Cascadia’s Loan Programs
Cascadia Revolving Fund provides
financing and technical assistance to small businesses in Washington
and Oregon that are unable to access financing and support from
traditional sources. Most businesses can apply through the Cascadia Community Loan Fund.
In addition, we have four programs
that are targeted to specific business sectors:
- Rural Development
Investment Fund —
long-term, subordinated loans that act like equity investments
in rural manufacturing firms and other businesses that have a
potential for significant job creation in the rural areas of
Washington and Oregon
- Child
Care Fund — loans
and technical assistance to in-home child care providers and
child care centers
- Hispanic
Loan Program — loans
and technical assistance to Hispanic-owned businesses (informaciónes
en español)
- Olympic Microloan
Fund — microloans
and technical assistance to businesses owned by, or employing,
low-income people in nine Washington counties on the Olympic
Peninsula.
In addition to offering term
loans, Cascadia provides lines of credit
under all of its loan programs.
For more information on Cascadia
borrowers, see selected borrower stories.
Technical Assistance
Providing small business financing is only part of what Cascadia
does. We also offer ongoing technical assistance (TA) to our
borrowers. This TA starts with Cascadia’s lenders. These
people are highly qualified commercial lenders who work closely
with potential borrowers throughout each stage of the application
process. Our lenders provide guidance and feedback regarding
the application. If necessary, they assist prospective borrowers
in securing supplemental sources of financing.
Once an applicant becomes a borrower, the business may receive
personalized assistance from one of three full-time business
consultants on staff—one dedicated to Washington borrowers,
one to Oregon borrowers, and one to child care providers. These
business consultants typically help borrowers with accounting,
marketing, and general business management. All assistance is
provided free of charge to Cascadia borrowers.
Many of our borrowers receive monthly postcards with brief
business tips on marketing and finance. Click
here for the most recent card.
Getting
a Loan
Who can get a
loan?
Cascadia makes loans to small businesses based in Washington
or Oregon that, for many reasons, can not qualify for traditional
bank financing and support. Cascadia
lends to many different kinds of small businesses. Each applicant
is evaluated on a case-by-case basis. Former and current borrowers
include, but are not limited to, the following:
- woman-owned businesses
- minority-owned businesses
- immigrant owned businesses
- businesses owned by low-income
individuals
- businesses located in distressed
urban and rural areas
- child care businesses in homes
and centers
- nonprofit organizations
- worker-owned businesses
- cooperatives
- businesses that act to preserve
or restore the environment.
If you would like to discuss
the possibility of obtaining a loan from Cascadia, call us at
(206) 447-9226 in Seattle or (503) 235-9635 in Portland. Our
lenders will be happy to discuss your business needs and send
you the information you need in order to apply.
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Quick
loan facts:
- The maximum loan amount is $500,000.
- Loan interest rates are fixed
and are generally higher than bank rates.
- Loan terms range from one to
five years, although certain loans can be amortized for longer
periods.
- Collateral is usually required,
although Cascadia's requirements are more flexible than those
of commercial banks.
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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
- debt refinancing.
Cascadia does not make personal
loans to individuals.
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Does
Cascadia lend to start-ups?
Cascadia prefers to see at least
six months of operating history at, or close to, break-even.
In order to lend to a start-up, we need to see a solid business
plan with financial projections and an explanation of your business
management skills and industry experience.
Give one of our lenders a call
at (206) 447-9226 in Seattle or (503) 235-9635 in Portland to
discuss your business idea.
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What
will Cascadia accept as collateral?
Cascadia accepts business assets
and personal assets as loan collateral. 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
does Cascadia differ from a bank?
Cascadia’s typical borrower
has one or more weaknesses that prevent it from accessing traditional
bank financing. These weaknesses may include insufficient operating
history, imperfect credit history, or inadequate collateral.
Cascadia is designed to be more flexible than commercial banks.
Our lenders work with applicants to ensure that the applicant
will benefit from a loan and that he or she understands what
it involves to become bankable. Once a loan is closed, Cascadia’s
business consultants provide intensive, ongoing technical support
to assist the borrower in developing a strong, viable business.
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How
do I apply for a Cascadia loan?
- Call us at (206) 447-9226
in Seattle or (503) 235-9635 in Portland
Ask to speak with a business consultant. He or she will discuss
your business and financial needs. Cascadia will not ask you
to complete a fill-in-the-blank application.
- Complete an application
If you are asked to send in an application, you can download
and print the documents here. (To
download a copy of Adobe Acrobat Reader click
here.)
All applicants need to submit a Personal Financial Statement
and Projected Cash Flow Statement.
For an application for the Child Care Fund, click
here.
For an application for the Olympic Microloan Fund, click here.
- Send in your application
Washington businesses
should mail their application to:
Cascadia Revolving Fund, 1901 NW Market Street, Seattle, Washington
98107
Oregon businesses should mail their application to:
Cascadia Revolving Fund, 936 SE Ankeny, Portland, Oregon
97214
Once your application has been received and reviewed by a loan
officer, he or she will contact you to talk about your business,
gather more information and explain in more detail about our
loan process. The application process may take up to six weeks
to complete.
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1901 NW Market
Street, Seattle, Washington 98107
Phone (206) 447-9226 w Facsimile (206) 682-4804