Small Business Help from the Washington State Department of Commerce: Tools, Loans, and Training

​Small Business Help from the Washington State Department of Commerce: Tools, Loans, and Training

The Washington State Department of Commerce has played a significant role in helping communities and businesses thrive. While most people do not think about it often, this state agency is working behind the scenes to grow the economy, support small business owners, and help create jobs. From training programs to low-interest loans, the Department of Commerce offers a wide range of tools designed to make running a business easier.

So, how does this department work? The Department of Commerce is funded by state and federal dollars. Some of its money comes from the Washington State Legislature, while other funds come from national programs such as the State Small Business Credit Initiative (SSBCI). This means that they are trusted with public money to carry out programs that support the economy, especially for smaller businesses that might not have access to the same resources as larger companies. Commerce uses this funding to offer grants, loans, training, and free business advice.

There are many programs offered by the Department of Commerce, but four in particular are especially helpful for small businesses.

The first is the Startup 365 program, which helps small businesses get off the ground or grow through online training and workshops. This includes topics such as finance, marketing, and how to manage a business day to day. One part of this program, called ScaleUp, offers over 30 hours of expert-led training to help business owners improve their operations and plan for future growth.

The second is Small Business Flex Fund 2, a loan program supported by SSBCI funding. This program offers loans up to $250,000 at low interest rates and is designed for very small businesses, especially those owned by people in underrepresented or rural communities. This can be a lifeline for businesses that need help to cover costs, buy equipment, or make improvements.

Third, the Owner-Occupied Commercial Real Estate (CRE) Loan Program provides help for small businesses that want to buy or refinance buildings they use for their own operations. It is geared toward helping business owners who may not qualify for traditional loans and gives them a path to owning their space rather than renting.

The fourth is the STEP Export Voucher Program, which helps Washington’s businesses expand into international markets. If a business wants to sell products in other countries, this program offers small grants (up to $10,000) to help pay for things such as trade shows, marketing translation, and shipping costs. It is a smart way to grow your customer base outside the U.S.

If you are a small business owner or thinking about becoming one, there are many ways to learn more about these programs. The Washington State Department of Commerce has an easy-to-use website with details about each program. You can also contact them directly to ask questions or connect with someone who can walk you through the options. Whether you need funding, training, or advice, they have resources ready to help.

In conclusion, the Washington State Department of Commerce offers powerful support to small businesses across the state. Their programs are designed to ensure that more people have the chance to succeed, especially those who have historically been left out. With training, funding, and expert guidance, Washington businesses have a strong partner in Commerce.

Sources:

• Washington State Department of Commerce – https://www.commerce.wa.gov
• Startup 365 – https://startup.choosewashingtonstate.com
• Small Business Flex Fund 2 – https://www.smallbusinessflexfund.org
• State Small Business Credit Initiative (SSBCI) – U.S. Department of the Treasury
• Washington STEP Program – Export Washington – https://www.commerce.wa.gov/promoting-washington-state/export-assistance/step/