The Washington State Department of Commerce announced in a release today the launch of the first of five planned small business loan and investment programs. The initiative looks to foster more access to capital for small businesses in the state — especially ones that have historically been underbanked or underserved.
“Access to capital is one of the major challenges for small businesses, particularly those in historically underserved and underrepresented communities,” said Mike Fong, director of the Washington State Department of Commerce, in a press statement. “These innovative loan programs will help fill this funding gap and have a multiplier effect that benefits local economies across the state.”
The funding — $163 million in total —…
