SNEDA’s primary focus is to provide financing, either directly or through commercial banks and other lenders, for companies that are expanding and have potential to increase employment in Spokane. We work with healthy companies and nonprofits that have solid business plans and reasonable financial strength to link them to local lenders who can meet their needs. For those that are not yet commercially bankable, we have developed some new sources of financing, including two Revolving Loan Funds: one that has almost $220,000 available for local business lending and the other with almost $250,000 available for local nonprofits, especially developers of affordable housing. We have also developed relationships with several regional and national organizations that could augment our loan fund or loan directly to businesses in Spokane.
SNEDA loan Q&A
How much can SNEDA loan?
SNEDA’s Revolving Loan Funds normally make loans to a business or nonprofit between $10,000 and $75,000. We also work with banks and other organizations to link businesses to appropriate financing for larger amounts.
What are the terms of SNEDA loans?
Businesses
SNEDA’s fixed interest rate is in the range from Prime plus 5% to Prime plus 12%, largely depending on the borrower’s credit-worthiness and business risk. The loan term is up to five years, determined by use of funds and collateral. Loans can be used for most business purposes.
Nonprofits
SNEDA's interest rates are largely dependent on the borrower's credit-worthiness and business risk. The loan term is up to five years, determined by the use of funds and collateral. Loans can be used for most business purposes, e.g. nonprofit developers of affordable housing usually borrow to fund pre-development expenses and land banking.
Application Fee
There is a non-refundable upfront application fee of $100 and an additional fee, which can be included in the loan, for the hands-on assistance of our loan officer in preparing the loan package with you.
Who is eligible for a SNEDA loan?
Loans from SNEDA’s Revolving Loan Fund are available only to businesses and nonprofits located in the specific neighborhoods we serve. Please contact us at (509) 444-7633 to find out whether your company or nonprofit is within our boundaries. If you are outside our area, or need more than we can directly lend, we may be able to assist you in finding suitable financing.
How to Apply
To begin the loan process, SNEDA asks all potential borrowers to complete the iCAN loan application. The iCAN loan application can be accessed at www.icanloan.com. Our staff is available to provide hands-on assistance with completing the loan application, and to answer questions regarding the loan process. Please call 509-444-7633 to make an appointment.
For more information, please contact
Eric Loewe at (509) 444-7633
