Business Builder Loan

Business Builder Loans are currently only available to existing Washington CASH Clients.  Please see our resources page for information on other lending and business related organizations.

Business Builder Loans are fixed term loans designed for entrepreneurs who are starting a new business, have an existing business, or are purchasing an established business. The loan amounts range from $5,001 to $35,000 and can be used for business purposes only.

 

We Can Finance (including but not limited to)

  • New and Used Equipment
  • Business Vehicles
  • Materials and Supplies
  • Inventory, Fixtures, Furniture
  • Expansion of your Business or Acquisition of a Business

We Cannot Finance (including but not limited to):

  • Payment of Existing Debt
  • Operating Expenses (Rent, Utilities, Payroll)
  • Owners’ Draw (Personal Income/Salary)
  • Lines of Credit
  • Non-Accredited Training, Seminar, or Workshop Fees and/or Materials
  • Speculative Property (Real Estate, Stock, Collectibles)
  • Prestart-up Research and Development
  • Emergency requests (Personal Loans, Existing Business with Cash Flow Problems)

In addition to the capital, clients can also receive valuable business training, networking opportunities, and practical advice, including: mentoring, access to Washington CASH’s computer lab and resource center, one-on-one assistance with Washington CASH staff, and access to advanced business workshops.

All borrowers are also required to meet all of the following criteria:

  • The person must be at least 21 years of age
  • Must be a current Washington CASH Business Group Member
  • A profitable business model (a current business plan and 12 months of projected financials)
  • Possess all required city licenses and/or permits
  • Possess all required state licenses and/or permits
  • Possess relevant business insurance
  • Possess business checking account with business name
  • Acceptable credit history (credit history is evaluated in context of circumstances)
  • Provide collateral equal to or greater than the value of the loan (owned property, owned vehicle, owned business assets, cosigners or guarantors)
  • Show an ability to pay back the loan over the amortization period, pay the owner, and cover all operating costs
  • The person must live and or have their business in the designated area in which Washington CASH is lending
  • Have limited or no access to conventional forms of bank business credit

Decisions on loan amounts are made by a loan committee on a case by case basis contingent upon the strength of each loan application. Review of the loan amount requested will include an evaluation of the borrower’s personal investment, whether borrower has a current need for the total amount requested, capacity to make full loan payments, and borrower’s ability to make loan payments if the business venture runs into problems.

If you are a Washington CASH client and are interested in pursuing a loan, you can contact us at 206-352-1945.  To expedite the process of determining whether or not you might qualify for a loan, please answer the questions on our Washington CASH Business Builder Loan Pre-Application Checklist.

 

*Please note: Due to increased volume and demand for loans, the loan application process may take longer than expected.

 

*Circumstances that have affected credit history will be evaluated with the exception of significant past due debt, outstanding judgements and leans (parking tickets, outstanding income taxes), past due child support, and multiple recent bankruptcies.

 

 

 

FREQUENTLY ASKED QUESTIONS:

Q:  What are some resources if I need to develop my business plan?

 

A:  Here is a good Business Plan Outline and a link the the SBA guide to writing a business plan.

 

 

 

 

 

 

 

 

 

 

 

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