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Washington State Small Business Loans

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Small business owners in Washington State have to contend with the same challenges as businesses in other states when it comes to acquiring a loan from a traditional bank. A traditional bank’s stringent requirements shut out many small businesses that can’t meet the requirements and have very little flexibility.

AdvancePoint capital has a marketplace that can fill the void when banks say no. Let’s dive into the different products that are available for small businesses.

The 8 Best Small Business Funding Options for Washington State

Long-Term Small Business Loans​

Long-term business loans are loans with repayment periods of greater than two years. The cost of this type of loan is based on principal and interest charges. The terms are a lump sum offered upfront, with a fixed term in years, and a fixed monthly payment. It does not function like a line of credit where you can draw funds as you go. The most common use of funds is for expansion, general growth, or to finance large, long-term projects.

Product Overview

Rates: Interest rates starting at treasury index plus 1% to 2.5%
Terms: Most commonly 2 to 10 years
Fees: Origination fees thatrange from 0% to 3%
Payments: Monthly
Credit Standards: Good to excellent credit history preferred but all credit considered
Processing Times: 2 days to a week

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Long Term Business Loans

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Small Business Line of Credit

A business line of credit is a revolving open line of credit similar to that of a credit card. The product offers flexibility by allowing you to draw funds on demand without approval or to make purchases up to a specific credit limit. A line of credit charges a principal and interest rate. Although a line of credit is open-ended, credit renewal is required either semi-annually or annually to be extended.

Product Overview

Rates: Interest rates starting at treasury index plus 1% to 2.5%
Terms: Revolving open line of credit with renewals semi-annually or annually
Fees: Origination fees that range from 0% to 3%
Payments: Monthly, bi-weekly or weekly payments
Credit Standards: Good to excellent credit preferred, all credit considered
Processing Times: Same day to 5 days

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Business Line of Credit

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Short-Term Small Business Loans

Short-term business loans have a repayment period of 6 to 18 months. This loan is an option when traditional options are not available due to qualifications. This loan features a lump sum of money offered up front with a fixed payback amount calculated using a “factor rate”. Short-term business loans are popular with businesses because of the reduced documentation requirements and credit tolerances that are laxer than traditional loans. Short term loans have higher approval rates than traditional lending options because of the shorter term and higher costs to compensate for credit risk.

Product Overview

Rates: Factor rate range from 1.09% up to 1.45%
Terms: 6 to 18 months in duration (typically 12 months or less)
Fees: Origination fees range from 0% to 5%
Payments: Weekly, bi-weekly and in some cases daily
Credit Standards: All credit types considered
Processing Times: Same day to 24 hours

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Short Term Business Loans

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Business Cash Advance

A business cash advance (BCA) is also known as a purchase of future sales agreement. The business receives an advance lump sum upfront and is then responsible for paying back a fixed amount. The difference between the advance amount and the payback amount is called the “factor rate or cost.” This is a fixed cost, not principal and interest. The advance is repaid by taking a fixed percentage (specified percentage) of future overall sales deposits. The payments are collected by an ACH fixed daily or weekly from the business bank account based on the specified percentage of future sales. There is no term limit due to fluctuating future sales.

Product Overview

Rates: Factor rates 1.09% up to 1.45%
Terms: No term limits. Payments based on future sales
Fees: Origination fees from 0% to 5%
Payments: Weekly or daily
Credit Standards: All credit considered
Processing Time: Same day to 48 hours

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Business Cash Advance

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Merchant Cash Advance

A merchant cash advance (MCA) is also known as a purchase of future sales agreement and is very similar to a BCA. The biggest difference is the repayment process, which is connected to future credit card sales instead of overall sales. MCA’s take a set percentage of future credit card sales at the time of batch of credit cards until the advance is paid back in full. Small businesses prefer MCA because they have fluctuating sales connected to credit card sales and not overall sales and don’t want to be locked into a fixed payment.

