Table of Contents
- Small Business Grants in Washington State
- Do You Have to Pay Back a Small Business Grant?
- How to Apply for Small Business Grants in Washington State
- Who Is Eligible for Washington Small Business Grants?
- Washington Resources for SMB Owners Looking for Funding
- Alternative Funding Sources for Small Businesses in Washington
- FAQ
Starting and growing a small business can require significant capital, whether you’re looking to cover day-to-day expenses, improve a storefront, or expand into a new market.
For business owners in Washington, grants can provide an opportunity to fund specific projects without taking on debt. Eligibility, funding amounts, and application requirements vary by program, so it’s important to understand your options and find opportunities that align with your needs and goals.
Key Points
• The Working Washington Business grant provides up to $20,000 to businesses with annual revenue of $5 million or less, covering rent, utilities, operations, supplies, and inventory.
• Washington offers several specialized grant programs, including the Small Business Capital Access Program, the Tenant Improvement Program, and Back to Business grants, each targeting different needs like loan paydown, storefront improvements, and repairs.
• The State Trade Expansion Program (STEP) provides export vouchers with cash reimbursements to help small businesses offset expenses tied to expanding into international markets.
• Eligibility typically requires the business to be located in Washington, with other criteria varying by grant and often involving business size and revenue limits.
• Grants generally do not require repayment, but recipients must comply with a funding agreement, and failure to follow the terms may necessitate returning some or all of the money.
Small Business Grants in Washington State
Whether you have a startup or an established business, there are several small business grants in Washington state that you may want to be aware of.
Working Washington Business Grants
The Working Washington Business grant provides support to small businesses in Washington. Grants of up to $20,000 are awarded to businesses with annual revenue of $5 million or less, and they can be used for rent, utilities, operations costs, supplies, and inventory. New rounds of funding are periodically announced by the Washington State Department of Commerce.
Export Washington Voucher Program
For small businesses turning their attention overseas, the Washington State Department of Commerce State Trade Expansion Program (STEP) offers an export voucher program that provides cash reimbursements to help offset some of the expenses tied to expanding into international markets.
Reimbursement grants may cover expenses such as trade show and trade mission fees, airfare, interpreter and translation services, and export training.
FundHubWA Clean Energy & Climate Grants
While not a grant itself, FundHubWA can help connect you to funding sources, including federal and state grants, to pursue clean energy opportunities.
Seattle Office of Economic Development Grants
The city of Seattle offers grants and other funding opportunities for new and existing businesses through the Seattle Office of Economic Development. For instance, the Small Business Capital Access Program can provide grants to pay down 20% of the principal on qualifying loans. The Tenant Improvement Program provides grants for small businesses in Washington with 50 or fewer employees for storefront improvement and expansion. Similarly, the Back to Business grants help small businesses repair and secure storefronts.
Do You Have to Pay Back a Small Business Grant?
Typically you don’t have to pay back a grant vs. a loan. However, grants made to small businesses are usually accompanied by a funding agreement, a list of rules that must be complied with. If you don’t follow these terms, you may be asked to pay back some or all of the grant money.
You do have to pay back small business loans, typically on a set time schedule and with interest.
Recommended: Small Business Loans in Washington
How to Apply for Small Business Grants in Washington State
To apply for small business grants in Washington, start by identifying programs that fit your business and checking that you meet their eligibility requirements. Once you’ve narrowed down the opportunities that make sense for you, review the application instructions carefully and gather the materials you’ll need.
Documents and Requirements
Grant applications may ask for a variety of business and financial documents. You may need to submit a business plan that explains how you would use the funding, along with financial projections and information about the potential benefits of your project or its impact on the community.
It’s also a good idea to have financial records on hand, including bank statements, tax returns, and profit and loss statements. Depending on the grant program, you may also need to provide business licenses or other legal documentation.
Many Washington small business grant programs also require a grant proposal. This document typically explains how you would use the funds, what you hope to accomplish, and why your project fits the goals and priorities of the organization offering the grant.
Submission Deadlines and Application Tips
Pay close attention to each grant program’s application deadline and submission instructions. You’ll want to make sure that you provide all the required materials by the deadline since incomplete applications may not be considered.
