Request for Public Comments:
Equitable Access to Credit Program
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.
Commerce is seeking public comments and recommendations to inform development of the grant component of the Equitable Access to Credit Program. The purpose of this effort is to:
- Determine what information should be collected in the grant application to verify eligibility
- Determine desirable methods of grant administration and distribution
- Identify additional information to be collected from grantees for reporting purposes
Feedback obtained through this request for public comment process will help guide coordinated agency action in designing and implementing programs that support equitable access to credit grants.
Background
To be eligible for a grant through the Equitable Access to Credit Program, a lending institution must meet certain requirements set by the legislature, as well as any additional criteria Commerce deems helpful in achieving the goal of ensuring access to credit to underserved communities across the state.
The grant program will be designed to align with the legislative requirements and be supported by current economic needs and results of stakeholder outreach. The program's main goal is to encourage investment in small, rural, and underserved businesses to boost community and economic development in Washington state. Commerce must be mindful of certain eligibility constraints while also administering a program that ensures equitable access and distribution of grant funds across the state.
As we explore grant administration, disbursement, and eligibility methods and requirements for the upcoming grant cycle through targeted input from stakeholders, Commerce is seeking feedback to help inform program development to best support underserved communities.
Estimated Key Action Dates
These estimated dates are provided to illustrate current expectations for timing of actions related to this request for comments.
- Public comments must be received by Jan. 16, 2024
- Grants application launch on or about March 2024
- Grants awarded on or about May 2024
How to Participate
We welcome all stakeholders representing the state?s small business communities across the state to participate in this public comment process.
Participants should be aware of the following:
- Participation is completely voluntary and will not result in any preference or selection for any state or federally funded contract or grant through the Washington State Department of Commerce.
- Participants are encouraged to respond to any or all of the questions in the Comment Form.
- Comments that contain references to studies, research, and other empirical data that are not widely published should include links to the referenced materials, if available.
We encourage you to invite key partners to participate.?
Comment Form closes Tuesday, January 16, 2024.
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