Small Business Innovation Fund
The Small Business Innovation Fund, administered by Washington State Department of Commerce, aims to spur small business recovery, startup, and growth. This funding will focus on initiatives that serve BIPOC entrepreneurs, women-owned small businesses, and small businesses located in underserved, low-income, and rural areas.
Eligible Applicants: Non-profit organizations who have a history of working with and providing assistance to small businesses in the State of Washington. A maximum of $5M will be awarded to each successful applicant. The number of awards depends on the number and quality of applications received. Non-profit organizations must show an aptitude and proficiency in assisting small businesses with the goals of recovery, startup, and growth. The Applicant must be licensed to perform work in Washington State. They must also be registered and maintain their status as a nonprofit entity, with the Secretary of State’s Office.
Small Business Innovation Fund contracts are used to:
- Serve BIPOC entrepreneurs and small businesses located in underserved, low-income, and rural areas
- Serve women-owned businesses
- Serve native and tribal-owned businesses
- Increase aptitude for small businesses to succeed and survive
Grant applications are accepted August 10, 2022 – September 2, 2022.
Grants are estimated to be awarded by October 1, 2022.
Contract performance period: Contract Execution through May 31, 2023.
Contract award amounts:
Maximum of $5M, minimum of $500,000 awarded to each successful applicant. The award will be based on the quality of content within the application and the ability to execute the timeline of the contract.
The legislature has specified that: “The department may establish regional targets or other benchmarks to ensure equitable geographic distribution of funding.” In response to this, funds will be distributed according to the following regional framework:
1/3 King County
1/3 all other urban counties
1/3 all other rural counties
Application & Contracts Manager
(360) 522-0429ogram Manager: