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Are you looking for Washington’s best business loans & startup financing companies? If you run a small business in the Evergreen State, then you can access different types of loans to meet your financial needs. These types include traditional term loans from banks and credit unions or alternative options that often come with higher interest rates & shorter repayment terms.

After all, there are 657,529 small businesses operating in the state of Washington, accounting for over 99% of all businesses in the state, with a payroll that exceeds $74 million. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Understand the unique features and benefits of different loan types to empower your business. That’s how you can choose the best lender for your business. Consider these 12 business loans & startup financing options in Washington to get started:

1.  Swoop Funding

Swoop Funding is every Washington-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process.

2.  Columbia Credit Union

This lender operates from Vancouver, Washington, and offers you up to $250k in lending so you can purchase office equipment. Also, a million dollars in refinancing is available if you wish to purchase real estate for your new business location.

3.  Umpqua Bank

Umpqua Bank has an average interest rate of 5.2%, and the average loan size exceeds $900k. This lender doesn’t charge origination fees on some loans, and autopay allows for a discounted interest rate. With $30 billion in assets, this bank is your ideal financing option.

4.  GBC International Bank

This lender gives you up to $524k in loans, with the average interest rate being 4.96%. Also, the maximum guarantee is 85 % for loans under $150,000 and 75 % for loans over $150,000.

5.  Banner Bank

If you wish to buy business equipment to expand your corporate sector, then Banner Bank can help you out financially. You shall get smaller down payments and extended loan amortizations with this lender. Typical terms are like 7 to 10 years for equipment financing.

6.  Washington Trust

This lender offers you a low interest rate (4.82%). You can get up to $690k in loan amount. So, get in touch with Washington Trust in any of its 30 locations throughout the Evergreen State.

7.  KeyBank

Even though this lender is based in Cleveland, Ohio, small business administration (SBA) loans are available through it. KeyBank can give you up to $12 million in funding with or without the need for collateral. You can also get loans for longer terms with no lower repayment needs.

8. Industrial Bank

The Industrial Bank is a credible lender that offers hefty loans to local businesses, helping them establish a new franchise or prevent bankruptcy. You can contact this lender if you want to buy new business equipment, invest in commercial real estate, secure another line of credit, get ahold of working capital loans, or something else. If you want to climb the ladder of success in the corporate sector, then get in touch with the Industrial Bank right away to get started on the journey to business success.

9. Plumas Bank

We’ve mentioned this particular small business lender before. It operates in California, Nevada, Arizona, Oregon, Washington, Colorado and Utah. established in 2007, Plumas Bank has given out over $800 million as SBA loans to small businesses in the western part of the United States. So, you’ll get SBA 7(a) loans up to $5 million. These loans are fully amortized with the duration being 7 to 10 years. As for SBA 504 loans, this amount goes to $12.5 million. This lender gives pretty detailed descriptions of each loan type. That’s why we consider it to be an ideal lender for business owners in Washington.

10. Native Business Center

The Veteran Loan Fund matches military veterans, transitioning service members, & their spouses with loan capital to start or grow their small businesses. The fund aims to fill the financial and training gaps that veterans face when building a small business. Business Impact NW is a compassionate small business lender in Washington, Oregon, & Alaska, to business owners at every stage of business development. You can find many resources here at Native Business Center that offer lending services to different small businesses nationwide but with a main focus on Washington. You can get in touch with their services to know more about their unique offerings in this regard.

11. Beneficial State Bank

We’ve already mentioned this lender before. It has a comprehensive lending program that helps small businesses based in Washington and many other states get the necessary funding to stay thriving in the corporate landscape. In 2022 alone, the Beneficial State Bank distributed more than $600 million among several deserving businesses. SBA 7(a) and 504 loans are two of their most important lending programs. SBA 7(a) allows businesses to get up to $5 million in funding with up to 90% financing and fixed/variable interest rates. Also, you can get up to $15 million in funding as SBA 504 loans.

12. AltaOne FCU

This federal credit union will pair your Washington-based small business with the best lenders in the Evergreen State. Their most popular product is – you guessed it – SBA 7(a) loan, in which you can get $50k to $5 million as a loan to keep your business kicking & thriving. However, this loan requires 10% as a minimum down payment (the reason why this lender is placed #12 on our list). Moreover, this loan is not for nonprofits, and you need to prove your ability to pay back this loan. Advantages of an SBA loan include low interest rates, access to quick capital, longer repayment terms, flexibility, and more.

Conclusion

Choosing the right financing partner is important for startups and established businesses alike. Your Washington-based business needs to choose a lender based on factors like loan terms, interest rates, customer service, and online reputation. Get in touch with Sophisticated Investor to get started and pave the way for sustainable business growth & innovation.