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.
“We are deeply honored to be awarded this grant from the Washington State Department of Commerce, which will significantly enhance our ability to serve the members of the Confederated Tribes of the Chehalis Reservation and other Native American communities in Southwest Washington,” Tamra J. Marlowe, executive director of the Chehalis Tribal Loan Fund, said in a statement. “At the Chehalis Tribal Loan Fund, we are committed to breaking down financial barriers and fostering economic empowerment. Brick by brick, we are paving the way to financial empowerment through education, coaching, and fair lending. This funding allows us to expand access to vital resources, promote financial literacy, and support entrepreneurship within these communities. Together, we are building a more inclusive and equitable future for all.”
