City of Tacoma

City of Tacoma Community Reinvestment Project (CRP)

The Community Reivestment Project (CRP) is a City of Tacoma program funded by the Washington State Department of Commerce as part of a statewide $200 million Community Reinvestment Project initiative. Through Tacoma’s $3.6 million allocation, the City is offering a combination of loans and grants to support Tacoma-based businesses that align with the CRP’s goals of addressing economic inequities and historical barriers caused by the enforcement of criminal laws and penalties during the war on drugs.

 

Funding Opportunities

Small Business Loans

• Uplift Loan Program

The Uplift Loan Program offers no-collateral loans of up to $100,000 for small businesses that have been excluded from traditional financing opportunities. This program supports Tacoma businesses impacted by systemic barriers, providing manageable loans to those with potential but limited cash flow or collateral. Whether you’re hiring staff, purchasing inventory, or expanding your services, the Uplift Loan Program helps you grow and contribute to Tacoma’s economy.

• Accelerator Loan Program

The Accelerator Loan Program provides loans ranging from $500,000 to $1,000,000, helping established Tacoma-based businesses with significant growth potential expand operations, improve efficiency, or scale into new markets. This program addresses challenges such as limited collateral while enabling large-scale growth and development.

Small Business Grants

• Commercial Rent Grant

The Commercial Rent Grant offers financial relief to Tacoma businesses by covering up to 50% of one year’s rent, with a maximum grant amount of $25,000. This grant is designed to help businesses reallocate funds typically spent on rent toward growth-driving activities such as hiring staff, marketing, or improving operations.

• Commercial Assets Grant

The Commercial Assets Grant provides funding for Tacoma businesses to purchase essential equipment, technology, or other assets that directly enhance operations and drive growth. This program helps businesses modernize, improve efficiency, and sustain long-term success by supporting investments that increase revenue, streamline processes, or expand services.

 

Technical Assistance for Applicants

We understand that applying for funding can be a complex process. To support businesses, the City of Tacoma has partnered with Revby and Golden Gift Consulting to provide technical assistance. These organizations will assist businesses in preparing required documentation and completing their applications.

Both organizations will offer:

• One-on-One Support: Personalized assistance tailored to your business needs.
• Group Workshops: Sessions covering application best practices and documentation preparation.

Additionally, the City of Tacoma will host information sessions and application clinics to guide businesses through the application process.

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Upcoming Sessions:

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Apply Now

Applications are hosted on Submittable. Click below to begin your application:

Start Your Application

 

Have more questions? Visit our FAQ page for detailed information.

City of Tacoma Community Reinvestment Project (CRP) Info Sessions

Info Coming Soon

City of Tacoma Community Reinvestment Project (CRP) FAQ

 

General Questions

What is the Community Reinvestment Project (CRP)?

The CRP is a City of Tacoma program funded by the Washington State Department of Commerce as part of a $200 million statewide initiative. Tacoma’s $3.6 million allocation provides loans and grants to Tacoma-based businesses to help them grow, create jobs, and strengthen the local economy.

Who is eligible to apply?

• For-profit businesses (home-based or commercial brick-and-mortar) located within Tacoma city limits.
• Non-profits located within Tacoma city limits (eligible for loans only).
• Applicants must meet specific criteria for the funding program they are applying for (see program details below).

Can businesses apply for more than one funding program?

Businesses may apply for one of the loans and one of the grants at the same time; however, only one funding program will be awarded. Applicants cannot receive both a grant and a loan. Additionally, businesses applying for grants may only apply for either the Commercial Rent Grant or the Commercial Assets Grant—not both.

When do applications open?

Applications will be available starting [insert date]. Check back regularly or subscribe to updates for the latest information.

How do I apply?

Applications are hosted on Submittable. You can begin your application by clicking [here].

 

Funding Programs

What types of funding are available?

The CRP offers four types of funding programs:

• Uplift Loan Program: Loans of up to $100,000. Available to eligible for-profit businesses and 501(c)(3) non-profits located within Tacoma city limits that have been in operation for at least three years.
• Accelerator Loan Program: Loans ranging from $500,000 to $1,000,000. Available to eligible for-profit businesses and 501(c)(3) non-profits located within Tacoma city limits that have been in operation for at least five years.
• Commercial Rent Grant: Covers up to 50% of one year’s rent, with a maximum grant amount of $25,000. Available to for-profit businesses located within Tacoma city limits that have been in existence as of January 1, 2024.
• Commercial Assets Grant: Provides funding up to $25,000 for equipment, technology, or other assets that directly support business growth. Available to for-profit businesses located within Tacoma city limits that have been in existence as of January 1, 2024.

What can the funding be used for?

Funding must be used for business growth and development activities, such as:

• Hiring staff.
• Purchasing inventory or equipment.
• Expanding or scaling operations.
• Investing in technology or operational improvements.
• Purchasing real estate or land
• Working Capital

 

Can I use the funding to pay off existing debt?

Debt refinancing may be an allowable use of the loans, depending on how it supports business growth.

Do I need collateral to apply for a loan?

No collateral is required for the Uplift Loan Program. For the Accelerator Loan Program, a lack of pre-existing collateral is not a disqualifier.

What is the maximum grant amount I can receive?

• Commercial Rent Grant: Up to $25,000. Businesses can calculate their maximum allowable request by determining 50% of their total rent for one year. For example, if your total annual rent is $40,000, you may request up to $20,000.
• Commercial Assets Grant: Up to $25,000, based on the cost of eligible assets.

 

Application Process

What documents will I need to apply?

The required documents vary by program but typically include:

• Proof of business registration or license. (loans and grants)
• Financial statements or tax returns. (loans)
• A lease agreement (for the Commercial Rent Grant).
• A narrative describing how the funding will be used to grow your business. (loans and grants)

How will awardees be selected?

• Grants: Applications will be scored by a review panel. Scoring will be based on relevance to the CRP mission and goals, feasibility, and growth strategy.
• Loans: Applications will go through a flexible underwriting/scoring process that includes relevance to the CRP mission and goals, affordability, growth strategy, and debt readiness.

How long will it take to process my application?

This is an application period, not a rolling application process. The CRP is not operating on a first-come, first-served model. All applications will be reviewed after the application period closes, and applicants will be notified of decisions at the same time. We anticipate this process will be completed no later than April 2025, though this is subject to change.

Can I get assistance to prepare, complete, and submit a competitive application?

Yes! The City of Tacoma has partnered with Revby and Golden Gift Consulting to provide free technical assistance. Support includes:

• One-on-One Support: Tailored guidance for preparing required documentation and completing your application.
• Group Workshops: Sessions covering application best practices and document preparation.

Additionally, the City will host info sessions and application clinics to provide hands-on support. Visit [insert link] to view upcoming session dates and registration details.