March 19, 2018

The National Development Council announces that the organization is reviving the Skagit County Revolving Loan Fund to increase lending and training for small businesses that are growing and hiring, particularly in low-income areas.

The National Development Council (NDC) is the most experienced and comprehensive economic development organization in the US, and has been actively providing small business loans since 1992. By taking over the Skagit County Revolving Loan Fund, NDC is committed to providing larger loans as well as trainings for business owners to help them better manage their financials and increase hiring.

“NDC has been building small business capacity, particularly in under-served communities, for decades,” said Melissa LaFayette, loan officer for the Skagit County Loan Fund. “Our experience has taught us that there is no shortage of entrepreneurial spirit in rural communities. What’s missing is access to affordable capital, as well as hands-on training. Putting these two things together makes all the difference between a small business that struggles and one that thrives.”

John Sternlicht, CEO of the Economic Development Alliance of Skagit County (EDASC) states, “Our community will benefit from the National Development Council’s expertise and resources in economic development and finance, focusing on small businesses and rural communities. We’re happy to have them as partners and are looking forward to many years of their support for Skagit County businesses.”

NDC will increase the typical loan size, which previously maxed out at $80,000, to between $100,000 and $500,000 using the SBA 7(a) program. NDC will target existing businesses (at least two years old) that are looking to grow and hire new employees. Funds can be used to buy machinery and equipment, to finance tenant and real estate improvements, as well as provide working capital. The loan fund can be accessed by any business in Skagit County, but NDC will target lending to businesses in low- and moderate-income areas where capital is most needed.

Additionally, NDC will conduct small business training sessions. The first two trainings, in partnership with the Economic Development Alliance of Skagit County (EDASC) and America’s SBDC Washington, will help business owners:

  • – Save time by demystifying financials
  • – Understand what to track and why it is important
  • – Identify when additional capital will catapult your business to the next level
  • – Learn how to engage lenders

Specific topics include:

  • – the “why” of maintaining current and accurate financial records
  • – using QuickBooks to generate the reports you need to successfully guide your business into the future
  • – empowering critical decision by understanding 3 financial statements
  • – the importance of determining your company’s cash needs and cash flow forecasting
  • – preparing for growth and building value

Course Information:

Cash Reigns Supreme

Thursday, March 22 from 10am-2pm

How to Get a Loan

Thursday, April 19 from 10am-2pm

For more information or to register, visit www.skagit.org or call (360) 336-6114.

 

To Learn More about the Skagit Loan Fund Contact:

Melissa LaFayette

mlafayette@ndconline.org

206-254-2800 x208