Commerce partners with Grow America to launch Revenue-Based Financing Fund

The new partnership is supported by the U.S. Department of Treasury through the Washington State Small Business Credit Initiative (SSBCI)

OLYMPIA, Wash. – The Washington State Department of Commerce just launched the Revenue-Based Financing Fund (RBF) loan program for small business. This much-anticipated program is aimed at increasing access to capital for small businesses in Washington state, particularly those that have been historically underserved or underbanked.

“This is one of the most innovative loan programs we've ever launched,” said Commerce Director Joe Nguyễn. “It's not a typical business loan. It's a Pay-As-You-Earn loan that works with the reality of running a small business. Instead of fixed monthly payments, businesses repay based on what they actually make. So if sales slow down, payments stay low. If business picks up, payments adjust. It's flexible, it's fair, and it's the kind of practical solution we need to support small businesses across Washington.”

Commerce oversees the State Small Business Credit Initiative (SSBCI) programs in Washington. Of the $163 million in funding from the U.S. Treasury’s SSBCI program, $25 million is dedicated to the RBF loan fund. 
The Revenue-Based Financing Fund is an alternative to a traditional bank loan, with repayments that are customized to a business’s needs and tailored to the business’s net income. It’s especially helpful for seasonal businesses, such as event venues, florists, caterers and tourism-focused enterprise.

Grow America is the fund administrator of this program on behalf of Commerce.

“At Grow America, we’re excited to launch the Washington Revenue-Based Financing Fund,” said Daniel Marsh III, Grow America president. “This program offers flexible capital, empowering Washington's small businesses, especially entrepreneurs, to scale operations and achieve sustainable success.”

Borrowers can apply for this program through Washington’s Revenue-Based Financing Fund - Grow America. More information about all of Washington’s SSBCI programs can be found on the Commerce website at Access to Capital for Washington State Companies.