Low-Cost Funding for Your Small Business

Get the funds you need to keep your small business moving forward with the Small Biz Loan.

Small businesses often run into obstacles when seeking funds to invest in growing their businesses. In fact, many often turn to short-term borrowing options, such as credit cards, for long-term investments (e.g., equipment upgrades, staff training, new technology). To help expand funding options available to Washington County small business owners, EDWC has carved out a portion of Washington County’s Impact Loan Fund to create the Small Biz Loan program.

This program offers small businesses in Washington County a streamlined application and approval process, allowing them to access necessary funds quickly and efficiently. By providing flexible, low-cost loans during a time of high inflation and supply chain challenges, EDWC aims to empower business owners to sustain operations and grow.

WashCo Small Biz Loan at a Glance

• Loan Amount: $25,000
• Fixed Interest Rate: 5.50%
• Term: 5 years
• Amortization: Interest only payments only for 6 months followed by payments of principal  and interest thereafter for the remaining 54 months of the note.
• Prepayment: Full prepayment is permitted at any time after 12 months after the date of the note without a penalty. Partial prepayments will not be accepted.
• Borrower Guarantees: Unlimited personal guarantees of all individuals with 20% or greater ownership of the borrower; corporate cross-guarantees of any related entities.
• Collateral: None

How Do I Apply?

The application process requires the applicant to pass a pre-qualification questionnaire, complete the online application and pass a credit check for all owners of 20% or greater.  There is a nonrefundable or transferable $100 application fee.

The Application Process:

• Complete Online Pre-Qualification Questionnaire

If pre-qualification is approved:

• Create User Account
• Complete Online Application Form
• Submit $100 nonrefundable or transferable Application Fee
• EDWC to send an email with attached Owner Certification and Disclosure Form to the applicant
• Complete these forms, login to user account and upload documents in applicant’s secure portal
• EDWC to complete a credit check on all owners with 20% or greater ownership, minimum score of 680 is needed

If approved for the Small Biz Loan:

• EDWC provides Letter of Approval
• Upload Additional Required Documents within 7 Days of Approval
  • Personal Financial Statement (PFS) from all owners of 20% or greater ownership
  • Corporate Tax Returns from previous year
  • Completed W-9
  • Completed ACH Authorization Form
  • Cancelled Business Bank Check or Account Confirmation Letter from your Bank

EDWC will review all the required documents and may reach out to you directly through email if additional information is needed.  After all documents have been reviewed and approved, applicants will be contacted to schedule a loan closing appointment.

All owners with a 20% or greater stake are required to sign, in person, the Personal Guarantee, Promissory Note, and, if applicable, a Business Guarantee for any affiliated business. EDWC will present the funds check at the time of loan closing.