Find the best business loan rates (2021)

LOCATION & INDUSTRIES

Small Business Loans in Washington State

  • Apply in under 2 minutes
  • Get funds as fast as 24 hours
  • Applying won’t impact your credit score
By Erin Ryan Senior Writer, Editor and Social Community Manager at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Loan Amount Up to $500,000
  • Estimated Repayment Terms 1-5 Years
  • Interest Rate Starting at 7%
  • Speed of Funding As fast as 1 day

While running a business in the Evergreen State can certainly be profitable, it isn’t always easy. Whether you’re looking to grow your operation, cover an unexpected expense or purchase costly equipment, business financing can help. Discover lenders for small business loans in Washington state, and find other helpful resources too.


Washington’s Small Business Landscape

Washington is home to more than 647,000 small businesses, according to the Small Business Administration (SBA). Additionally, these businesses employ 1.4 million workers. 

Some of the biggest industries include:

  • Aerospace
  • Construction
  • Forestry
  • Trade
  • Food and agriculture
  • Information and communication technology

How to Get a Small Business Loan in Washington State

When you’re researching how to get a business loan in Washington state, consider that you’ll need to gather the documents lenders will want to see. Examples of these include business bank statements and profit-and-loss statements. Keep in mind, different lenders will have varying requirements when evaluating loan applicants. For instance, credit score and revenue requirements can vary by lender or loan type.

Related: What Credit Score Do I Need for a Loan?

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5 Banks for Small Business Loans in Washington State

1. HomeStreet Bank

This lender has a 4.9-star rating from more than 2,700 reviewers on WalletHub, a site that’s also awarded HomeStreet a 2021 Best Bank in Washington designation. Additionally, the bank is accredited with the Better Business Bureau (BBB), where it has an A+ rating.

In addition to being an SBA Washington state lender, HomeStreet is a financing provider of the following:

  • Dental practice lending 
  • Veterinary practice lending 
  • Medical practice lending 
  • Legal practice lending
  • Commercial term loans
  • Commercial lines of credit
  • Owner-occupied commercial real estate loans

2. Wheatland Bank

Wheatland Bank is another BBB-accredited bank with an A+ rating. It’s also been awarded 4.6 stars by WalletHub reviewers. Whether you’re in search of SBA loans in Washington State or another type of financing, you’ll find it here, including:

  • Agricultural loans
  • Business credit cards
  • Business term loans
  • Business lines of credit 
  • Construction and development loans
  • Commercial lending and real estate loans

3. North Cascades Bank

North Cascades Bank has a 4.4-star Facebook rating and a 4.2-star WalletHub rating. It’s also A+ rated with the BBB. This SBA lender in Washington State offers 7(a) and 504 loans. Additional available financing options include the following:

  • Agricultural loans
  • Agricultural lines of credit
  • Working capital loans
  • Equipment loans
  • Operating lines of credit

4. Riverview Community Bank

This financial institution has a 4.1-star Facebook rating. Additionally, WalletHub has named it a 2021 Best Bank in Washington, and reviewers on the site have awarded it a 4.1-star rating. In addition to offering SBA Washington state loans, including 7(a) and 504 funding, this bank offers these financing options:

  • Business credit cards
  • Real estate financing
  • Business lines of credit 
  • Business term financing
  • Equipment loans

5. Sound Community Bank

Founded in 1953, today this bank has grown to include 8 branch locations and 1 loan production office. It’s earned a 4.1-star Facebook rating and a 4-star WalletHub rating. Available small business loans at this Washington state bank include the following:

  • Business term loans
  • Business lines of credit
  • Construction loans
  • Business credit cards
  • Commercial real estate loans

Alternative Financing Options in Washington State

While conventional lenders, such as the banks listed above, can offer competitive rates and terms, the process to apply and get funded can take some time (and require a lot of paperwork). 

As a result, many entrepreneurs are considering alternative online lenders, who are known to offer faster approvals and less stringent qualification requirements. In return, borrowers should expect more frequent payment installments, shorter repayment terms and higher interest rates. 

Consider how you stack up against the lender’s requirements to qualify and what type of turnaround you need when you’re evaluating financing providers.

  • Applying for Business Financing in Washington Through Fast Capital 360

    If you’d like to apply for an SBA loan for your Washington state business or another type of financing, we can help. 

    Here’s how you’ll benefit:

    Speed

    Take a few minutes to complete our easy online application, which doesn’t impact your credit. 

    Multiple Offers

    Your single application could return several funding offers. That’s because we partner with multiple lenders throughout the U.S. 

    Expert Guidance

    A Fast Capital 360 Business Advisor will review your offers with you. Choose the option that works best for your business. 


Additional Resources for Washington State Entrepreneurs

In addition to financial assistance, find training and tools to help you succeed. Here are a few organizations you can turn to for support with other business needs.

SCORE

This nationwide nonprofit has been in operation since the 1960s. There are 20 locations in Washington state alone. Find a business advisor and get free 1-on-1 mentoring. Also, sign up for workshops or view webinars on topics of interest. Additional online resources include document templates, articles and videos.

Seattle Good Business Network

Seattle Good Business Network describes itself as “a coalition of residents, local businesses, non-profits and municipal organization.” The website is an online hub with links to numerous resources in the state. Get information on funding assistance, find marketing resources and access webinars. Also see fulfillment and shipping recommendations, government resources and workforce support.

Washington Small Business Development Center

Sponsored in part by the SBA, the Washington Small Business Development Center is committed to assisting startups as well as experienced business owners. Get help with market research, cybersecurity, exporting or business planning. Business advising sessions also are available, as are online guides end checklists.

One application. Multiple loan offers.

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