State seeks to help small businesses obtain loans

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The Washington State Department of Commerce has launched a new revolving loan fund designed to increase access to credit through the Washington Small Business Credit Initiative.

Using funds received from the U.S. Treasury Department's State Small Business Credit Initiative, Washington's new self-sustaining Collateral Support Program will support efforts by local banks to lend funds to small businesses. The fund will reduce banks' credit risks and help programs developed by the state to use U.S. Small Business Administration loans to finance more businesses.

Lenders and businesses interested in learning more about the program, may contact Jane Swanson, Commerce program manager at 206-256-6155 or WSBCI@commerce.wa.gov, or visit www.commerce.wa.gov.