Brian Coddington, 509.625.6740
Friday, May 15, 2020 at 6:02 p.m.
Since the City of Spokane’s Business Resilience Loan program was launched last month, nine loans have been deployed totaling $223,000 to assist local businesses impacted by COVID-19. The program is a partnership between the City and Craft3, a non-bank community lender.
To date, half of the available funding for the Business Resilience Loan program has been committed, and loans are still available to businesses interested in affordable and flexible financing. Loans can be used by businesses to pivot and comply with new public health or state guidelines.
As highlighted in this CityCable 5 video, Kitchen Spokane accessed the loan program to help sustain its commercial kitchen that provides space for more than 60 food-based businesses and food trucks in the area.
“The Business Resilience Loan has had a huge impact on Kitchen Spokane. First off, it gave us the safety net we needed to pay our rent, utilities, and employees. Moving forward, it also helps us prepare to support our clients and the restaurant industry as they pivot and plan to reopen. We’re grateful for the city’s help,” says Jayme Cozzetto of Kitchen Spokane.
“I’m pleased that we’ve been able to provide a new source of capital to keep Spokane businesses afloat. It’s important that we leverage everything we can to support our economy and local jobs,” says Mayor Nadine Woodward.
To determine eligibility and apply, entrepreneurs can visit the Small Business Resources page on the City website or call the Financial Helpline at (509) 625-6650.
There are minimum qualifications to be eligible for a Business Resilience Loan. These include:
The City of Spokane pre-screens applicants and determines eligibility. Eligible businesses will then be invited by Craft3 to apply and be underwritten to determine creditworthiness. Due to credit requirements, not every business will receive a loan. Loans of between $10,000 and $50,000 are available.
In April, the City Council approved $100,000 to support the Business Resilience Loan program. The funding, which comes from federal Community Development Block Grant dollars, has enabled Spokane businesses to access affordable Business Resilience Loans. Craft3 leveraged the City’s money to create a total loan fund of $500,000.