On January 13th, the City of Tacoma announced receipt of a significant $4 million grant from the Washington State Department of Commerce as part of the state's Community Reinvestment Project (CRP). According to a report by the City of Tacoma's news release, these funds are geared towards economic growth and supporting areas adversely affected by the war on drugs.
The grant will see $2.6 million dedicated to revolving loans, according to the news release, which are designed to feed capital to businesses and non-profits. Another sum, $1.1 million is set to fortify commercial ventures by way of commercial rent, commercial asset grants, and offering technical support. As Mayor Victoria Woodards puts it, "This is about creating lasting economic opportunities and building wealth in communities that have historically faced systemic barriers." The city intends to back an estimated 50-60 businesses through these initiatives, including loans and grants both devoid of collateral requirements.
For businesses situated within Tacoma city limits, options include commercial rent assistance and asset grants for those in operation since January 1, 2024. Moreover, the Uplift Loan Program is offering collar-free loans-Up to $100,000 for qualified organizations operational for a minimum of three years. The Accelerator Loan Program steps it up, presenting loans exceeding $500,000 for those with at least five years under their belt.
Starting January 21, 2025, applications will be open online at Tacoma's official website, with a deadline stipulated for March 14. A panel comprised of city staff members, with the potential inclusion of community representatives will review, and score these submissions. This panel will thus ensure alignment with the CRP's goals to meet the needs and priorities of the communities in question.
The focus of the state through the Community Reinvestment Project (CRP) is also casting a wider net, investing a total of $200 million in economic development, legal help, violence prevention, and reentry services, all led with a community-first mentality. This holistic approach hopes to bridge the gap between policy intention and community impact, fostering thriving, equitable growth in the wake of past drug policy enforcement.
