Tacoma to Receive $4 Million State Grant

The city of Tacoma was awarded a $4 million state grant through Washington’s Community Reinvestment Project to foster economic growth and revitalization in communities disproportionately impacted by the war on drugs. The grant from the Washington State Department of Commerce will be distributed to support approximately 50 to 60 businesses through funding programs, including collateral-free loans and commercial grants.
From the total grant, $2.6 million is allocated to revolving loans administered by the Tacoma Community Redevelopment Authority to provide capital to businesses and nonprofits, and $1.1 million will support commercial rent, commercial-asset grants, and technical assistance.
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 are now available online at makeittacoma.com 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.