Areas Served: City of Lakewood
The City of Lakewood, Washington through a partnership with Community Capital Development, provides federal Community Development Block Grant (CDBG) funding to eligible small businesses unable to secure loans through traditional lending sources due to undercapitalization or other lending restrictions.
The Economic Development Business Loan Program provides loans to eligible small businesses currently located in the City of Lakewood or to entrepreneurs looking to relocate or develop businesses within the city limits for the purpose of creating jobs for low-income persons.
Technical assistance grants are provided to all supported small businesses in partnership with the South Sound Washington Business Center to aid with all aspects of starting and running a business including marketing, management, finance, and strategic planning.
Trained counselors are also available to help clients with their business plans, cash flow projections and loan applications.
Eligible Use of Loan Funds – Start-up costs – Land or property acquisition – Real property and equipment improvements – Working capital – Inventory purchases – Construction costs – On-site infrastructure improvements – Other loan assistance/loan guarantees Terms and Interest Rates The maximum loan to any one borrower is $35,000. Economic Development Business Loans carry a fixed interest rate with a maximum term of six years.
Interest rates are generally between 7 and 13 percent, dependent upon risk.
Contact Information
Lakewood City Hall
Address: 6000 Main Street SW
City: Lakewood
State: Washington
Website:
https://www.cityoflakewood.us/
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