Thurston EDC’s Center for Business & Innovation Covid 19 Business Hotline :
1 (888) 821-6652
Monday – Friday 9:30am-3:30pm
A live person will assist you with questions and directions to current resources available for Businesses in Thurston County.  This hotline is brought to you by the City of Olympia!

Welcome to the Thurston Economic Development Council’s

COVID-19 Resource Page

First off, we know these are trying and uncertain times for businesses. We are here to help any way we can.

We are asking for businesses to fill out the Economic Injury Form (English) Economic Injury Form (Vietnamese)  IMPORTANT: SAVE A COPY OF THE FORM TO YOUR COMPUTER BEFORE YOU BEGIN FILLING IT OUT OR IT WON’T SAVE YOUR ENTRIES WHEN YOU EMAIL IT TO US. SEND IT TO [email protected]

This form can be used to track the impact Covid-19 is having on your business. You can fill this form out as frequently as you wish. Just make sure you indicate the date range.  These forms are collected and used to request additional funds from local state and government agencies.

Quick Reference:

Washington State’s official COVID-19 website is https://coronavirus.wa.gov/ It is maintained by the state Joint Information Center (JIC). The JIC is part of the Washington State Emergency Operations Center operated out of Camp Murray.

COVID-19 Funding | Business Resources | Virus Information Resources 

COVID-19 Funding Available

Grants

We know that the impact right now on businesses and sales is real and significant. The truth is that grant money at the moment for businesses is minimal and often available for small geographic areas.

The City of Lacey Small Business Grant Application will go live on Monday, March 30, 2020 on this page. Please check back!

We will continue to update this page as new grants are made available.

Loans

We recommend you talk to your local lender from your current bank about options for lending. Banks are eager to support their clients right now and it is likely the quickest way to access capital. Even if you do not need the capital now it is not a bad idea to secure a line of credit in the event that you may need it. We recommend you talk with an advisor about planning for your cash flow needs and be sure that you’ll be able to afford a loan payment. If you currently have a loan and are concerned about meeting the payment terms and dates, please reach out to them to see about options during this time.

SBA’s Economic Injury Disaster Loan

The EIDL is available to those who qualify both nonprofits and for profit businesses. They have a low interest rate with a max rate of 4%.

Check out the Fact Sheets (English | En Español), Three-Step Process, and Loan Application.

In addition to the SBA EIDL program, other SBA loans that may be able to support you now. SBA loan providers can be found at many local banks. If you need assistance connecting to a SBA loan officer check out Lender Match is an SBA site to introduce applicants with SBA lending partners utilizing our regular loan products.

Do you currently have an SBA loan?

Did you know you can apply for a 90-day payment deferral? Reach out to your lender who helped you secure the SBA loan to obtain the correct forms. Through SBA’s regular policies, SBA participating lenders have some servicing flexibilities where they may be able to work with you on payment deferments, loan modifications, etc.

In addition to traditional commercial lenders, the SBA has micro-lending partners where loans offered range from $500 to $50,000. SBA provides funding to these organizations who then re-lend this money to qualified small businesses. The microloan program may be a fit for relatively small financing needs or in instances where a loan applicant is having difficulty obtaining financing from a traditional lender. The active SBA micro-lenders in the area include Business Impact Northwest, Ventures and MercyCorps Northwest.

SBA-Related Links To Explore

Business Resources

At this time, businesses should go into recession planning mode, and currently, the Washington Small Business Development Center is recommended to put together a six-month recession plan. The people who help you start, run, and grow your business are the same resources that can help you now. They can help you prepare a plan, help you cash flow plan, and help you prepare for loan applications. Check out the following local resources:

The Washington Small Business Development Centers

The WSBDC’s are ready to support you. An SBA-funded program that has existed for more than 40 years is here to help! Their advisors have owned businesses and completed extensive training to become a certified business advisor. These services are paid with your tax dollars and offered at no charge to you. Locally in Thurston County, we have two advisors and many more across the state. They offer one on one online and phone sessions during this time as well as many group webinars.

SCORE

www.score.org

For over 50 years, SCORE has served as America’s premier source of free business mentoring and education. As a resource partner of the U.S. Small Business Administration (SBA), SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources since 1964. They are offering online and phone sessions with their many mentors across the country.

You can search for a mentor by industry or topic at www.score.org.

Additional Resources SCORE has for businesses:

WCWB- Washington Center for Women in Business

The WCWB is a program of the Center for Business & Innovation (CB&I), whose mission is to empower entrepreneurs to succeed in business by providing coaching, training, and technical assistance on a wide variety of topics. Right now web-based delivery methods and phone services are available throughout most of the State of Washington. We can serve you in English or Spanish.

Keep an Eye on these Up-To-Date Resources