Small Business Resources
The City of Federal Way recognizes that small businesses are the true backbone of our local economy. Nurturing and helping small business grow is the key to continued economic prosperity. For these reasons, the city takes an active role in promoting and helping offer assistance to small businesses in Federal Way.
Community Development Block Grant (CDBG) Business Programs
The City of Federal Way currently offers three programs that use CDBG funds to directly assist local businesses: Small Business Loan Program, Microenterprise Loan Program, and the Commercial Business Exterior Improvement Program. The Community Development Block Grant (CDBG) program is sponsored by the U.S. Department of Housing and Urban Development (HUD) and it is administered locally through the City of Federal Way.
Small Business Development Center
- Small Business Loan Program provides loans in the $25,000 to $75,000 range for commercial businesses. Borrowers are required to create at least one job (for a low- to moderate-income resident) for every $35,000 they borrow. The funding is required to be matched with private capital and the city requires security for its portion of the loans, with a repayment schedule similar to a commercial lender.
- Microenterprise Loan Program offers smaller loans in the $5,000 to $25,000 range and targets small entrepreneurs.
- Commercial Business Exterior Improvement Program provides up to $10,000 in matching funds in the form of a zero interest, five-year, forgivable loan to commercial building owners (or tenants with owner approval) within the city. The program provides a financial incentive to improve exterior building facades, remove code violations, and reduces the spread of blight within the city and requires job creation.
The Highline College Small Business Development Center (SBDC) is directly funded by the City of Federal Way to provide a wide range of assistance to Federal Way's small business. The SBDC offers both one-on-one assistance, as well as seminars, related to business plans, marketing plans, business growth plans, loan applications and more. For more information, feel free to contact SBDC business advisor Rich Shockley
Cascadia MedTech and Cascadia Velocity Business Incubators
Assistance to early-stage technology companies is provided through two locally based business incubators. Cascadia MedTech supports business founders with innovations in medical technologies, while Cascadia Velocity helps those in clean technology, energy efficiency software, robotics, and hand-held devices. Initial discussions are free of charge, and on-going support is provided at either low cost or by the incubator taking a small stake in the success of the business. Support is focused on commercializing the opportunity the founder has identified. This support can include, for example, intellectual property protection, company formation, detailed product design, supply chain, marketing, and business modeling.
For more information visit the incubator web sites www.cascadiamedtech.com and www.cascadiavelocity.com. You may contact the incubators via and .
Federal Way Chamber of Commerce
The Federal Way Chamber of Commerce also offers small businesses outstanding networking and business-to-business relationships, as well as monthly luncheons featuring intriguing and educational speakers, plus leadership, education and advisory services and functions. For more information, please contact the Federal Way Chamber at 253.838.2605.