The Washington State Department of Commerce and Community Sourced Capital, a Seattle-based company that helps connect small businesses with affordable capital, recently launched Fund Local, a …
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The Washington State Department of Commerce and Community Sourced Capital, a Seattle-based company that helps connect small businesses with affordable capital, recently launched Fund Local, a campaign aimed at bringing zero-interest crowd-sourced loans to small businesses in all 39 counties in Washington.
Fund Local provides an opportunity for established Washington businesses to borrow up to $50,000 to expand and grow with a loan raised through their community. Community members interested in supporting their local businesses lend in $50 increments, called Squares, and participating businesses pitch their campaign to their community over a 30-day period. Once funded, businesses pay the loan back to their Squareholders within three years.
The Department of Commerce will help connect Community Sourced Capital with economic development organizations in each county to locate and determine which businesses would make good candidates for this program. For more information, visit
tinyurl.com/jwl79d9.
