Following the sale of  Ignite Northwest's Spokane Technology Center in the University District to Washington State University in September, Ignite has made a strategic decision to focus its activities exclusively on providing credit facilities to rapidly growing, emerging companies here that are “not yet bankable” and unable to secure financing from a commercial bank or credit union. 

Ignite’s objective is to stimulate economic growth and create jobs in the community by funding promising businesses, enabling them to hire new employees, develop innovative products, expand sales and marketing efforts, and accelerate growth. To support this mission, Ignite manages two loan funds, the Emerging Growth Fund and the Technology Growth Fund, with a combined $4.5 million in available capital, established with grants from the U.S. Economic Development Administration.  

Loans from Ignite bridge the funding gap between angel or venture investors and traditional providers of credit facilities for high potential, early-stage companies. Ignite’s investment policies allow for broader risk-taking than commercial banks and credit unions by: 

• Offering higher advance ratios on receivables, inventory, and fixed assets.
• Structuring flexible repayment terms tailored to projected cash flow.
• Accepting intellectual property as collateral. 

Ignite provides loans ranging from $100,000 up to $500,000. Loans can be structured to meet a variety of business needs, including secured working capital loans to sustain and accelerate growth, specialized equipment financing to scale operations, or funding for tenant improvements or facility modifications to support expansion. 

Debt financing provided by Ignite isn't intended to be a company’s sole source of funding and typically requires equity capital from other financing sources including angel and venture investors. Loan applicants are required to attest that traditional financing options aren't available under terms that would allow for successful business expansion. 

Since inception, Ignite has made loans totaling $12.7 million to 34 startups, including many of the most successful emerging companies in the region, such as Continuous Composites, Gestalt Diagnostics, Impact Laboratories, Medcurity, Risk Lens, Safeguard Equipment, Slate Dental, Spiceology, and Treasury4, among others. 

Dan Roark, CEO of Gestalt Diagnostics, a spin-off from Inland Imaging that has emerged as a market leader in digital pathology solutions, secured loans from Ignite’s Technology Growth Fund in 2019 and 2024. Roark notes that, “funding from Ignite enabled Gestalt to hire key talent and develop new products at much faster pace than operating cash flow would have allowed the company to do.” 

Loan candidates are generally in sectors demonstrating high-growth potential and innovation and are prepared to scale rapidly with at least a production-ready prototype, defensible intellectual property, and a clear path to significant revenue growth and market expansion. 

Loan applicants must be headquartered in the one of the following Washington or Idaho counties:  

• In Washington: Asotin, Benton, Columbia, Ferry, Franklin, Garfield, Pend Oreille, Spokane, Stevens, and Whitman.
• In Idaho: Benewah, Bonner, Boundary, Kootenai, and Shoshone. 

Securing a loan from Ignite begins with submitting an application for review. If the application is approved, Ignite engages an independent underwriter with commercial banking experience to evaluate the company’s management team, products and/or services, competitive landscape, and financial projections. Following completion of the underwriter’s due diligence and review by an independent loan committee, Ignite may elect to issue a term sheet. 

Terms are generally based on a three-year amortization schedule and an interest rate set at a premium to the prime rate. The entire process can often be completed within 45 days. After a loan is made, Ignite regularly monitors the company’s financial performance against its projections and its compliance with the loan agreements. 

Debt funding provided by Ignite to these companies has contributed tangibly to their success and to the growth and economic vitality of the region. In 2024, for example, companies in Ignite’s Emerging Growth loan portfolio reported that funding from Ignite enabled them to create 57 new jobs and retain 63 existing positions.  

Ignite is a nonprofit organization governed by a board of directors and has an independent loan committee. Its chief financial officer is April Stoltz.

To maximize its lending base, Ignite relies on funding from sponsors whose objectives align with the organization. Current Ignite sponsors include Avista Development, Clifton Larson Allen, Cowles Company, Eide Bailly, Lee & Hayes, Premera Blue Cross, Spokane International Airport, Spokane Teachers Credit Union, Washington Trust Bank, Wheatland Bank, Washington Technology Industry Association, and Voyager Capital.

Tom Simpson is CEO of Ignite Northwest, and manages the Spokane Angel Alliance and the Kick-Start V venture capital fund.