PLATINUM2024

Seattle Economic Development Fund dba Business Impact NW

Helping Small Businesses Grow So Local Communities Thrive

aka Business Impact NW   |   Seattle, WA   |  https://businessimpactnw.org/

Mission

Our Mission: We grow businesses that create jobs in underserved communities. Business Impact NW empowers a talented and diverse community of entrepreneurs, supporting the continuing growth of local small businesses through micro-enterprise. We are at once your sounding board, advisers, and cheering section, your funding source and your access to resources. Impact is a part of our name, and we are making one, every day.

Ruling year info

1997

Executive Director

Joe Sky-Tucker

Main address

1437 S Jackson Street

Seattle, WA 98144 USA

Show more contact info

Formerly known as

Community Capital Development

EIN

91-1764008

NTEE code info

Urban, Community (S31)

Rural (S32)

Management Services for Small Business/Entrepreneurs (S43)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Blog

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Starting small, local businesses is a powerful way to end the cycle of poverty for individuals/families, and bring jobs and economic growth into struggling communities. However, there are many barriers to business success for people of vulnerable populations, including lack of access to business training/coaching, and difficulty accessing capital (Hamilton Project, U. Mich.). Traditional lenders deny loan applications 3 times as often for minority races than whites (MBDA.gov), and women seeking first-year funding receive about 80% less capital than men (Ewing Marion Kauffman Foundation). A 2017 impact study by Accion & Opportunity Fund states that “one of the primary reasons small businesses fail is because they lack the necessary capital to survive... Small business loans help business owners get the capital they need to start or grow their business.”

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Classes

To increase the knowledge, confidence, and professional networks that entrepreneurs need in order to be successful, we offer a wide variety of free and very low-cost classes. Our organization-wide offerings include:
- “Square One” webinars and in-person classes to help entrepreneurs get started
- Small Business “Toolkit” Series of webinars
- “Launch and Grow” educational series -- tools to launch a successful business (SEAP approved)
- “Grow and Thrive” program, mentorship for established business owner strategic planning
- “Business Expert Sessions,” lunchtime learning lectures by local experts on topics of interest
- And more!

Population(s) Served
Self-employed people
Economically disadvantaged people

In the last year alone, we helped to start over 100 new businesses and provided free one-on-one business coaching to over 1300 startup and established entrepreneurs. This technical assistance is provided through our microloan program and Loan Readiness Center, our Food Entrepreneurshi Center, our Washington Women's Business Center, and our Veterans Business Outreach Center.

Population(s) Served
Ethnic and racial groups
Self-employed people

Since 1997, Business Impact NW has made over $71.5 million in loans to over 1,500 business owners, and saved or created over 6,000 jobs. We provide small business loans to startups and established business owners from $5,000 to $350,000. As an alternative lender, 99% of our loans go to those deemed "unbankable" by traditional lenders. We pride ourselves in provide access to funding for success to traditionally underserved individuals, including communities of color, women, veterans, LGBTQ+, and immigrants.

Population(s) Served
Ethnic and racial groups
Self-employed people

Where we work

Affiliations & memberships

Community Development Financial Institution (CDFI) 2019

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of loans issued to clients

This metric is no longer tracked.
Totals By Year
Population(s) Served

Women and girls, Ethnic and racial groups, Veterans, LGBTQ people, Economically disadvantaged people

Related Program

Access to Small Business Capital

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Total dollar amount of loans issued

This metric is no longer tracked.
Totals By Year
Population(s) Served

Women and girls, Ethnic and racial groups, Veterans, LGBTQ people, Economically disadvantaged people

Related Program

Access to Small Business Capital

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Number of jobs created and maintained

This metric is no longer tracked.
Totals By Year
Population(s) Served

Women and girls, Ethnic and racial groups, Veterans, LGBTQ people, Economically disadvantaged people

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Please note that this number is self-reported by clients and is anticipated to be at least 1/5 of the actual number - most clients do not report back once they have created their business.

