The Chehalis Tribal Fund has received a nearly $100,000 grant from the Washington State Department of Commerce to provide assistance, training, loans and investments to help borrowers who may not otherwise be eligible for loans.
On Wednesday, the Commerce Department announced the funds as part of $1 million the agency will provide to eight recipients through the new Equitable Access to Credit program.
“Access to capital has long been at the top of the list of small business needs, especially in underserved communities,” Commerce Director Mike Fong said in a statement.
“The Equitable Access to Credit program represents a unique funding mechanism to fuel small business growth and create new opportunities throughout the state.”
The fund was created by the Washington state Legislature in 2023, with funds awarded to qualified lending institutions. According to the Commerce Department, Businesses with state Business and Occupation (B&O) tax liabilities can contribute to the fund and receive a $1 for $1 tax credit. So far, businesses have contributed $5.9 million to the fund.