Program awards $5.6 million to 11 CFDIs in Washington in 2025; 2024 awards helped historically disadvantaged business owners thrive



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News Release




Dec. 2, 2025


Underserved communities get more access to credit thanks to Commerce’s Equitable Access to Credit Program

*Program awards $5.6 million to 11 CFDIs in Washington in 2025; 2024 awards helped historically disadvantaged business owners thrive*

OLYMPIA, Wash. --- The Washington State Department of Commerce awarded $5.6 million to 11 Community Development Financial Institutions (CDFIs) through its Equitable Access to Credit (EAC) Program [ [link removed] ]. The funding will allow the organizations to offer technical assistance services, small business training, loans and investments to borrowers who might not be eligible for traditional bank loans.

This is the program’s second year. In its first year, the program helped eight businesses turn awards into 36 investments across 16 Washington counties.

The program makes grants to qualified lending institutions, easing the risks involved in providing access to credit to historically underserved communities. Considered “unbanked” or “underbanked,” qualifying loan recipients might not have bank accounts or credit or might have poor credit.

“The support we receive from Commerce makes a world of difference,” said Lisa Jones, director of outreach and partnerships for Northwest Access Fund, which provides loans and financial education to people with disabilities. “It’s allowed us to help more people access important tools, whether it's a low-interest loan for an adaptive vehicle or one-on-one financial coaching. Our partnership with Commerce means we can continue to make a positive impact and encourage individuals to imagine and pursue futures on their own terms.”

In 2023, about 4.5% of U.S. adults were underbanked [ [link removed] ]. Black and Latino individuals, people with disabilities, and people who are geographically isolated are far more likely to be unbanked. That can prevent them from building wealth, including homeownership and launching businesses. They can also be forced to use alternative and sometimes predatory financial services such as check cashers, money orders and pawn shops, which charge high interest rates.

“Commerce is committed to ensuring more people have access to credit and financial resources that many people take for granted,” said Commerce Director Joe Nguyễn. “These loans create a renewable cycle of funding that helps lift communities across the state, fostering a more inclusive and prosperous future for all Washington residents."

*2025 award recipients*

* Business Impact NW [ [link removed] ]: $1,136,556 Community served: Underbanked entrepreneurs in Alaska, Idaho, Oregon and Washington.
* Chehalis Tribal Loan Fund [ [link removed] ]: $632,876 Community served: Chehalis Tribal members, employees of the Tribe and its entities, other Native Americans, and members of the surrounding community.
* Community Impact Loan Fund [ [link removed] ]: $333,904 Community served: A.L.I.C.E. (Asset Limited Income Constrained Employed) individuals.
* Craft3 [ [link removed] ]: $991,678 Community served: Rural and tribal communities in Washington and Oregon.
* Enterprise Community Loan Fund [ [link removed] ]: $513,698 Community served: Developers and residents of affordable housing and community facilities.
* JST Capital [ [link removed] ]: $493,150 Community served: Jamestown S’Klallam Tribe and its citizens, and underserved Olympic Peninsula residents.
* Micro Enterprise Services of Oregon [ [link removed] ] (MESO): $61,644 Community served: Underserved entrepreneurs in the Portland metropolitan area, including Vancouver, Wash.
* MoFi [ [link removed] ]: $667,807 Community served: Disadvantaged small business owners and entrepreneurs in Eastern Washington, Eastern Oregon, Montana, Idaho, Wyoming and Utah.
* Northwest Access Fund [ [link removed] ]: $333,904 Community served: People with disabilities and seniors who need support for independence, such as assistive technology or home modifications, in Washington, Oregon and Idaho.
* SNAP Financial Access [ [link removed] ]: $385,273 Community served: Underserved entrepreneurs, small business owners and first-time borrowers, especially those seeking homeownership, in Spokane County.
* Taala Fund [ [link removed] ]: $92,466 Community served: Quinault Indian Nation community members and residents, especially tribal businesses.

At least 65% of grant awards go to grantees that provide services and/or invest in rural counties, including native CDFIs. These areas, considered “financial deserts,” benefit from community economic investment, which can result in more jobs, more homeownership, and more secure families and individuals.

*Awards yield compounding results*

The eight awardees in 2024 received $1 million, which they turned into 36 investments in 16 counties in Washington. That investment created jobs and helped businesses owned by historically disadvantaged people thrive.

This is the second year some of the recipients have received funding. *Jamestown S’Klallam Tribal Capital, Inc. (JST Capital)* received a $67,000 award in 2024.

“The program makes a substantial impact on tribal microenterprise businesses in our community,” said Johanna Bartee, JST Capital executive director. JST Capital’s microenterprise lending began with loans to tribal commercial fishermen for items like boats and boat repairs, crab and shrimp pots, and diving gear. Thanks to expanded support, they’ve been able to do more. JST has made affordable and flexible loans to a variety of small and startup businesses such as aquaculture, landscaping, food service, events, cleaning and handyman businesses, and construction companies.

JST Capital funded two loans with its 2024 award: A restaurant owned by two brothers, and a father-son landscaping business. As those businesses flourished, JST Capital was able to support new borrowers.

“The funds initially supported just two businesses, but because the repayments revolve back into the fund, they become a self-replenishing source of financing. We’re excited to receive our grant awards, knowing we’ll put them to good use to further strengthen microenterprise,” Bartee said.

JST received $493,150 in 2025.

*Enterprise Community Loan Fund (ECLF)* is a national nonprofit focused on creating more affordable rental homes and community supports. It used its $138,000 award in 2024 to provide predevelopment financing to Tacoma-based Alpha Sharp Development Partners for the construction of 60 units of affordable and workforce housing in south Tacoma. It will use its 2025 award for $513,698 to support the creation of an early childhood education facility with borrowers from historically underserved communities.

“The funding allows us to further our mission in Washington by providing flexible financial offerings to developers of affordable housing and community facilities,” said ECLF Lead Financial Analyst Briana Flynn.

Once basic needs are met, such as shelter and business support and adaptive technology, CDFIs can also do more and help people prepare for the future.

That’s what the *Northwest Access Fund* has been doing. NW Access Fund received $172,000 from Commerce in 2024 and $333,904 in 2025. According to the National Disabilities Institute [ [link removed] ], 21.5% of all unbanked households identified as having a disability, which itself can be a very expensive reality. An adaptive car costs upwards of $50,000 in Washington, and some of the people Northwest Access Fund serves may not have credit at all.

One participant in a financial planning program moved his credit score from nonexistent to 748 in a year, said Jones — a rating well above the national average.

“He didn’t feel that it was a system that accepted him,” Jones said. “If you have good credit, you don’t think about it, but for people who thought that their credit was beyond their control to have the chance to change it, it’s incredible.”

In addition to loans for adaptive technology, Northwest Access Fund also offers financial coaching for people with disabilities. It’s partnered with Commerce programs to do so, as well.

“Commerce programs have been life-changing for so many people,” Jones said, noting that both support for low-interest loans and other programs have moved the needle. “It has been instrumental to our work.”

*Businesses supporting businesses*

The Equitable Access for Credit program is funded by business contributions, which in return receive tax credits via the Department of Revenue (DOR). Businesses with state Business and Occupation (B&O) tax liabilities can contribute, receiving a dollar-for-dollar tax credit. Businesses can contribute up to $1 million and receive a tax credit annually, with an overall program cap of $8 million per year. In 2024, 12 businesses contributed, with an average annual contribution of $160,000 per business.

The 2025 window for tax deductible contributions closes Dec. 31, and contributions made this year will be available in 2026. More information is available on the Equitable Access to Credit program webpage [ [link removed] ].

 

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