Olympic Microloan
Fund (OMF)
The OMF is a microenterprise
development program organized by nine Washington counties and
administered by Cascadia Revolving Fund. The fund provides loans
and technical assistance to small businesses in these nine counties
that are unable to satisfy their financing requirements through
conventional sources. The counties sponsoring the OMF are: Clallam,
Grays Harbor, Island, Jefferson, Mason, Pacific, San Juan, Thurston
and Wahkiakum.
What can loan
funds be used for?
- Operating costs, including inventory
- Purchase of equipment and fixtures
- Debt refinancing
- Real estate acquisition
Technical Support
Business planning assistance
is available free of charge to all borrowers. Assistance is by
contacting the participating Economic Development Council office
or Cascadia Revolving Fund.
Loan Information
- OMF loans range from $1,000
to $25,000
- Interest rates are above market.
The average rate is 10% fixed
- Loan term lengths range from
12 to 60 months
- A 2% loan fee will be charged
and can be financed
- All applicants must demonstrate
an investment of owner's equity in their business
- Collateral is required on every
loan as well as the personal guarantee of the owner and his/her
spouse
For more information contact
Ruth Ann Halford, the OMF Manager, at ruthann@cascadiafund.org
or call her at 206-447-9226 ext. 113. She will explain the loan
process and help you determine if an OMF loan is right for your
business.
After talking with Ruth Ann,
download the loan application documents below. (You need Adobe Acrobat Reader
to print these documents. To download a free copy click here.)
Loan
Application
Personal
Financial Statement
All applicants will also have
to fill out an income verification form. Ruth Ann will give you
this form during the application process.
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1901 NW Market
Street, Seattle, Washington 98107
Phone (206) 447-9226 w Facsimile (206) 682-4804