Partnership with Craft3 received funding from Clallam County
Small businesses affected by COVID-19 can access affordable Business Resilience Loans under a newly-launched partnership between the Port Angeles Chamber of Commerce, Sequim Chamber of Commerce, Forks Chamber of Commerce, and Craft3. Clallam County has contributed $125,000 to support the partnership; this amount will be leveraged by Craft3, a regional loan fund, to make a total of $500,000 in loans to eligible businesses located in Clallam County.
Business Resilience Loans are between $15,000 and $50,000 and give entrepreneurs flexible capital that can be used in many ways, including making lease payments, purchasing inventory, or pivoting to align with new economic realities and/or public health recommendations.
“All three Chambers of Commerce are very pleased to be able to provide this new resource to help businesses in Clallam County relieve some stress and deal with the economic impacts of COVID-19 – both today and in the weeks and months to follow,” said Marc Abshire, executive director of the Port Angeles Chamber of Commerce. “There are actually quite a few other options and resources available, but this new loan program has very favorable terms and should be an attractive fit for many businesses. We are thankful to Craft3 and its base of local and regional investors for helping to create this loan program, and to the Clallam County Board of Commissioners for providing funds to make it possible.”
Clallam County business owners interested in the program can contact their local chamber of commerce to be screened for eligibility beginning at 2 p.m. on Wednesday, June 3, 2020. Eligible businesses will be referred to Craft3 and invited to complete a full Business Resilience Loan application.
- In the Port Angeles area, interested businesses should call (360) 452-2364, or email firstname.lastname@example.org
- In the Sequim area, interested businesses should call (360) 683-6197, or email email@example.com
- In the Forks area, interested businesses should call (360) 374-2531, or email firstname.lastname@example.org
Only businesses referred by the three chambers will be underwritten by Craft3 and, due to credit requirements, not every referred business will be approved for a loan. Businesses do not need to be a Chamber member to be screened for eligibility.
“The Business Resilience Loan offers Clallam County businesses one more tool to help them reopen and begin serving customers again,” said Adam Zimmerman, President and CEO of Craft3. “We’re proud that the three Chambers and County have stepped up to support entrepreneurs recovering from the economic impacts of COVID-19.”
To be eligible to apply for a Business Resilience Loan, there are requirements. Businesses must have been open at least two years, showed a profit in 2019, and experienced workforce reductions after March 1, 2020 OR experienced business disruptions such as closures as a result of COVID-19. Additionally, business owners must have a median personal credit score of 640 or higher.
Terms and conditions for Business Resilience Loans include:
- Loan size of $15,000 to $50,000
- Interest rate is 5 percent fixed for the life of the loan
- Term is 48 months (4 years)
- Payments are:
- Fully deferred for months 1, 2, 3
- Interest-only for months 4, 5, 6
- Principal & interest on the balance amortized over the remaining 42 months
- Fees are 2 percent; no other closing costs required
- There is no penalty for early repayment