Umpqua Bank contributes $15.5 million to Washington's Small Business Flex Fund

OLYMPIA, Wash., Jan. 19, 2022 /PRNewswire/ -- The Small Business Flex Fund announced today that it has received $15.5 million in committed capital from Umpqua Bank. The Flex Fund has now raised a total of $85.5 million that will benefit small businesses and nonprofits, particularly those in underrepresented communities, across the state of Washington.

So far, the Flex Fund has provided over $27.5 million in low-interest loans to 330 small businesses and nonprofits.Launched earlier this summer, the Flex Fund is a public-private partnership aimed at helping small businesses and nonprofits recover from the impacts of the COVID-19 pandemic and grow their business again. It began with a $30 million contribution from the Washington State Department of Commerce and has since raised an additional $55.5 million from Umpqua Bank, Heritage Bank, JPMorgan Chase and WaFd Bank.Since launching in June, the Flex Fund has provided over $27.5 million in low-interest loans of up to $150,000 each to 330 small businesses and nonprofits in need. The Flex Fund works with and through local Community Development Financial Institutions (CDFIs), which serve under-resourced communities and underbanked businesses the Small Business Flex Fund aims to help.