Advancing Entrepreneurs
For close to 120 years OlyFed has played a vital role in advancing affordable housing, small business growth and the overall financial well-being of our community through values-based banking. Much of this important work is the result of meaningful partnerships with organizations who are committed to improving our local quality of life.
To further build off those collaborative community relationships we’re proud to launch our Business Partner Loan Program designed specifically to help entrepreneurs start, grow and/or expand their enterprise operations throughout our region. Our goal is to help local small businesses achieve their goals and mission by providing tools, resources, care and support at every stage of their growth.
Program Benefits
Helping Expand Your Business Operations
The goal of this program is to provide greater access to capital for local entrepreneurs, while keeping financial commitments affordable to maximize profits for the greater good of the organization.
Qualified program participants receive the following loan benefits, subject to credit approval:
- A low fixed rate loan up to a maximum of $75,000* for a fixed term ranging from 36-60 months. This helps the borrower qualify for more funding, while also lowering their monthly payment.
- A reduced loan fee of 0.50% and a reduced documentation fee of $250 to help lower the down payment expenses.
- In some cases where matching loan funds are available or if there is an SBA guarantee, a borrower may also qualify for a loan with as little as 10% down. This helps keep more funds in reserves for future business needs.
Along with the financial benefits, OlyFed is committed to building a cohort of small business owners by hosting regular event gatherings to share best practices, build resource networks and to ensure local entrepreneurs are equipped with the latest insight to effectively manage and lead their enterprises. In addition, OlyFed will look for opportunities to provide marketing space in it’s facilities to help with brand awareness for its participating program businesses.
*This program has a lifetime maximum of $75,000 in loans to one borrower. All loans are subject to underwriting, collateral and documentation consistent with bank loan policies.
Who Qualifies?
Community Partnerships to Ensure Your Success
To qualify for this program, a business owner must have received a certification and/or be a graduate of one of the following organizational programs:
- Enterprise for Equity Business Planning Program.
- Business Impact NW Loan Readiness Program.
- Chehalis Tribal Loan Fund Indianprenuership Program.
- Washington State Office of Minority and Women Business Enterprises (OMWBE) Certified Businesses Program.
- Thurston EDC Washington Center for Women in Business Certified Business Program.
- Revolving Loan Fund recipient with any Washington State based Community Development Financial Development Institution or local area economic development/municipal organization that specifically requires a business to work with a technical assistance provider to qualify for their loan.
In addition, the business needs an accompanying referral/documentation by the qualified certifying business partner organization.
A qualifying business applicant must also have an established or establish a primary business banking relationship with OlyFed. That OlyFed business bank account is designed to work with the needs of each business to ensure the right banking tools are matched with each business’ distinct operating model. This means the OlyFed operating account could include direct deposit for merchant services along with payments to lease space provider, vendors and suppliers, business insurance providers and payroll to the owner and/or employees. We will work with you to ensure your business is matched with the tools to help you succeed.
Have More Questions?
We’re Here for You and Here for Good!
Our team of knowledgeable and caring bankers are here to help. Contact our Business Team today and we will follow up to answer your questions and provide more details.
