One barrier to recovery can be access to working capital for nonprofits trying to develop and grow, especially those in low-income areas and led by women and people of color.
The Small Business Flex Fund, developed in response to COVID-19, is designed to get financial support into the hands of Washington State’s smallest nonprofits and businesses.
It offers very low interest loans of up to $150,000 that can be spent flexibly, including on payroll, utilities, rent, supplies, marketing, advertising, building improvements, repairs, and other business expenses.
To be eligible, small nonprofits and businesses must employ 50 or fewer full-time equivalent (FTE) employees, have annual revenues of less than $3 million a year and experience a direct economic impact as a result of COVID-19.
The Fund works with and through local Community Development Financial Institutions (CDFIs), which serve under resourced communities and underbanked businesses the Small Business Flex Fund aims to help.
Learn more at www.SmallBusinessFlexFund.org.