The SEACap project is a joint partnership formed in 2019, comprised of HomeSight, Ventures, and Rainier Valley Community Development Fund, three leading community development financial institutions in South Seattle. These three people of color-led CDFI’s are leaders in providing access to capital and economic support services for low-income communities of color in South Seattle who are too often marginalized from the mainstream. The need for greater access to affordable, relevant, locally-administered small business capital for low-income immigrants, refugees, and people of color in South Seattle that are vulnerable to displacement and a history of collaboration form a strong foundation for a formal partnership to combat small business displacement.
Our mission is to provide capital and technical assistance for COVID-19 small business recovery, stabilization, and growth to low-income immigrants, refugees, women, and people of color in South Seattle whose businesses are vulnerable to displacement.
The project exists to advance the partners’ vision of creating a place-based, community-driven small business lending and business coaching program that fills critical gaps and creates synergy between the three partner organizations, and advances the larger field of community-controlled economic development in Seattle & South King County.
Who We Are
- Since 1990 the mission of HomeSight is to promote social and economic equity to preserve and enhance economically and culturally diverse communities through affordable homeownership, business development, and community advocacy.
- Since 1995 the mission of Ventures (previously known as Washington CASH) is to empower aspiring entrepreneurs with limited resources and unlimited potential. To provide access to business training, capital, coaching, and hands-on learning opportunities for entrepreneurs. Ventures serve those in the community for whom traditional business development services are out of reach, with a focus on women, people of color, immigrants, and individuals with low income. Ventures ultimate goal is to support individuals to increase their income potential, achieve long-term financial stability, provide for their families, and enrich their communities through small business ownership.
- Since 2002 The Rainier Valley Community Development Fund is a self-sustaining, community-controlled financial institution that preserves and strengthens cultural diversity, long-term livability, and economic opportunity for Rainier Valley residents, businesses, and institutions.
- People’s Economy Lab advances the transition to a regenerative economy in Washington State by supporting the development of new economic systems that center and empower Black, Indigenous, and People of Color. We connect and align visionary community-based leaders and build their capacity to reshape our local economy towards one that is just, sustainable and regenerative. We give life to system change strategies that shift money, resources, and power to BIPOC communities.
How it works
- The SEACap project is a pilot that seeks to provide case management, technical support, and capital support to assist borrowers to maximize profits and promote quality management systems.
- CDFI partners will provide customized aid to ensure that borrowers are supported from the initial stage of completing intake forms, compiling documents for a loan application, and in implementing the business plan.
- HomeSight will provide case management and aims to build a meaningful working relationship, establish trust, and gather information regarding the borrowers’ immediate needs to begin identifying what forms of business coaching would best fit each borrower.
- Ventures will serve as the lead partner in providing customized business coaching services. When intake forms and borrower information is reviewed, the next step will be to conduct a needs assessment to identify challenges, goals, interests, and risks to success. Venture’s can provide many forms of technical assistance; the list below is a short list of services:
- Strategies to build up business credit history
- Strategies to grow profits
- Determining your break-even point
- Creating cash flow projections
- Determining legal, taxes, and licensing
- One-on-one individualized business coaching
- Defining your business
- Creating a Marketing Plan
- Creating a Sales Plan
- RVCDF & HomeSight will both serve as lenders, with RVCDF serving as the lead partner in activities related to allocating capital in partnership with HomeSight.
- Capital support will be provided for up to $60,000 with low-interest rates of 4-5%
- 10% of the borrowed amount will be forgivable.
- Terms are flexible from 36 to 60-month with a plethora of payment options.
- Additionally, all documentation fees will be waived (a value of $500) and a low 1% application fee.