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…
Tag Archives: small business
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…
We’re pleased to share this announcement from the U District Partnership: Announcement unveiled over 140 small business facade and facility improvements in the U District. Seattle – This morning, The U District Partnership and Washington State Department of Commerce unveiled an unprecedented series of investments in Seattle’s University District. Small businesses up and down University Way NE and across the neighborhood have received a total of $5 million in funding,…
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…
Nearly 1,500 businesses across the state still struggling with pandemic recovery receive grants to cover losses OLYMPIA, WA – The Washington State Department of Commerce has distributed $79 million in grants to 1,493 hospitality sector businesses impacted by the pandemic. Authorized by the Washington Legislature in 2022 (ESSB 5693), funding provided through the Washington Hospitality Grant program is assisting businesses across the state with much needed relief right in time…
$100 million available to support businesses affected by pandemic; information webinar March 13 OLYMPIA, WA – The Washington State Department of Commerce announced a new grant opportunity for businesses in the hospitality and lodging industry that suffered business losses due to the pandemic. The application portal opens on March 14 at wahospitalitygrants.com. An informational webinar is scheduled for Monday, March 13. To learn more and subscribe to email updates about…
Five new programs to be offered through the State Small Business Credit Initiative (SSBCI) OLYMPIA, WA – Washington state has been awarded $163.4 million from the U.S. Treasury Department to operate five capital access programs for small businesses. The new funding will be used to launch an updated version of the state’s highly successful Small Business Credit Initiative (SSBCI) program, which was completed in 2016. SSBCI leveraged an original $19.7…
Funding will support at least 22 projects across Washington state focused on increasing programs and services to help meet the needs of underserved communities, businesses, entrepreneurs OLYMPIA, WA – The Washington State Department of Commerce today announced 22 projects conditionally awarded Small Business Innovation Fund (SBIF) grants ranging from $500,000 to $5 million. The total $32.5 million awarded will fund a variety of activities, including: small business incubators and accelerators,…
OLYMPIA, WA – Time, trust and technology are key to ensuring small businesses farthest from opportunity in Washington state have the right mix of technical assistance and financial resources to thrive. A groundbreaking report by the Washington State Department of Commerce found that although technical assistance providers do offer the right mix of resources, minority or women business owners and those located in rural areas often do not have access…
New Social Equity in Cannabis Technical Assistance Mentorship Program designed to help communities historically impacted by high poverty and enforcement of cannabis prohibitions OLYMPIA, WA – In 2020, the Washington State Legislature determined that additional efforts are necessary to reduce barriers to entry to the cannabis industry for individuals and communities most adversely impacted by the enforcement of cannabis-related laws. As a result, the Social Equity in Cannabis Task Force…