After you submit your application, it’s a good idea to confirm that it was received and check whether there’s any additional information you might need to provide.
Recommended: How to Get a Small Business Grant
Who Is Eligible for Washington Small Business Grants?
To be eligible for Washington state small business grants, your business must usually be located in the state. Eligibility requirements will vary from grant to grant but often involve factors such as business size and revenue limits. Pay close attention to these criteria to ensure that you qualify before applying.
Washington Resources for SMB Owners Looking for Funding
With myriad Washington state small business grants available, it’s not always easy to keep track of all of the opportunities available to help fund your business. The following resources can help.
Washington Small Business Development Center (WSBDC)
The Washington SBDC is a network of advisors who work in communities across the state. Advisors provide one-on-one advice and help to entrepreneurs and small business owners across every aspect of the business life cycle, from startup to exit.
SBA District Offices in Washington State
The Small Business Administration (SBA) is a national government organization that helps entrepreneurs build and grow small businesses. The program operates out of several regional offices in Washington and can provide help with access to business counseling, disaster recovery, and funding programs, such as SBA loans.
SCORE Mentorship Programs in Washington
SCORE (named for the Service Corps of Retired Executives) is a partner program with the SBA and pairs small business owners with mentors who can share their expertise. They can provide help with a range of issues from creating a business plan to connecting with local vendors to developing a business sale or exit strategy.
Alternative Funding Sources for Small Businesses in Washington
Grants are not the only sources of small business funding in Washington. There are several other resources worth knowing about there.
Washington State Small Business Credit Initiative (SSBCI)
The Washington SSBCI draws on federal funding to help small businesses receive financing. The program focuses on businesses that are in historically underserved communities. It gives priority to businesses that grow jobs in communities in designated Community Development Financial Institutions (CDFI) eligible census tracts.
Washington Microloan Lenders
Microloans, such as the SBA microloan program, are typically small loans of around $50,000 or less. They’re designed for businesses that are just getting off the ground, so they may be easier to qualify for than traditional business loans.
SBA Loans for Washington Businesses
SBA loans are provided through traditional lenders, such as banks and credit unions, but they are partly backed by the federal government. This guarantee means SBA loans are typically easier to qualify for and may have lower interest rates and the possibility for longer repayment terms than traditional loans.
Washington SMB Loans from Private Lenders
Small business loans are also generally available from private lenders. Because these lenders take on the full risk of underwriting the loan, they may have more stringent requirements than SBA loans.
Business Lines of Credit & Equipment Financing
Small businesses looking for short-term lending solutions to cover things like small gaps in cash flow or inventory purchases could consider a business line of credit. These are a form of revolving credit where you can borrow up to a limit, and as you repay what you’ve borrowed that limit is replenished.
Equipment financing is designed to help businesses purchase or upgrade equipment, such as machinery, vehicles, or computers. These loans typically use the equipment itself as collateral, which can mean lower interest rates and easier qualification.
The Takeaway
Small business owners in Washington have several potential sources of funding. Grants can help cover eligible business expenses or specific projects, but they’re only one option. Small business owners should explore grants, loans, and other financing opportunities and determine which may be a good fit.
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FAQ
How do you get a small business grant in Washington?
First identify which grants for small businesses in Washington you’re eligible for that meet your needs. Then apply to the grant by the deadline (if there is one), providing all required materials, such as business plans and grant proposals.
How hard is it to get a business loan in Washington?
How difficult it is to get a business loan in Washington state will depend largely on factors such as your credit score, your cash flow, and how much time you’ve been in business.
What is the easiest SBA loan to get approved for?
SBA microloans are usually the easiest to be approved for. They’re designed largely for businesses that are just beginning and may not have a long financial history. And the loan amount is small enough that they represent a relatively small risk to lenders.
What types of businesses are most likely to receive grants in Washington?
Small businesses run by minority populations or those in underserved communities may be more likely to receive funding through grants in Washington state.
Are there specific grants for women or minority business owners in Washington?
Yes, there are grants designed for women and minority business owners in Washington. Additionally, the Washington State Office of Minority and Women’s Business Enterprises can certify businesses as minority- or women-owned, which can provide access to state contracting preferences, special loan programs, and other resources.
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