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City Offers Aid To Local Businesses

Brian Coddington, 509.625.6740

Thursday, April 16, 2020 at 4:50 p.m.

NOTE: This press release was revised on April 20, 2020 to amend the cap on the loan amount to $50,000.

The City of Spokane’s Community, Housing, and Human Services Board plan to invest $100,000 to help small businesses stay resilient in the economic impact of the COVID-19 pandemic, pending City Council approval on Monday. The funding, which comes from federal Community Development Block Grant (CDBG) dollars, will provide eligible Spokane businesses with access to affordable Business Resilience Loans through a partnership with non-bank community lender Craft3.

“Small business is the lifeblood of our economy and it is a priority to provide as much assistance as we can,” says Mayor Nadine Woodward.

Starting April 22, interested businesses can be screened and apply for funding by visiting the Small Business Resources page on the City website or calling the Financial Helpline at (509) 625-6650. There are minimum qualifications in order to be eligible. These include:

  • Located in the City of Spokane
  • Credit Score of 640 or higher
  • Reported a profit in 2019
  • Minimum of 24 months in business

The City of Spokane will pre-screen applicants and identify those eligible to apply for a Business Resilience Loan. Then, eligible businesses will work with Craft3 on a full application and underwriting to determine creditworthiness. Due to credit requirements, not every business will receive a loan. Loans can be between $10,000 and $50,000. The City is working to develop additional resources to assist the many businesses impacted the ongoing health emergency.