The Equitable Access to Credit Program, authorized by HB 1015 (RCW 82.04.449) (PDF), provides a tax preference mechanism that generates funds for grants to qualified lending institutions. These grants, funded through contributions in exchange for B&O tax credits, are dedicated to providing access to credit for historically underserved communities.
The Washington Department of Commerce’s Office of Economic Development and Competitiveness (OEDC) is seeking public comments and recommendations to inform the agency’s work on the development of the grant component of the Equitable Access to Credit Program. The purpose of this effort is to:
- Determine what information should be collected in the grant application to verify eligibility
- Determine desirable methods of grant administration and distribution;
- Identify additional information to be collected from grantees for reporting
Feedback obtained through this Request for Public Comment process will help inform coordinated agency action in designing and implementing programs that supports equitable access to credit grants.
Estimated Key Action Dates
The dates are only estimates and are provided to illustrate the current expectations for timing of actions related to this Request for Comment:
- Public Comments must be received by January 16, 2024
- Grants application launch on or about March 2024
- Grants awarded on or about May 2024