Tacoma businesses and nonprofits are set to benefit from a major $4M Business Grant community reinvestment grant, as announced by city officials on January 13, 2025. The funding, awarded by the Washington State Department of Commerce through its Community Reinvestment Project (CRP), aims to strengthen economic development in areas historically affected by drug policy enforcement.
The City of Tacoma will oversee the distribution of these funds, with $2.6 million allocated to revolving loans through the Tacoma Community Redevelopment Authority (TCRA). The remaining $1.1 million will support various business initiatives, including commercial rent assistance, asset grants, and technical support services.
“We’re focusing on creating sustainable economic opportunities and building wealth in communities that have faced historical barriers,” says Tacoma Mayor Victoria Woodards. The initiative expects to support 50-60 local businesses through various funding programs, including innovative collateral-free loan options.
The grant program offers several funding opportunities: Commercial rent and asset grants will be available to businesses operating within Tacoma since January 2024. The Uplift Loan Program offers collateral-free financing up to $100,000 for businesses with three years of operation, while the Accelerator Loan Program provides larger loans exceeding $500,000 for established businesses with five years of history.
Interested businesses can apply through makeittacoma.com from January 21 until March 14, 2025. A panel comprising city staff and community representatives will evaluate applications to ensure alignment with CRP objectives.
This initiative is part of Washington State’s larger $200 million investment in community reinvestment, encompassing economic development, legal assistance, violence prevention, and reentry services.
Source: City of Tacoma Press