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

Tacoma has successfully secured a $4 million grant from the Washington State Department of Commerce, aimed at bolstering economic development in communities adversely impacted by the war on drugs. This financial support is part of the Community Reinvestment Project (CRP), which prioritizes local revitalization efforts. Of the total grant, $2. 6 million will be set aside for revolving loans through the Tacoma Community Redevelopment Authority, providing essential capital to local businesses and non-profits. Additionally, $1.

1 million will be allocated for grants targeting commercial rent and technical assistance. Mayor Victoria Woodards emphasized the significance of addressing systemic barriers and creating equitable opportunities for historically marginalized communities. The funding applications will be available online starting January 21, 2025, allowing for a transparent review process involving community representatives. The initiative aims to support around 50-60 businesses, reflecting a commitment to fostering sustainable economic growth. Overall, the CRP has invested a total of $200 million to promote community-led development across various sectors.