The City of Vancouver has launched a new citywide $2.4 million Revolving Loan Fund designed to expand access to capital for small businesses. Business Impact NW has committed $1.2 million in matching funds. The Fourth Plain investment area will receive $1.2 million in dedicated funding. The Revolving Loan Fund is part of the City’s recently adopted Five-Year Economic Development Strategy and supports the City’s Fourth Plain for All Investment Strategy. Loan applications are now open, with funding expected to begin in June.
The program supports businesses that are opening, stabilizing, or growing but may not qualify for traditional financing. Eligible businesses may use loan funding for equipment, working capital, rent, wages, and other business needs. “This fund is a critical step toward expanding economic opportunity in communities that have historically faced barriers to growth,” said Small Business and Entrepreneurship Program Manager Victor Saldanha. “Our partnership with Business Impact NW will help us increase access to capital right away while we lay the groundwork for a locally rooted financial institution that can serve Vancouver’s small businesses for years to come.”
The Revolving Loan Fund will be administered by Business Impact NW, a nonprofit Community Development Financial Institution (CDFI) that specializes in supporting underbanked entrepreneurs through flexible financing and technical assistance. “This revolving loan fund represents the shared commitment of Business Impact NW and the City of Vancouver in building an economy where small businesses can take root and thrive,” said Kyle Lovell, Chief Lending Officer at Business Impact NW. “This fund will ensure that capital keeps flowing back into the hands of local entrepreneurs, fueling growth, creating jobs, and strengthening the fabric of our community for years to come.”
The fund is initially capitalized with $1.2 million in federal American Rescue Plan Act (ARPA) funding received by the City. Its primary purpose is to increase access to capital for businesses unable to secure traditional financing.
Businesses must be located within the Fourth Plain area to qualify for City-funded loans through this program. Businesses can verify eligibility by checking their business address. Businesses located outside the Fourth Plain investment area may still qualify for a range of other Business Impact NW loan options. Business owners interested in exploring available financing options can contact Business Impact NW’s lending team at lending@businessimpactnw.org or visit https://businessimpactnw.org/about-our-loans/
