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Getting a Loan
Cascadia Revolving Fund provides financing and technical assistance to small businesses that are unable to access credit from a traditional source, such as a bank. Cascadia lends throughout the states of Washington and Oregon.
Who can get a loan?
Cascadia lends to many different kinds of small businesses. They include, but are not limited to, the following?
- woman-owned businesses
- minority-owned businesses
- businesses owned by low-income individuals
- businesses located in distressed areas
- worker-owned businesses
- non-profit organizations
- businesses that preserve or restore the environment
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Quick facts about Cascadia loans:
- Our maximum loan amount is $150,000
- Loan interest rates are variable
- The term of our loans generally varies from one to five years, although we can amortize certain loans for longer periods
- Collateral is usually required, although our requirements are less stringent than those of a commercial bank
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For what purposes will Cascadia lend?
We lend money for a variety of purposes. They include, but are not limited to:
- equipment and inventory
- working capital
- building improvements
Unfortunately, Cascadia cannot make personal loans to individuals, or provide businesses with lines of credit.
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How does Cascadia differ from a bank?
Our typical borrower has one or more weaknesses (e.g. insufficient operating history, imperfect credit history or inadequate collateral) which disqualify them from accessing traditional bank financing. Cascadia loan officers work with borrowers, providing intensive ongoing technical support that is often critical to the success of the borrower's business. If you would like to discuss the possibility of obtaining a loan from Cascadia, call us at (206) 447-9226. Our loan officers will be happy to discuss your business, and send you the information you need to apply.
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Will you lend to a start-up?
We like to see at least six to nine months of operating history at, or close to, break-even. Give one of our loan officers a call to discuss your business experience.
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What will you accept as collateral?
We accept business assets or personal assets. Borrowers are sometimes able to find friends or family members who will cosign the loan, or will pledge their assets as collateral on the borrower's behalf.
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How do I apply for a Cascadia loan?
- Call us at (206) 447-9226
Ask to speak with one of our loan officers. He or she will discuss your business and financial needs with you, and send you a four-page document describing the issues that must be addressed in the business plan. This is the most important part of your application. Cascadia loan officers will not ask you to complete a fill-in-the-blank application.
- Gather the necessary information
You must be prepared to submit detailed financial information including: a description of your business; a twelve-month financial projection; a personal credit report; and a discussion of your management skills. You must also tell us how you plan to use the loan. Feel free to call a Cascadia loan officer at (206) 447-9226 if you have questions about what to include.
- Send us your application packet
Mail your full business plan, along with a $50 application fee, to: Cascadia Revolving Fund, 119 First Ave. S., Suite 100, Seattle, WA 98104. A loan officer will call you to acknowledge receipt of the application. Once the loan officer has finished reviewing the application, it will be brought before Cascadia's Board of Directors for approval. The application process may take up to two months to complete.
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Cascadia Revolving Fund
Last updated: April 16, 1997
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