Seattle’s small business and finance communities came together in September at Boon Boona Coffee on the Waterfront. They gathered to celebrate the progress made and to mark the next chapter of our Small Business Capital Access Program. This program is designed to remove barriers to financing and ensure that all entrepreneurs, especially those from historically underserved communities, have the chance to grow and thrive.
The room was filled with energy. Small business owners mingled with lenders, community-based partners, and city leaders over coffee, sharing stories of resilience and determination. The sense of pride was palpable: in just a few years, CAP successfully reduced more than $7.6 million in loan principal for nearly 330 local businesses, while unlocking over $32 million in affordable lending capital. Behind each of those numbers is a business that kept its doors open, a family supported, and a neighborhood enriched.
The most powerful moments came from the business owners themselves. Effrem Fesaha, CEO and founder of Boon Boona Coffee, shared how CAP’s support fueled his company’s growth and reinforced his vision of building community through coffee. Kathmandu MoMoCha owner Sam Dangol described the relief of accessing affordable capital during a time of rising costs. Fesaha and Dangol both have locations in more than one neighborhood in Seattle.
There were stories of CAP making expansion possible in a post-COVID recovery from South Lake Union Indian restaurant Lassi and Spice owner Susannah Dhamdhere. And Jiaxin Wang, co-owner of Ooink, reminded everyone that equitable lending is not just about survival, but about building a future where culture, creativity, and entrepreneurship can flourish side by side while showcasing her innovative new ramen product that uses local resources and is the first of its kind.
CAP is more than a subsidy program, it’s a comprehensive support system. The next phase of this program will continue reducing the cost of borrowing, covering up to 20% of loan principal for eligible businesses and it will also fund community-based organizations to deliver hands-on capital readiness support. It strengthens the capacity of mission-driven lenders to meet businesses where they are.
The Capital Access Program has proven what’s possible when the City of Seattle, lenders, and community organizations work together to improve access to capital. By making it faster, cheaper, and easier for small businesses to grow, this new chapter reaffirms Seattle’s promise to reimagine what a truly inclusive local economy can be.
Learn more about the Capital Access Program and how to get involved here.