News and Events
HCMP Assists with Small Business Flex Fund
HCMP attorneys Joel Bodansky, Christi Jacobsen, Robert Van Cleve, Michael Edwards, and Dan Goodrich, with the assistance of paralegal Mary Turtle and legal assistant Katie Meyer, recently represented the National Development Council (NDC) and CDP Washington Loan Fund (CDP-WA) in connection with the creation of the Small Business Flex Fund in partnership with the Washington State Department of Commerce and others. The Fund will provide access to low-barrier loans for small businesses and nonprofits in Washington State that have been adversely affected by the COVID-19 pandemic, with a focus on minority and other underserved communities. The loans will be originated by a network of community development financial institutions (CDFIs). The Fund will initially be capitalized by a $30 million grant from the Department of Commerce and catalytic loans from WaFd Bank and Heritage Bank. Eventually, the Fund is planned to facilitate $100 million or more in loans to small business and nonprofit borrowers.