Small companies in Lakewood, from start-ups to those that are well-established, now have a new funding source that could help them grow their businesses.
 
City officials have allocated Community Development Block Grant funding that is specifically designed to create and retain permanent jobs at for-profit companies.

The total amount of the CDBG loan pool is about $75,000. From this pool, local business owners can apply for loans up to $35,000. For a business to be eligible, 51 percent of the employees they hire through the loan program must be low to moderate income and the business must create at least one new job within two years for every $35,000 borrowed.

Additionally, businesses need to be defined as a microenterprise, which is a company with five or fewer employees (one of which can be the owner) and need to be located in Lakewood.
 
In addition, there is a $12,000 Technical Assistance Grant Program designed to help small businesses with all aspects of starting and running a business, including marketing, management, finance and strategic planning.

The new CDBG program is being administered through Community Capital Development, a nonprofit economic development organization that, as a part of its mission, promotes lending and economic opportunities to under-served populations. In addition to CDBG loans, Community Capital Development has another $75,000 made available through private funding sources that can be used in tandem with CDGB funds.
 
Business owners can apply for CDBG loans through the South Sound Washington Business Center.