The Washington State Department of Commerce is currently accepting applications for the 2025 cycle of the Equitable Access to Credit Program. This initiative, authorized under HB 1015 and codified in RCW 82.04.449, is designed to enhance credit access for historically underserved communities across Washington. Funding for this program is generated through contributions made in exchange for Business and Occupation (B&O) tax credits, which are then allocated as grants to qualified lending institutions.
The 2025 grant cycle includes a total of $5,939,911 available for distribution to eligible applicants. At least 65 percent of the total grant value awarded each year must be directed to native Community Development Financial Institutions (CDFIs) or to grantees providing services or investments in rural counties. The program’s overarching goal is to stimulate community and economic development by supporting lending to small, rural, and underserved businesses within Washington State.
Eligible applicants must be recognized either as emerging or certified CDFIs by the U.S. Department of the Treasury. They must also be registered nonprofit organizations exempt under Section 501(c)(3) of the Internal Revenue Code and have a documented history of lending within Washington. A matching funds requirement is in place, and the match percentage depends on the applicant’s classification and asset size. Emerging CDFIs must provide a minimum 5 percent match; certified CDFIs with less than $3 million in assets must provide a 10 percent match; and emerging CDFIs with more than $3 million in assets must provide a 25 percent match.
Interested organizations must submit their applications through a Smartsheet form by Friday, April 25, 2025, at 5:00 p.m. Pacific Time. A pre-application informational webinar will be held on March 20, 2025, from 3:00 to 4:00 p.m. via Microsoft Teams. Applicants are encouraged to attend or view the recording of the webinar. To receive the webinar link, participants must email Program Manager Shiloh Penland at Shiloh.Penland@commerce.wa.gov.
Application materials and additional resources, including the grant guidelines, sample application, contract template, and FAQ, are available online. These documents provide essential information for preparing a competitive application. For questions or technical assistance, applicants may contact Program Manager Shiloh Penland directly via email.
