Best Washington State Small Business Grants[yoast-breadcrumb]
Best Washington State Small Business Grants
Starting and growing a small business can be challenging, especially when it comes to finding funding. Thankfully, Washington State offers a variety of grants to support local entrepreneurs and small business owners. As a financial services company dedicated to helping small businesses thrive, we wanted to provide an overview of some of the top small business grant programs available in Washington.
Washington State Small Business Credit Initiative
The Washington State Department of Commerce received $163.4 million from the U.S. Department of Treasury to fund five lending programs aimed at promoting entrepreneurship and increasing access to capital for underserved communities. Here are the five programs:
- Fund Local – Provides loans between $5,000 and $150,000 to new and existing businesses.
- Craft3 Term Loans – Offers term loans up to $5 million for business expansion and equipment purchases.
- Loan Participation Program – Allows community lenders to share the risk on larger loans to small businesses.
- Loan Guarantee Program – Provides loan guarantees up to $750,000 for lenders to extend credit to businesses.
- Venture Capital Program – Invests equity capital in high-growth potential small businesses.
You can learn more and apply for these programs here.
Public Works Board Construction Loan Program
This program provides low-interest loans to finance infrastructure projects that encourage business growth and job creation. Loans up to $10 million are available for public infrastructure projects like utilities, roads, and buildings. Learn more here.
Working Washington Small Business Emergency Grant
This COVID-19 relief program provides grants up to $10,000 to small businesses impacted by the pandemic. Businesses must have 150 or fewer employees to qualify. Learn more and apply here.
USDA Rural Business Development Grants
The U.S. Department of Agriculture provides grants to support business development and job creation in rural areas. Nonprofits and public entities can apply for grants up to $500,000. Learn more here.
Specialty Crop Block Grant Program
The Washington State Department of Agriculture offers grants to support the competitiveness of specialty crops like fruits, vegetables, tree nuts, dried fruits, and nursery crops. Grants up to $100,000 are available. Learn more here.
Research & Development Tax Credit
Washington State offers a tax credit equal to the amount spent on R&D expenses, up to $25,000 per year. This can help offset costs for small businesses investing in innovation and new product development. Learn more here.
Property Tax Exemption for Manufacturers
Qualified manufacturers may receive a property tax exemption on eligible buildings, equipment, and land for up to 8 years. This can provide significant tax savings for small manufacturing businesses. Learn more here.
B&O Tax Credit for New Employees
Businesses that create qualified new employment positions may be eligible for a B&O tax credit. The credit is $2,000 per job per year for up to 5 years. Learn more here.
Linked Deposit Program
This program provides access to reduced interest rates on loans for certified minority, women, and veteran owned businesses. Rates can be reduced by up to 2%. Learn more here.
Other Washington Small Business Grant Programs
Here are a few other grant programs available in Washington State:
- Washington State Microenterprise Association – Grants for low-income entrepreneurs.
- Business Impact NW – Grants for nonprofits and social enterprises.
- Washington Women’s Business Center – Grants and loans for women-owned businesses.
- Washington State Arts Commission – Grants supporting arts-related small businesses.
- Washington State Department of Veterans Affairs – Grants and support for veteran-owned businesses.
Local municipalities like Seattle and Spokane also offer small business grants, so be sure to check your local area for opportunities.
Tips for Applying for Small Business Grants
If you’re hoping to secure grant funding for your Washington small business, keep these tips in mind:
- Make sure you meet all eligibility requirements before applying.
- Read the grant guidelines carefully and follow instructions.
- Describe how the grant will help achieve your business goals.
- Highlight how your business will benefit the local community.
- Put time into crafting a strong, compelling application.
- Follow up after submitting your application.
Every little bit helps when you’re starting or expanding a small business. Hopefully this overview gave you some ideas on Washington State grants to pursue. Let us know if you need any help preparing your grant applications – we’re always happy to help fellow small business owners succeed!