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Olympic Microloan Fund

What is the Olympic Microloan Fund?

The Olympic Microloan Fund (OMF) is a microenterprise loan fund organized by nine Washington counties and managed by Cascadia Revolving Fund. The fund provides loans and technical assistance to small businesses that are unable to obtain financing through conventional sources. The counties sponsoring the OMF are: Clallam, Grays Harbor, Island, Jefferson, Mason, Pacific, San Juan, Thurston, and Wahkiakum.

Who can get a loan?

Businesses applying for a loan from OMF must be located in Clallam, Grays Harbor, Island, Jefferson, Mason, Pacific, San Juan, Thurston (outside Olympia city limits), or Wahkiakum County.

OMF borrowers must also have no more than five full-time employees or the equivalent, e.g. ten half-time employees.

The income level of the business owner(s) or the business’s employees must fall within certain guidelines. For more information on these guidelines, contact OMF manager Ruth Ann Halford at (206) 447-9226 ext. 113 or ruthann@cascadiafund.org.

Quick loan facts

OMF loans range from $1,000 to $25,000.

The average interest rate is a fixed rate of 10%.

Loan terms range from 12 to 60 months.

A 2% loan fee will be charged. The fee can be financed.

All applicants must demonstrate an investment of owner’s equity in their business.

Collateral is required for all loans. The personal guarantee of the owner and his/her spouse is also required.

What can an Olympic Microloan Fund loan be used for?

OMF lends money for a variety of purposes. They include, but are not limited to:

  • operating costs, including inventory
  • purchase of equipment and fixtures
  • debt refinancing
  • real estate acquisition.

Technical assistance

Business planning assistance is available free of charge to all borrowers. Borrowers may contact the participating Economic Development Council office or Cascadia Revolving Fund for assistance.

How do I apply for a loan from Cascadia’s Olympic Microloan Fund?

For more information, contact OMF manager Ruth Ann Halford at ruthann@cascadiafund.org or (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 documents below.

OMF Loan Application

(This is a PDF document. To download a free copy of Adobe Acrobat Reader for opening PDF files, click here.)

Personal Financial Statement

(PDF document)

All applicants must also complete an income verification form. Ruth Ann will give you this form during the application process.

 


Mary Lou Wallace
Peninsula Cleaners and Laundromat
A loan from Cascadia helped Mary Lou move her laundromat to a larger, more visible location.







Debra Staley
Quilters Workshop
An OMF loan enabled Debra to purchase inventory and make leasehold improvements, and ultimately open a quilting store.







Kelly Barlow
La Bella Day Spa
Kelly opened her own spa with the help of a loan from OMF.





Last updated October 2003

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