$4 Million State Grant to Support Business and Community Reinvestment in Tacoma

TACOMA, Wash. – The City of Tacoma has secured a $4 million grant from the Washington State Department of Commerce. This funding, made possible through the state’s Community Reinvestment Project (CRP), marks a significant step towards fostering economic growth and revitalization in communities disproportionately impacted by the war on drugs.

Of the $4 million – which will be distributed and monitored for compliance by the City of Tacoma – $2.6 million will be allocated to revolving loans administered by the Tacoma Community Redevelopment Authority (TCRA), providing vital capital to businesses and non-profits. The remaining $1.1 million will support commercial rent, commercial asset grants, and technical assistance, ensuring businesses have the resources they need to thrive. The City aims to support approximately 50-60 businesses through these various funding programs, including collateral-free loans and commercial grants. 

“This is about creating lasting economic opportunities and building wealth in communities that have historically faced systemic barriers,” said Mayor Victoria Woodards. “By focusing on areas harmed by the design and enforcement of drug laws, we are seeking to rectify past injustices and create a more equitable future.”

There will be a variety of funding options to support a diverse range of businesses and non-profits:

• Commercial Rent and Commercial Asset Grants: Available to businesses located within Tacoma city limits that have been in operation since January 1, 2024
• Uplift Loan Program: Offers collateral-free loans up to $100,000 to businesses and non-profits located within Tacoma city limits that have been in operation for at least three years
• Accelerator Loan Program: Provides loans over $500,000 to businesses and non-profits located within Tacoma city limits that have been in operation for at least five years

Applications will be available online at makeittacoma.com starting January 21, 2025, and remain open until March 14. They will be reviewed and scored by a panel of City staff members, with community representatives invited to join the panel as needed to help ensure that funding decisions align with the needs and priorities of the communities the CRP aims to serve.

In total, the state has invested $200 million through the CRP across four areas: economic development, legal assistance, violence prevention, and reentry services, with a unique by-and-for approach led by the communities it serves.