SIRTI launches loan fund. $3 million in financing available to companies in Eastern Washington

The Spokane Intercollegiate Research & Technology Institute’s foundation has launched a $3 million fund through which it will provide financing to technology companies in Eastern Washington.

The fund, called the Technology Growth Fund, will provide short-term loans to tech companies that don’t qualify for loans from commercial banks or the U.S. Small Business Administration (SBA), says John Overby, client services director at SIRTI.

Such companies typically have a patentable product, but have yet to achieve the level of profitability that banks require before they’ll make such loans, he says. Companies could use the loans to buy more equipment, build up their liquid assets, or consolidate debt, among other things, he says.

“We’re at the next-highest risk level,” Overby says. “The goal is that companies will become bankable in a couple of years for commercial loans.”

By Emily Brandler

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