We support small business owners who generally are not served by traditional banks. By providing access to credit, business owners in South Seattle are able to retain and grow local jobs, provide goods and services to serve the local needs, and contribute to economic growth within our community.
Whether you need a loan to purchase equipment, acquire a commercial building for your business, buy or expand your business or working capital, we will work with you to customize a lending solution that best supports your vision.
Loan Features
- Loans from $50,000 to $2 million
- Interest rates from 4% to 7%, usually fixed rates for entire loan term
- Loan fees of 1% to 2%, plus legal and closing costs
- Loan maturities –
- Lines of credit – one year renewable loans
- Business term loans – three to five years
- Real estate loans – three to 15 years
- Prepayment in whole or in part without penalty or lock-out
- Collateral is reviewed on an individual basis–personal guarantees are generally required
- Sharia-compliant no-interest financing available
Business Loans
- Business acquisition
- Relocation of business to South Seattle
- Tenant improvements and renovation of commercial premises
- Business equipment, furniture and fixtures
- Working capital line of credit (revolving) secured by inventory, accounts receivable, contracts and/or construction progress invoices
- Export line of credit secured by standby letters of credit
Real Estate Loans
- Owner-occupied (at least 51%) commercial real estate
- Commercial condominiums – owner occupied
- Independent fee appraisals required; loan amount is limited to no more than 80% of the lower of acquisition price or appraised value
- Generally, a first lien position is required, although a second lien position may be considered on a case-by-case basis, with a combined loan-to-value ratio not to exceed 80%
Nonprofit and Community Service Organizations
- Working capital line of credit (revolving) secured by grants receivable
- Tenant improvement and renovation of premises
- Real estate (community center or office space for nonprofit organizations)
