Verity Credit Union announces participation in loan program providing small businesses and nonprofits in Washington State with low interest business loans
The Small Business Flex Fund provides low interest loans of up to $150,000 to small businesses and nonprofits through local lenders like Verity
SEATTLE, WA (October 21, 2022) — Verity Credit Union, a $735 million asset financial institution in Seattle that focuses on socially responsible banking, announced today that it has been selected to participate in the Small Business Flex Fund, providing access to growth capital for the businesses that need it most, ensuring a greater economic recovery for all of Washington.
Small business owners and nonprofits in Washington can apply for low interest loans of up to $150,000 through the Small Business Flex Fund. Launched in June 2021, the Fund is a public-private partnership that is helping small businesses and nonprofits recover, expand and thrive. Almost 700 loans have been made to date and there is still almost $45 million available in loans with fixed, low-interest rates of 3% and 4% available for eligible small businesses and nonprofits.
The Fund, supported by the Washington State Department of Commerce, works with and through local Community Development Financial Institutions (CDFIs), such as Verity Credit Union, which has been serving for decades the types of under-resourced communities and underbanked businesses the Small Business Flex Fund aims to help.
“At Verity, we want to ensure that our region’s smallest businesses and nonprofits have equitable access to flexible loans to help with their recovery from the pandemic,” said Tina Narron, Chief Lending Officer at Verity. “We are thrilled to be participating in this program and look forward to continuing to serve our community in innovative ways.”
Interested applicants can pre-apply online and, if they qualify, are matched with a lender. Once matched, the participating lender assists the business owner throughout the application process and provides additional advisory support.
The Small Business Flex Fund’s online application and matching platform is hosted by Community Reinvestment Fund, USA a national CDFI based in Minneapolis, MN. Verity joins several other CDFIs in originating loans purchased by the Fund. This network of lenders has decades of experience serving Indigenous, rural and immigrant communities, as well as communities of color across Washington.
The CDFIs are also supported by leading technical assistance and business support organizations including Business Impact Northwest’s Washington Women’s Business Center, Food Business Resource Center and Veterans Business Outreach Center, Center for Inclusive Entrepreneurship (CIE), the Minority Business Development Agency – Tacoma Business Center, Sister Sky Inc., Spokane Neighborhood Action Partners’ (SNAP) Financial Access and Women’s Business Center, Ventures and the Washington Small Business Development Center (WSBDC).
For more information and to apply, visit: www.SmallBusinessFlexFund.org or contact Verity Business Services at business.services@veritycu.com. To learn more about some of the businesses and nonprofits that have benefited from the program, visit SmallBusinessFlexFund.org/borrowers-stories.
About Verity Credit Union
Verity Credit Union is one of Washington State’s longest-standing credit unions, putting people, the planet, and prosperity for all above the bottom line. Our mission is to make meaningful, positive, and lasting change by partnering with our members and communities to co-create solutions. As a socially-responsible financial institution, about 95% of our deposits support the local economy and members with loans big and small to improve the well-being of businesses and individuals, especially those who have been historically left out of the financial system. We are one of few financial institutions with a Black woman CEO and leadership team and board that identifies predominantly female, allowing us to embody the change we’re working towards. Together, we can create stronger, healthier, more sustainable communities by making-people centric decisions.