Number of loans issued

This metric is no longer tracked.
Totals By Year
Population(s) Served

Women and girls, Ethnic and racial groups, Veterans, LGBTQ people, Economically disadvantaged people

Related Program

Access to Small Business Capital

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of financial literacy courses conducted

This metric is no longer tracked.
Totals By Year
Population(s) Served

Women and girls, Ethnic and racial groups, Veterans

Related Program

Classes

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Number of clients served

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Business Impact NW has a vision that all business owners have an equal opportunity to succeed - despite obstacles, barriers, and systemic issues. Our missions is to grow businesses that create jobs in underserved communities. These communities include those of color, immigrants, women, LGBTQ+ and veterans.

We know that providing someone the tools they need to generate their own income not only helps them to support themselves and their families but allows them to create jobs in their communities. In turn, they build a stronger community, help offset displacement and poverty, and contribute to the economic health of their neighborhoods.

By offering a well-rounded support system: free coaching, classes, and access to capital, we provide the tools needed for a budding or established business owner to launch, grow, and sustain a successful business. This includes training in financials, marketing, credit, business planning, taxes, business loans from $5,000 to $350,000, and more.

We partner with local resources providers to increase our ability to serve everyone and give them everything they need to succeed.

We partner with local traditional funders to fund businesses that they cannot, help build credit and refer our clients back out to refinance once they have established business success.

We partner with diverse funders, from national grantors to local corporate funders and sponsors of our programs, to corporate and individual investors in our loan portfolio.

Thanks to the US Small Business Administration, the USDA, local financial institutions, local private investors, and more, we are able to provide microloans, small business loans, free coaching, and free to low-cost classes.
Our staff serves Washington and Oregon with lending services, and WA, OR, ID and AK with technical assistance. We do this with a team that is versed in in-person, virtual, and phone support.

Our staff of qualified business coaches, lending professionals, accountants, and administrators is also proud to reflect the diversity that we serve.

Our loan portfolio is at over $19 million, allowing us to provide over $11.6 million in capital last year. Our Washington Women's Business Center, Veterans Business Outreach Center, Food Business Resource Center, and Loan Readiness Center all allow us to target specific at-need populations and high priority sectors. We are open to everyone with a dream of starting or growing their business so that they can help create and sustain the kinds of neighborhoods we all want to live and work in.

Since 1997, Business Impact NW has made over $124 million in loans to over 2,900 business owners and saved or created over 7,100 jobs. In the last year alone, Business Impact NW was able to train or counsel 5,554 entrepreneurs, create and retain 3,783 jobs, provide 125 loans for over $11 million to small businesses in need.

We work hard to keep our neighborhoods thriving, in urban, suburban, and rural areas of WA, OR, ID and AK.
We have received capital investments from banks, credit unions, and private investors so that we can relend these funds to our small business owners.

We sustain public, private, and corporate funding to support our free and low-cost services. Our partnerships allow us to serve those who need it most by providing them the means to create their own living wage jobs.

We are proud of helping sustain an environment of positive economic development.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We demonstrated a willingness to learn more by reviewing resources about feedback practice.
done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We act on the feedback we receive

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback, We don’t have the right technology to collect and aggregate feedback efficiently

Financials

Seattle Economic Development Fund dba Business Impact NW
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

Seattle Economic Development Fund dba Business Impact NW

Board of directors
as of 04/11/2024
SOURCE: Self-reported by organization
Board chair

John Zmoleck

Formerly Verity Credit Union

John Zmolek

Formerly, Verity Credit Union

Lorri Wallace

data.ai

Kellen Ball

Remitly

Peter Ha

Monroe Partners

Paul Kirkbride

WSECU

Sean O'Mealia

BECU

Robert Luettjohann

Harborstone Credit Union

Megan Snyder

Unitus Credit Union

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 12/7/2021

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Female, Not transgender
Sexual orientation
Heterosexual or Straight
Disability status
Decline to state

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

Disability

Equity strategies

Last updated: 12/07/2021

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We use a vetting process to identify vendors and partners that share our commitment to race equity.
  • We have a promotion process that anticipates and mitigates implicit and explicit biases about people of color serving in leadership positions.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We measure and then disaggregate job satisfaction and retention data by race, function, level, and/or team.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.