Patricia Kibbe, President/CEO of Evergreen Business Capital Community Finance. EBCCF is part of a network of nonprofit, community-based lenders providing the Small Business Flex Fund in Washington State.

Patricia Kibbe, President/CEO of Evergreen Business Capital Community Finance. EBCCF is part of a network of nonprofit, community-based lenders providing the Small Business Flex Fund in Washington State.

Flexible loan helps Washington’s smallest businesses bounce back

Apply before February 2023! Grow your business with support from your community

When you imagine a business loan meeting, you might picture a big scary bank and a trembling business owner begging for assistance. But Patricia Kibbe, President/CEO of Evergreen Business Capital Community Finance (EBCCF), says not all lenders work that way.

“We often say that a person’s story is more important than their credit score. We can discern if someone has the passion and drive that lends itself to success,” she says. “EBCCF provides capital for small businesses with limited business ownership experience. We envision a region of healthy, thriving communities where people are empowered to start, develop, and grow businesses.”

While the lockdowns of the early pandemic are now behind us, many small businesses continue to experience economic hardship related to the pandemic. That’s why the Washington State Department of Commerce is supporting the Small Business Flex Fund, a loan program designed to help Washington’s smallest businesses and nonprofits bounce back stronger than ever.

Matching borrowers with supportive, experienced community lenders

The Small Business Flex Fund is different from other COVID-19 recovery programs because of its network of nonprofit, community-based lenders (including EBCCF) that have decades of experience helping Washington’s small businesses and nonprofits thrive. Through every step of the loan process, these community lenders are there to assist with the application and can make connections to business support services in your community.

“Borrower applicants submit matching criteria through a common portal that matches them to one or more community lenders. The process assesses the borrower’s readiness to take on debt and provides significant guidance,” Kibbe says. “Many borrowers have never been eligible for a loan product and the documentation can appear onerous. We help break it into bite-size chunks and provide technical assistance through the experience.”

This kind of engagement and support is a surprise to some small business owners, but it’s how Evergreen works with clients across all of the products they offer.

“Among the borrowers we work with, many do not have formal accounting systems. We need them to establish those systems and practices, but we work with our coaching providers (Washington Small Business Development Center, for example) to help them get all the required documentation.”

At least 60 percent of the funds EBCCF awards must be deployed to economically marginalized communities including BIPOC, LGBTQ+, veterans, women, and immigrants, among others. So far, the Small Business Flex Fund has provided flexible loans with fixed interest rates to nearly 700 Washington businesses, and 80 percent of those are owned by immigrants, women and people of color.

Small Business Flex Fund eligibility criteria:

  • Fewer than 50 employees
  • Annual revenues of less than $3 million
  • Experienced direct economic hardship due to COVID-19
  • Apply before February 2023
  • See the full list of criteria at SmallBusinessFlexFund.org

Low interest, flexible loans:

  • Borrow up to $150,000.
  • Fixed 3-4 percent interest rates
  • No fees
  • Interest-only payments for the first year (note: this is not a grant; at the 13-month mark borrowers begin making payments towards interest plus principal)
  • 60-month loan terms. Unlike the federal Paycheck Protection Program (PPP) or other Small Business Administration programs, the Small Business Flex Fund is NOT a forgivable loan.
  • The money can be spent flexibly, including on payroll, utilities & rent, supplies, marketing & advertising, building improvements or repairs, and other business expenses.

Learn more about the program or apply for your loan at SmallBusinessFlexFund.org.

The news and editorial staff of Sound Publishing, Inc. had no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. does not accept liability for any loss or damages caused by the use of any products, nor do we endorse any products posted in our Marketplace.

More in Local Marketplace

From left to right: Mayor Dana Ralph, Robert Iddins' daughter, and Robert Iddins.
Kent law group marks major milestone with grand opening of second practice

New Iddins Injury Law Practice celebrates with official ribbon cutting

From left to right - Brittany Stockton, Christian Pearson, Robert Iddins, Cameron Pearson.
New year, new location for local personal injury law group

Expanding law group opens new office exclusively focused on personal injury + wrongful death

Village Green Senior Living is committed to providing a rich and inclusive environment where residents can connect and build relationships. Photo courtesy Village Green Senior Living
Holiday Joy: Keeping your loved ones connected through socialization

The holidays are here again and present us with the perfect opportunity… Continue reading

Robert Iddins and some of his fellow Marines during deployment. - Photos courtesy of Robert Iddins and Iddins Law Group in Kent.
Veteran’s Day is a year-round event at veteran-owned law firm in Kent

While Veteran’s Day may officially take place on Nov. 11, it’s recognized… Continue reading

Valley Cities team members from the Federal Way Clinic. From left to right - Lauren Vesey (Case Manager), Bridgette Parsons (SUD Clinician), Leslie Wilson (Front Desk), Robert Hoffman (Clinic Manager).
Find a new path at Valley Cities

Eying a career change? Find purpose, support and community at this local healthcare organization

Vanpool participants in Renton enjoy the social benefits of Vanpool.
Enjoy a headache-free Kent commute with Vanpool

Join or start a King County Metro Vanpool and make new friends while saving money

Iddins Law Group can help you plan for your car insurance and car accident needs. Photo courtesy of Charles Cotugno.
Don’t let a car crash haunt you for years to come

Ghoulies and ghosties aren’t the only ones scaring up your neighborhood this… Continue reading

“This is the largest investment they’re ever going to make in their lives, and I take that very seriously,” says Dan Nelson, from Southwest Finding.
Local mortgage lender helps American dream come true for first-time home buyers

Relationships, passion and purpose drive lender to help Seattle-area families buy their first home

Shelia Cowart at Longevita Pilates and Yoga Studio with her dog. Photo Courtesy of Shelia Cowart.
Come in for Pilates, Yoga and fitness walk out with a brand new lease on life

Owner of Pilates and Yoga Studio teaches the importance of self-care in a judgment-free zone

Bill Albright has been serving local homebuyers and sellers for 30 years. Photo courtesy of Bill Albright.
A successful home purchase or sale starts with a personalized approach

Customized, people-first plans are key for home buyers and sellers

Iddins Law Group helps Seniors determine if they qualify for Medicaid. Photo Courtesy of Charles Cotugno.
Invest in your health future and make a plan for Medicaid Benefits

Consult an attorney to understand Medicaid laws and how they affect you

m
Back to School: Envisioning Education in the 10G Era

As students gear up to head back to school, the horizon of… Continue reading