Washington state small-business loan program lands $31.5M in funding

By: Ben Miller - Sep 23, 2014
Source: Puget Sound Business Journal

A Washington state program that loans money to small businesses has landed $31.5 million in private funding.

The Washington Small Business Credit Initiative landed the funding from a consortium led by Wells Fargo.

The State Department of Commerce contracts with Craft3 to manage the loan program.

"The success of this innovative public-private partnership has attracted additional support from the private financing sector, helping to ensure that financing is available for qualified businesses to expand and create jobs,” said Gov. Jay Inslee, in a statement.

Since 2012, Craft3 has made 25 loans totaling $31.2 million to 20 small businesses.