As mentioned in the video CIE employees would love to help you with this process if you have questions.

Mike Rieckhoff: mike.rieckhoff@wsbdc.org 360.417.3375

Micah Jonet: micah.jonet@cie-nw.org or you can click HERE to make an appointment with him.

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