Choose Clallam First

COVID-19 Response Loans for Businesses

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.). 
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

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.

Paycheck Protection Program (PPP):   You may have heard in the news, the PPP program expired on August 8.  All lenders have closed their application portals.  If you are eligible and unable to get a PPP loan, signup for our news  updates so you are notified if the program is extended.
SBA has issued PPP Loan Forgiveness Guidance and Form, which is available at
Businesses that received $50K or less can use this link to apply for loan forgiveness. Check with your bank to submit the form.

ECONOMIC INJURY DISASTER LOAN (EIDL): For EIDL loan application status – please contact our SBA Office of Disaster Assistance directly at 1-800-659-2955 (TTY: 1-800-877-8339) or email
The online application is  open for all eligible small businesses and agri-businesses.
–SBA is continuing to process and fund applications, received approximately 10 million to date.
–SBA has now approved nearly 4 million EIDL loans.  Nearly all of them were approved in just the past couple weeks.  You will receive an email from SBA asking you to  login.  For security reasons, hover your curser over the email address to ensure its really from SBA.
EIDL Advance: The $20 Billion appropriated for the EIDL Advance (grant) of $1000 per employee up to $10,000 max has been exhausted.  By law, SBA can no longer disburse funds for this 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

We do our best to keep this page updated but if none of these programs work for your needs contact us @ or there are sometimes programs that may fit a niche industry need at:

SBA Programs – Scams and Fraud Alerts–sba-programs-scams-fraud-alerts?utm_medium=email&utm_source=govdelivery

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