About Our Loans
Business Impact NW is a compassionate small business lender in both Washington and Oregon states, to business owners at every stage of business development.
- We offer loans ranging from $5,000 to $350,000.
- We are a compassionate lender. The 5 C's of Financing allow us to be more flexible with our funding than traditional lenders. In fact, 99% of our clients are business owners who are ineligible for commercial bank loans at this time. That means they've been turned down by a bank, but still have the capacity to meet our "5C's" criteria.
- Our average interest rate is 9.5%. While higher than some banks, we take risks that most banks won't.
- Unlike credit cards, cash advances, or other types of high-interest or predatory loans, we work with you to ensure you have the right loan at the right rate that you are able to pay back - without getting into deeper debt.
- We exist to fund women, veterans, BIPOC, immigrants, LGBTQ+, disabled, and other traditionally underbanked entrepreneurs.
- We’re located in Seattle – but you don’t have to be. We can provide loans by working with you over the phone, via Zoom live web chat, and even supported by email if your business is in Washington or Oregon.
Business Stages we fund
- Startup businesses (0-6 months in operation)
- New businesses (fewer than 2 years in operation)
- Established businesses (2+ years in operation)
Funding can be used for
- Working Capital
- Commercial Real Estate
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So how do we decide to approve your loan?
First and foremost, we look at the “5 C’s”
- Capital: How much money of your own are you putting into the business? Do you have at least 15-20% of the requested financing amount to contribute?
- Collateral: Do you have sufficient assets(something you can pledge, like home equity, stocks, or equipment) to fully secure the loan?
- Cash Flow: Will your business generate enough net income to repay the requested loan amount and any other debts that you have?
- Capacity: Do you have the ability to successfully operate the buisness based on past experience, education, or transferrable skills?
- Character: Have you demonstrated the ability to follow rules/laws and repay debts? Hint: your credit score and your honesty are demonstrations of character
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- Use the lending navigator tool to figure out if you’re ready to apply.
- If you're ready, fill out the pre-qualification application
- If you're not ready, explore the options presented by the tool. You can also go directly to our loan readiness help page, business coaching or take a Square One class to learn more about our services.
If you’d like to work with a business coach who is ready to help you prepare your loan application or pre-qualification materials, you can! We offer free business coaching. Our business coaches can guide you through the lending process through the development of your business plan, marketing plan, cash flow projection and other financial projections. They can also assist you in assembling and completing the required documentation to apply for your loan.
These coaching sessions can be held in-person, over the phone, or via video conferencing. Don't miss this opportunity to access the capital you need to start or grow your business!