Business Impact NW
Meets Standards
Standards For Charity Accountability
Governance
-
Board Oversight
-
Board Size
-
Board Meetings
-
Board Compensation
-
Conflict of Interest
Measuring Effectiveness
-
Effectiveness Policy
-
Effectiveness Report
Finances
-
Program Expenses
-
Fundraising Expenses
-
Accumulating Funds
-
Audit Report
-
Detailed Expense Breakdown
-
Accurate Expense Reporting
-
Budget Plan
Fundraising & Info
-
Truthful Materials
-
Annual Report
-
Website Disclosures
-
Donor Privacy
-
Cause Marketing Disclosures
-
Complaints
Business Impact NW meets the 20 Standards for Charity Accountability.
Stated Purpose:
"to grow businesses that create jobs in underserved communities."
Year, State Incorporated:
1997, WA
Also Known As:
Seattle Economic Development Fund
Business Impact NW (BINW) reports that it is a Community Development Financial Institution (CDFI) that provides lending and technical assistance to entrepreneurs in the Pacific Northwest. The organization focuses on underserved populations, such as low-income earners, women, veterans, rural residents, people of color, immigrants and refugees, and members of the LGBTQIA+ community. BINW offers business counseling, in-person and online classes, networking events, and workshops. The organization is a certified Small Business Administration Microloan and U.S. Department of Agriculture lender. BINW’s lending program offers microloans of $50,000 and under, growth capital loans of $500,000 or less, and commercial real estate loans of up to $750,000. In 2023, the organization reported it disbursed over $11 million in loans, served 5,554 unique clients, and helped create or retain 3,783 jobs across Alaska, Idaho, Oregon, and Washington state.
For the year ended December 31, 2023, Business Impact NW's program expenses were:
| Program services | $6,399,039 |
| Total Program Expenses | $6,399,039 |
Chief Executive
Joe Sky-Tucker, President and Chief Executive Officer
Compensation*
$148,449
Chair of the Board
John Zmolek
Chair's Profession / Business Affiliation
Retired
Board Size
8
Paid Staff Size
55
*2022 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Direct mail appeals
Fundraising costs were 17% of related contributions. (Related contributions, which totaled $5,064,422, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Business Impact NW's audited financial statements - consolidated for the year ended December 31, 2023.
Source of Funds
| Grants | $4,377,442 |
| Loan interest and fees | $1,717,639 |
| Contributions | $610,174 |
| Matching and in-kind contributions | $76,806 |
| Other income | $72,755 |
| Total Income | $6,854,816 |
Programs: 68% Fundraising: 9% Administrative: 17%
| Total Income | $6,854,816 |
| Total expenses: | $9,446,918 |
| Program expenses | $6,399,039 |
| Fundraising expenses | $851,429 |
| Administrative expenses | $1,589,174 |
| Other expenses | $607,276 |
| Income in Excess of Expenses | $-2,592,102 |
| Beginning Net Assets | $10,959,919 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $8,367,817 |
| Total Liabilities | $22,522,058 |
| Total Assets | $30,889,875 |
Note 1: In the above financial statements, “other expenses” refers to an expense of $607,276.
Note 2: According to the organization's 2023 consolidated audited financial statements, BINW received in-kind contributions totaling $76,806 in the form of 21 Acres Initiative ($32,500), rent ($24,150), and training fees and class enrollment ($20,156).
An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.
This report is not to be used for fundraising or promotional purposes.
RELATED CONTENT
-
Meets Standards
-
Standards Not Met
-
Did Not Disclose
-
Review in Progress
-
Unable to Verify
Report completed by:
BBB Wise Giving Alliance