The City of Tacoma has been awarded a $4 million grant from the Washington State Department of Commerce, a significant boost aimed at fostering economic revitalization and addressing the lasting impacts of the war on drugs. The funding, provided through the state’s Community Reinvestment Project (CRP), will support businesses and communities that have faced systemic inequities.
Of the total grant, $2.6 million will be allocated to revolving loans administered by the Tacoma Community Redevelopment Authority (TCRA). These loans will provide critical capital to local businesses and non-profits. The remaining $1.1 million will fund commercial rent assistance, commercial asset grants, and technical support to help businesses overcome financial challenges and thrive. In total, the City plans to support 50 to 60 businesses through programs offering collateral-free loans and grants.
“This is about creating lasting economic opportunities and building wealth in communities that have historically faced systemic barriers,” said Tacoma 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.”
The funding programs, designed to meet the needs of a diverse range of businesses and non-profits, include:
• Commercial Rent and Commercial Asset Grants: Open to businesses operating within Tacoma city limits since at least January 1, 2024.
• Uplift Loan Program: Offers collateral-free loans of up to $100,000 to Tacoma-based businesses and non-profits that have been in operation for at least three years.
• Accelerator Loan Program: Provides loans exceeding $500,000 for businesses and non-profits in Tacoma that have operated for at least five years.
Applications for these programs will be available online at makeittacoma.com beginning January 21, 2025. The application window will remain open until March 14, 2025. A panel of City staff members, along with community representatives where needed, will evaluate applications to ensure funding aligns with the goals of the CRP and the needs of affected communities.
