If you are looking for financial assistance to establish or expand your business in Kitsap County, there are a wide variety of options available. Funding options range from traditional bank loans to specialized loan programs, from venture capital funds to angel investing.
Funding for Business of All Sizes
Standard business loans are available through the large number of banks and lending institutions that reside in Kitsap County. Having your business plan and financial papers prepared prior to your meeting with your local business banker puts you ahead of the game. Specialists at the Small Business Development Center - Bremerton provide confidential, no-charge assistance in reviewing your business and financial plans.
Specialized and alternative loan programs are also an option, with programs administered by Craft3, Evergreen Business Capital, Washington CASH, Community Capital Development and the U.S. Small Business Administration (SBA) loan programs. Washington State Department of Commerce and the SBA both provide listings of several funding opportunties.
A wide variety of organizations make funding grants available to businesses—particularly businesses in high-technology fields engaged in research and developmen -- including Innovate Washington, grants.gov and the federal SBIR (Small Business Innovation and Research). Be prepared for extremely rigorous and competitive application processes when going after grants.
Industrial Revenue Bonds
The Washington Economic Development Finance Authority (WEDFA) is an independent agency within the executive branch of state government that has the authority to issue nonresource development bonds on both a taxable and tax-exempt basis for qualifying projects. WEDFA's bond programs include Tax-Exempt Industrial Revenue and "Exempt Facilities" Bonds, and the "Taxable Tail" Consolidated Taxable/Tax-Exempt Nonrecourse Revenue Bond Financing Program.
Venture capital is a long-term investment provided by professionals to young, rapidly growing companies that have the potential to develop into significant economic contributors. Venture capital firms are generally private partnerships or closely held corporations funded by various sources, such as private and public pension funds, endowment funds, foundations, corporations, foreign investors, and the venture capitalists themselves. Venture capitalists often take a "hands on" approach to investing and will expect to be an active participant and decision maker for firms they invest in.
Obtaining venture capital funding is extremely competitive. For investment consideration, a firm's technical and business merits are screened. Venture capitalists invest in other companies because they want to see significant positive financial returns. Only companies that show the most promise at success and growth are likely to receive venture capital funds. Technology and biomedical companies have been popular choices for venture capitalists in the past few years.
Small businesses and new emerging companies need money to grow. Frequently, they can find it difficult to find the necessary capital through bank loans. This is where "Angel Investors" can play a big part in the success of the continued growth of a company. Angel Investors typically have more leeway than more traditional lenders and investors in the kinds of businesses they can invest in, such as small businesses that have smaller marketplaces and smaller returns on their investment.