Apply Now for the Equitable Access to Credit Program Grants

The Equitable Access to Credit Program, authorized by HB 1015 (RCW 82.04.449) (PDF), provides a tax preference mechanism that generates funds for grants to qualified lending institutions. These grants, funded through contributions in exchange for B&O tax credits, are dedicated to providing access to credit for historically underserved communities.

A minimum of 65% of the value of all grants awarded in any calendar year must be allocated for native Community Development Financial Institutions (CDFI) or grantees to provide services or invest, or both, in rural counties. The Program’s goal is to encourage investment in small, rural, and underserved business to boost community and economic development in Washington.

For the 2025 grant cycle, Commerce has $5,939,911 million in funding available for eligible Community Development Financial Institutions (CDFIs).

Grant applicants 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 CDFI and has net assets fewer than $3M at the time of grant application.
  • At least a twenty-five percent basis if recognized as an emerging CDFI and has net assets of more than $3M at the time of grant application.

Grant materials

Please find the grant application, details, and materials on Washington’s Electronic Business Solution (WEBS). The Equitable Access to Credit Grant Program grant application announcement is live on WEBS: WEBS (wa.gov) Customer Reference # EACP-03-2025.

Pre-application webinar

An informational pre-application webinar will be held March 20, 2025, from 3:00 to 4:00 p.m. via MS TEAMS. The webinar will be recorded for those who are unable to attend.

Please email the program manager, Shiloh Penland, for the pre-application webinar link: Shiloh.Penland@commerce.wa.gov.

Deadline

Equitable Access to Credit Program grant applications are due through the Smartsheet application form on April 25, 2025 at 5:00 p.m.

Questions? Please contact the program manager, Shiloh Penland, via email:  Shiloh.Penland@commerce.wa.gov.