Business Program Loan Deadlines Near

A fast-approaching deadline for loan applications will shut out women and minority business owners, the head of the agency that administers the program said Monday.

The Northwest Business Development Co. has more than $220,000 to lend by the end of June, President Tony Rund said.

He said the money was appropriated by the 1995 Washington Legislature, which established two programs to administer the funds.

One used banks, the other agencies like Northwest Business Development, which handles the program for Spokane city and county.

So far, Rund said, his agency has made only two loans, one each in the city and county. Both went to women, and the total awarded was $73,600. The interest rate is fixed at 10 percent.

Rund said enthusiasm for the program has lagged because of a requirement that one job be created for every $35,000 loaned. For many businesses, the cost of an additional employees outweighs the benefits of a low-cost loan, he said.

Rund said he will make one last push for applications using a mailing list prepared by the Washington Office of Minority and Women’s Business Enterprises.

Any money not loaned will be returned to the state’s general fund.

Information about the program can be obtained by calling 458-8555.

, DataTimes