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The Washington State Department of Commerce has a new way to help people and businesses through the Community Reinvestment Project (CRP): the Blended Capital Enhancement Grant. It aims to reduce wealth disparities by helping Black, Latine, and tribal communities build assets. The program will help with:
- Making it easier for people to buy a home
- Providing grants and loans for small businesses and entrepreneurs
- Money management training
- Funding training and support for small businesses
- Assisting with buying commercial property, business assets, and vehicles
- Helping people reduce debt and save more using matching funds
The goal of this grant is to make it easier for Black, Latine, and tribal communities to get extra financial support from local organizations and businesses in their community.
What does funding look like?
A total of $42 million is available for this grant, with specific allocations reserved for various purposes, including:
New construction loans: $5 million
- Home expansion loans (including Accessory Dwelling Units or ADUs): $6 million
- Business startups and expansions: $5 million
- Consumer loans (like credit consolidation, car refinancing, or emergency expenses): $1 million
There are a couple of individual recipient limits:
- Support must be capped at 10% of the asset's value or $100,000, whichever is lower
- For ADUs and Detached Accessory Dwelling Units (DADUs) the limit is $50,000
- For 1:1 Matched Savings Accounts to purchase an asset, the limit is $10,000
What are you looking for in a proposal?
Proposals for grant funding will be reviewed based on:
- Plan for using the funds
- Financial need to those who need the most help
- Partnerships with CRP-verified by-and-for organizations
- Expected impact on how funds will help people acquire assets
Priority will be given to proposals that align closely with the program goals and show a clear plan for using the funds.
Who is eligible to apply?
Organizations that apply for the Blended Capital Enhancement Grant must be:
- A tribal government, tribal-led 501(c)3 organization in Washington, or tribal-led community organization; OR
- Licensed to do business in the State of Washington, or submit a statement of commitment that it will become licensed in Washington within thirty (30) calendar days of being selected as the Apparent Successful Contractor (exception: Tribes); AND
- Organizations who collaborate with and/or led by Black, Latine, and tribal communities in WA, and can provide tangible evidence of their relationship to those communities.
Respondents who do not clearly meet or exceed these minimum qualifications will be rejected as non-responsive and will not receive further consideration.
Proposals are due not later than 3 p.m., Pacific Time, Monday, July 1, 2024
Please review the Request for Qualifications
Questions? Please email us!
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