Trusted small business lenders in Washington are available for companies looking for financial resources to assist with growth or working capital.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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Washington sits on the Pacific Coast, in the Pacific Northwest of the country. It’s named for the first president of the country and is called The Evergreen State for its beautiful, dense forests and stunning rolling hills. The state’s capital is Olympia, but its largest city by far is Seattle, which is easily recognized as one of the most important locations in the country for technology and business growth. The state is a thriving location and is one of the wealthiest places to live. It has some of the best life expectancies and a strong economy with low unemployment. For the 7.8 million people that live here, it can be considered an excellent place to call home.
The economy in Seattle is quite diverse. There is a strong agricultural component here, including wine production, but other industries dominate, including technology, manufacturing, and forestry. The state is home to many large organizations, including Amazon, Microsoft, and Nintendo of America. While it is home to so many large organizations, Washington is also a thriving place for small businesses. The U.S. Small Business Administration (SBA) states there are 657,529 small businesses operating here, providing jobs for 1.4 million people and a total payroll of $74,445,676. That is a substantial amount of jobs for the workforce of the state, and it shows just how critical these companies are to the overall health of the region.
The good news is that many of these businesses have access to capital through the support of small business lenders in Washington – of which there are numerous organizations. The SBA states data shows that the most recent three years of data show 4,096 active small business loans in the state, with a total loan volume of $3,072,660,782. These loans can be used for many things, including company growth, new product launches, branding, equipment purchase, and much more. The average loan size in the state is $750,161. For many companies, these funds are critical to not just growing but also competing against the larger organizations in the state.
A small business may need cash to help it with the purchase of assets or to meet other financial obligations as it works to grow and modernize. A small business loan is a type of capital infusion provided by lenders who specialize in these types of financial offerings. This is a traditional loan in which the lender expects repayment of the loan with interest over a predetermined amount of time. The interest rate and terms are often dependent on the qualifications of the company as well as the overall type of loan.
A small business that needs capital can apply for a small business loan in Washington with a range of lenders. This could include small and larger banks, private lenders, and specialized lending institutions. They can also consider a wide range of loan types, including:
Once a business is ready to apply for a loan, they need to provide information to the lender about its company and operations, outlining the ownership, the products or services, its competitive edge, and the market for its products. A business plan is a great way to do this. Lenders then need to determine the amount of risk associated with the company. To do that, they need to see the financials of the business, including profit and loss statements, tax returns, balance sheets, and bank statements for the last several years. Many Washington small business loan lenders also request the credit history of the business or the owner if the business does not have a credit history established.
There are a few key things to know about these loans. First, they are not guaranteed, as most lenders have very specific and stringent requirements that borrowers must meet. Second, most are in place for 5 to 10 years, though there is some flexibility. Some of these loans are backed by the SBA, which helps to reduce some risk and helps keep the availability of the funds and the interest rate and fees lower. Other loans are not asset-based at all. Some may include a line of credit. Whether you’re opening in Spokane, Seattle, or somewhere else in Washington state, they may be many small business resources available to you.
For example, during the worst of the coronavirus pandemic, special loans were available to small business owners such as the PPP or the economic injury disaster loan. While those loans are no longer available, other programs may exist at the time you need funds. A grant program or business credit may apply based on your kind of business, too, such as if you work in commercial real estate.
In Washington state, most startups don’t use loans to launch. That’s because for-profit or non-profit entities need to show that they have revenue capable of paying back the loan. Small business owners usually tap into their own savings or personal credit cards to get things started, but after local businesses have proof of concept in their revenue, may meet the grounds for a small business loan. If you have evidence of annual revenues and other tax return data, be prepared to share this in your loan application.
Aspiring entrepreneurs should also look into additional business financing resources such as the Washington State Department of Commerce, small business grants, the Washington Small Business Development Center, the Small Business Flex Fund, and community development financial institutions. In addition to helping with referrals to financing options, you may also be able to get mentoring support for your small business. If you’ve been in operation for some time, federal government programs like those from the SBA are other options to help with your cash flow.
As a business owner, access to capital is critical, but it can be challenging without information and guidance. Take the time to compare several loan offers to determine which structure and option is best for your needs.
| Rank | Bank Name | # of Washington Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Columbia State Bank | 184 | 5.63% | $243,577 |
| 2 | KeyBank | 140 | 5.67% | $454,820 |
| 3 | Banner Bank | 139 | 5.12% | $299,127 |
| 4 | U.S. Bank | 102 | 5.35% | $570,118 |
| 5 | Umpqua Bank | 50 | 5.20% | $931,234 |
| 6 | Wells Fargo Bank | 42 | 6.41% | $604,179 |
| 7 | Heritage Bank | 36 | 4.78% | $636,056 |
| 8 | Readycap Lending | 34 | 5.26% | $1,382,144 |
| 9 | GBC International Bank | 33 | 4.96% | $624,897 |
| 10 | Washington Trust Bank | 30 | 4.82% | $691,060 |
Starting in 1993 as a community Bank, Columbia Bank now has over 145 branches in Washington, Idaho, and Oregon. By providing services such as wealth management, small business loans, and personal and business checking and savings, Columbia State Bank can meet almost all of its customer’s needs.
We reached out to Columbia State Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
KeyBank is headquartered in Cleveland, Ohio, and offers a wide range of banking and investment products to meet the needs of its members. KeyBank provides services for businesses and individuals with products such as small business loans and personal and business checking and savings to meet all of its customers’ needs.
We reached out to KeyBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Banner Bank began serving customers over 130 years ago and now has over 150 branch locations across 4 states to help meet the needs of its customers. Banner Bank offers a number of products to help its customers achieve their goals through loans, personal banking, and business banking.
We reached out to Banner Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
First coming into existence in 1863 as the First National Bank of Cincinnati, U.S. Bank now operates in 26 states across the country. U.S. Bank offers a number of products and services to meet customers’ needs, including small business loans and personal banking solutions, including checking and savings.
We reached out to U.S. Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
With over 200 locations in the Pacific Northwest and $30 billion in assets, Umpqua Bank is able to meet the banking and loan needs of its customers. Serving 7 states in the area, Umpqua Bank is able to provide business and personal banking services, including small business loans.
We reached out to Umpqua Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Small business loans in Washington are a critical asset. Yet, there are more resources to help small companies grow as well. Here are a few completely free resources available to companies operating in the state.
SCORE is an exceptional organization built by successful business owners who step back and offer help and guidance to newer companies that are looking to start up, expand, or modernize. There are mentorship programs available in Tacoma as well as in other states of the state. SCORE also provides great access to a range of resources on its website, including webinars and workshops.
The Small Business Administration in Washington is another resource to consider. It offers free information and guidance to support business growth and development. With local offices as well as a wide range of resources available locally, the SBA is a critical organization to rely on for information and guidance.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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