State Equitable Access to Credit program accepting 2023 contributions through December 31

State Equitable Access to Credit program accepting 2023 contributions through December 31

New tax credit program will award grants to qualified lending institutions to provide businesses in historically underserved communities with access to credit. OLYMPIA, WA – Businesses and individuals with state Business and Occupation Tax (B&O) liabilities can earn tax credits by contributing to the state’s new Equitable Access to Credit program, launched in August. Cash contributions to the program can receive a dollar-for-dollar tax credit from the Department of Revenue…

Inslee budget proposes $1.2 billion increase for Department of Commerce

Inslee budget proposes $1.2 billion increase for Department of Commerce

Focus on equity runs throughout significant funding increases serving range of priorities from housing to clean energy, broadband expansion and helping secure federal funding OLYMPIA, WA — Gov. Jay Inslee’s supplemental budget released today proposes a $1.2 billion increase for the Department of Commerce, including $415 million in operating funds and $775 million in new capital dollars. The proposed budget funds all of the agency’s upcoming legislative requests. Commerce is…

Commerce names former Pierce County Auditor Julie Anderson and Seattle PNNL Director Dr. Joseph Williams to industry sector lead posts

Commerce names former Pierce County Auditor Julie Anderson and Seattle PNNL Director Dr. Joseph Williams to industry sector lead posts

Two Commerce alums rejoin agency to lead state economic development for key industry sectors OLYMPIA, WA — Washington Department of Commerce Director Mike Fong welcomes back two former agency executives to lead key industry sector economic development: Julie Anderson rejoined the department in November as Agricultural Innovation Sector Lead, and Dr. Joseph Williams came back on board this month as Information and Communications Technology (ICT) Sector Lead. Both are based…

Community Economic Revitalization Board invests $3.3 million in three counties

Community Economic Revitalization Board invests $3.3 million in three counties

NOTE: These projects are subject to approval by CERB at the regularly scheduled business meeting on Thursday, Nov. 16. State funds leverage over $2.1 million in private and local resources expected to create and retain 81 high-wage jobs. OLYMPIA, WA – The Washington State Community Economic Revitalization Board (CERB) today approved $3.2 million in low interest loans and $100,000 in grants for economic development and public infrastructure improvements intended to…

American Aerospace Materials Manufacturing Center in Spokane designated one of nation’s 31 inaugural Tech Hubs

American Aerospace Materials Manufacturing Center in Spokane designated one of nation’s 31 inaugural Tech Hubs

Led by Gonzaga University, AAMMC Tech Hub brings together some 50 public and private partners primed for innovation and job creation in development and manufacturing of composite materials for the future of lightweight, sustainable aircraft. OLYMPIA, WA — The American Aerospace Materials Manufacturing Center located in Spokane, WA today was designated as one of the 31 inaugural Tech Hubs across the nation by the Biden-Harris administration through the U.S. Department of…

Commerce funds four more innovative projects seeking to repurpose industrial and agricultural waste

Commerce funds four more innovative projects seeking to repurpose industrial and agricultural waste

Industrial Symbiosis grants advance the idea that growth does not have to equal waste; one company’s waste is another’s resource OLYMPIA, WA – The Washington State Department of Commerce today announced $850,000 in grants to four projects that support efforts to develop beneficial uses for industrial waste. In this second year of the Industrial Symbiosis Program, funded projects range from research and development to implementation. The program seeks to go beyond…

US Dept. of Energy Selects Pacific Northwest for Regional Clean Hydrogen Hub

US Dept. of Energy Selects Pacific Northwest for Regional Clean Hydrogen Hub

Pacific Northwest Hydrogen Association’s PNWH2 Hub enters negotiations with DOE for initial hydrogen hub federal funding  OLYMPIA, WA – The Pacific Northwest will continue to lead the way in building a clean energy future as a network of clean hydrogen suppliers and end-users to decarbonize some of the hardest-to-abate sectors of the region’s economy is one step closer to reality. The U.S. Department of Energy (DOE) today selected the Pacific…

Commerce receives $1 million SBA grant to boost small business exports

Commerce receives $1 million SBA grant to boost small business exports

More than $600 million in sales attributed to Washington’s State Trade Expansion Program (STEP) since inception OLYMPIA, WA – The Washington State Department of Commerce again tops the list of states awarded funding from the U.S. Small Business Administration (SBA) to help state small businesses grow through exporting. Washington’s $1 million State Trade Expansion Program (STEP) grant is the largest awarded from a total $20 million to 49 states in…

Washington Community Economic Revitalization Board invests $6.75 million in Benton, Kittitas, Klickitat and Whitman counties

Washington Community Economic Revitalization Board invests $6.75 million in Benton, Kittitas, Klickitat and Whitman counties

State funds will leverage more than $1 billion in private and local resources expected to create and retain 210 high-wage jobs. OLYMPIA, WA – The Washington State Community Economic Revitalization Board (CERB) today approved $6.6 million in low-interest loans and $150,000 in grants for economic development and public infrastructure improvements intended to spur business growth and job creation in Benton, Kittitas, Klickitat and Whitman counties. Among the projects awarded funding…

New Commerce program aims to incentivize equitable access to credit for small businesses

New Commerce program aims to incentivize equitable access to credit for small businesses

Contributions in exchange for tax credits will fund grants to eligible lending institutions to provide services and investment capital for small businesses lacking access to traditional bank loans.  OLYMPIA, WA – The Washington State Department of Commerce has launched a new program to address inequities in accessing capital for small businesses. The Equitable Access to Credit Program, created by the state legislature (HB 1015), creates a new funding mechanism to…