The Washington State Department of Commerce is accepting applications for its Blended Capital Enhancement Grants.
Donor Name: Washington State Department of Commerce
State: Washington
County: All Counties
Type of Grant: Grant
Deadline: 07/01/2024
Size of the Grant: More than $1 million
Grant Duration: 1 Year
Details:
The Washington State Department of Commerce has a new way to help people and businesses through the Community Reinvestment Project (CRP). It’s called the Blended Capital Enhancement
grant, and it aims to support by-and-for lending agencies, businesses, and organizations reduce
wealth disparities within Black, Latine, and tribal communities through asset building.
This program will help fund programs that:
- Make it easier for people to buy a home.
- Provide grants and loans for small businesses and entrepreneurs.
- Money management training
- Fund training and support for small businesses.
- Assist with buying commercial property, business assets, and vehicles.
- Help people reduce debt and save more using matching funds.
The goal of this grant is to make it easier for Black, Latine, and tribal communities to get financial support from local organizations and businesses in their community.
Funding Information
A total of $42 million is available for this grant, with specific allocations reserved for various purposes,
including:
- New construction loans: $5 million
- Home expansion loans (including Accessory Dwelling Units or ADUs): $6 million
- Business startups and expansions: $5 million
- Consumer loans (like credit consolidation, car refinancing, or emergency expenses): $1 million
Project Period
July 1, 2024 – June 30, 2025.
Eligibility Criteria
- Commerce is looking for applications from lending agencies, businesses, and organizations who are interested in providing financial support, grants, and loans to Black, Latine, and tribal communities across Washington state. Eligible applicants must be led by-and-for Black, Latine, and tribal communities, or partnered with an organization that is by-and-for.
Minimum Qualifications
- Federally recognized tribal government, tribal-led 501(c3), or tribal-led community based
organizations; OR - Licensed to do business in the State of Washington, or submit a statement of commitment that it
will become licensed in Washington within thirty (30) calendar days of being selected as the
Apparent Successful Contractor (exception: Tribes); AND - Organizations who collaborate with and/or led by Black, Latine, and tribal communities in WA,
and can provide tangible evidence of their relationship to those communities.
For more information, visit Washington State Department of Commerce.