Product Overview

Rates: Factor rates ranging from 1.09% up to 1.45%
Terms: No term limits (payoff depends on future credit card sales)
Fees: Origination fees that range from 0% to 3%
Payments: Set percentage of future credit card sales
Credit Standards: All credit considered
Processing Time: Same day to 48 hours

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Merchant Cash Advance

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Equipment Financing in Washington State

Small businesses that rely on equipment to operate often require equipment financing for the purchase of equipment due to the large upfront costs of equipment. Equipment financing secures the equipment as collateral. The requirements demand good to excellent credit, but there is limited paperwork required for processing and approval.

Product Overview

Rates: Factor rates 1.09% up to 1.45% or interest rates from 4.5%
Terms: 2 to 7-year terms
Fees: Origination fees range from 0% to 3%
Payments: Weekly or daily
Credit Standards: Good to excellent credit preferred
Documentation: 1-page Application and invoice for equipment
Time Frames: Same day to 3 days

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Equipment Loans

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Small Business Administration (SBA) Loans

The Small Business Administration (SBA) administers loan programs and sets guidelines and loan guarantees to approved lenders throughout the State of Washington. SBA’s mission is to promote programs and resources that help the economic development of small businesses. The SBA is not a lender. They provide guarantees to approved lenders to cover the risk. This guarantee gives the approved lender the ability to take on the risk of lending under SBA terms, which are very attractive to small businesses. Approved lenders would not make those types of terms if not for the SBA guarantee. SBA loans are highly sought after by small businesses.

In response to the Coronavirus (Covid-19) crisis, the Small Business Administration developed a new disaster assistance program for small businesses call the SBA Paycheck Protection Program loan. This program was designed to provide financial relief and support in the form of disaster loans to impacted companies who needed capital to maintain their employees’ jobs through the crisis. For additional information and resources related to the SBA programs dealing with the Coronavirus (COVID-19) crisis, contact AdvancePoint Capital.

Product Overview

Rates: Interest rates, treasury index plus 1% to 2.5%
Terms: 3 to 25 years
Fees: Origination fees 0% to 3%
Payments: Fixed monthly payments
Credit Standards: Good to excellent credit preferred, all credit considered.
Processing Time: 1 week to a month depending on application volumes or other economic conditions

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Small Business Administration (SBA) Loans

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Invoice Factoring

Invoice factoring advances money on invoices that have been issued to clients but not collected. This solution provides cash quickly. There is no need to wait for outstanding invoices to be paid by the client with invoice financing in place. Invoice financing costs range from 1% to 2.5% fee off of the face value of the invoice advanced. The invoice financing takes on the responsibility of collecting the invoices that have been advanced to the company.

Product Overview

Rates: None
Fees: 1% to 2% fee on the invoice. Monthly service fees depending on the volume of invoices factored
Credit Standards: Credit of the clients need to be favorable NOT the small business owner advancing off invoices
Processing Times: 1 to 2 weeks to set up the invoice financing relationship. Invoices can be advanced daily once they are created.

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Invoice Factoring

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Frequently Asked Questions

  • Emergencies        
  • Working Capital        
  • Cash Flow Shortages        
  • Expansion        
  • Advertising/Marketing/Customer Acquisition      
  • Equipment  

It is not difficult to obtain business financing in the State of Washington. There is a marketplace full of products to assist your needs that go beyond traditional bank financing.

Washington State business owners with bad credit have many options to choose from. Funding products and terms will vary based on how bad the credit and financial condition is.

Washington State is the 13th largest state by population, with more than 7.6 million people. 60% of the state’s population is located in the Seattle metropolitan area, including Pierce County.

The only funding product that is true no-documentation is business credit cards. There are alternatives to full documentation such as reduced or limited documentation loans that may work for you if you are trying to avoid showing some negative information. As a general rule, terms will be less favorable the less documentation you provide.

Getting a start-up loan in the State of Washington or any other state for that matter is difficult and challenging. SBA loans are the primary source for start-up financing, and you will have to come up with collateral and a mound of paperwork to get approved. Your search will also need to include non-traditional means to raise capital to start a business (for example, private sources or investors).

Applying for a loan with AdvancePoint Capital is as simple as 1, 2, 3. Start with this online form (including email), then fill out the short application page, wait a few hours for your approval, and then get your money!

The fast, convenient, and straightforward way to get the money you need for your business – now!

Get your quote today by filling out our simple form.