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The ongoing economic growth in Washington State has made it the best state to get a small business loan. Small businesses represent 99.5% of all the organizations in Washington, making it the 12th largest economy in the U.S. There are over 608,956 small businesses registered in the state, which employ over 1.4 million workers. The average loan amount is approximately $300,000.
Top Washington State Small Business Loan Options
In this section, we look at the best small business loans in Washington State and briefly explain the benefits of each loan, the loan amounts, rates, and other valuable information.
With 22 branches throughout the State of Washington, 1st Security Bank has been serving both personal and business customers since 1936. The bank offers a wide variety of small business loan options, including:
- Business lines of credit. Business lines of credit are ideal for short-term financial needs, such as seasonal cash flow, working capital, equipment and accounts receivable, unexpected buying opportunities, and more.
- Term loans. 1st Security Bank also offers conventional term loans with predictable payments at a fixed rate. This financing option is ideal for longer-term asset purchases, such as capital expenditures, equipment purchases, refinancing debt, titled assets, and more.
- Small Business Administration (SBA) loans. Government-backed SBA loans offer flexible financing terms with an opportunity to get lower monthly payments. The interest rates are comparable to more traditional types of financing.
Formed in 1979 in Davenport, Washington, Wheatland Bank is an independent, locally-owned community bank. Today, the bank has expanded to include 14 branches throughout central and eastern Washington, serving over 15,000 personal and business customers.
Wheatland Bank offers a variety of business loan and commercial lending products, including:
- Business loans and lines of credit. Flexible terms and interest rates associated with this type of financing make it ideal to address short-term financial needs and manage seasonal cash flow.
- Term loans. Term loans come with a structured repayment schedule customized to match your cash flow and ability to pay. These loans can be used to finance capital improvements, purchase equipment, or finance the expansion of your business.
- SBA loans. SBA 7(a) and 504 loans are designed specifically for small businesses that may have difficulties qualifying for traditional business loans.
- Other types of loans. Wheatland Bank also offers land acquisition and development loans, as well as construction and real estate loans.
Riverview Community Bank has been providing financial support to Washington-based small businesses for over 90 years. While the bank delivers full-service banking to its customers, it also provides a variety of lending solutions that benefit local businesses and communities.
As such, small business owners are welcome to apply for:
- SBA 504 and 7(a) loans
- Business lines of credit for operational and working capital purposes
- Real estate financing for both non-owner occupied and owner-occupied properties
- Term financing f
Below is a summary table of the main features of each provider:
|Provider||Types of Loans Offered|
|1st Security Bank||
|Riverview Community Bank||
Top Online Washington State Small Business Loan Options
When looking for the best small business loan in Washington State, you should also consider online small business loans. Not only do they have a quick turn-around time, but they’re also available nationwide. We explain each provider’s benefits and features to help you make the right choice for your business.