The Equitable Access to Credit Program is designed to encourage investment in small, rural, and underserved business to boost community and economic development in Washington.
Donor Name: Washington State Department of Commerce
State: Washington
County: All Counties
Type of Grant: Grant
Deadline: 04/25/2025
Size of the Grant: More than $1 million
Grant Duration: 1 Year
Details:
The Equitable Access to Credit Program provides a tax preference mechanism that generates funds for grants to qualified lending institutions. These grants, funded through contributions in exchange for Business & Occupation (B&O) tax credit, are dedicated to providing access to credit for historically underserved communities.
Grant Objectives
- Support native Community Development Financial Institutions (CDFI) or grantees to provide services or invest, or both, in rural counties.
- Encourage investment in small, rural, and underserved business to boost community and economic development in Washington.
Funding Information
For the 2025 grant cycle, Commerce has $5,939,911 million in funding available to allocate to eligible CDFIs.
Grant Period
The period of performance of any Grant agreement resulting from this grant application is tentatively scheduled to begin on or about July 1, 2025, and to end on June 30, 2026.
Eligible Activities
- Loans and investments to small business in underserved communities.
- Up to 20 percent of all grants awarded may be used by the grant recipient to fund a loan loss reserve, technical assistance, and/or small business training.
Eligibility Criteria
In order to receive a grant award under the equitable access to credit program, a qualified lending institution must:
- Be recognized by the United States Department of the Treasury as an emerging community development financial institution (CDFI) or a certified CDFI.
- Be registered as a nonprofit organization exempt from taxation under Title 26 U.S.C. Sec. 501(c)(3) of the federal internal revenue code of 1986.
- Demonstrate a history of lending in Washington.
- Cash match any grant awarded by the equitable access to credit program on:
- At least a five percent basis, if the institution is an emerging CDFI.
- At least a ten percent basis, if recognized as a certified CDFI and has net assets fewer than $3M at the time of grant application.
- At least a twenty-five percent basis if recognized as a certified CDFI and has net assets of more than $3M at the time of grant application.
For more information, visit WSDC.
