Commerce awards $4.36 million to expand access to business credit for underserved Washington communities
OLYMPIA, Wash. — The Washington State Department of Commerce has awarded $4,356,000 to 11 organizations through its Equitable Access to Credit (EAC) program. The grants support lending institutions that help businesses in historically underserved communities with access to financing, technical assistance and financial education that may otherwise be out of reach.
“Access to capital can make the difference between an idea that stays on paper and a business that creates opportunity in its community,” said Sarah Clifthorne, interim director for the Washington State Department of Commerce. “These grants help trusted lending partners reach Washingtonians who face barriers to traditional financing, supporting local businesses, jobs and stronger communities.”
Each year, program grant funds help create jobs and support underserved businesses.
The 2026 grant recipients (in alphabetical order) will receive the following:
Established by the Washington State Legislature in 2022 through House Bill 1015, the program awards grants to qualified lending institutions using funds generated by contributions from businesses in exchange for tax credits through the Department of Revenue.
Businesses with state business and occupation (B&O) tax liabilities can contribute to the program and receive a dollar-for-dollar tax credit, up to $1 million per company annually. The program has an overall annual cap of $8 million. Community Development Financial Institutions (CDFIs) and other qualified lenders can use the grants to expand access to loans, investments, training and technical assistance.
The EAC program encourages investment in communities that have historically lacked access to capital. At least 65% of the value of annual grants supports Native CDFIs or grantees serving or investing in rural counties.
In 2024, the inaugural program awarded $1 million to eight CDFIs, supporting 36 investments across 16 Washington counties. In 2025, 11 CDFIs received approximately $5.6 million in grants.
Deadline for 2026 contributions is Dec. 31
The deadline for contributions in 2026 is Dec. 31. Tax credit received in exchange for the contribution can be claimed this year or carried over for up to two years. More information is available on the Washington State Department of Commerce Equitable Access to Credit program webpage.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
