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May 7, 2024
Washington State Community Reinvestment Project invests $9.8 million to provide financial coaching, mentorship for Black, Latine and tribal communities
New Commerce grants fund organizations taking action to help communities disproportionately harmed by the war on drugs build a stable financial future
OLYMPIA, WA – The Washington State Department of Commerce today announced $9.8 million in grants to 28 organizations and institutions providing financial coaching for communities disproportionally impacted by the historical design and enforcement of state criminal laws and penalties for drug possession, commonly referred to as the war on drugs. Grants are funded by the state Community Reinvestment Account.
Funding will prioritize, but is not limited to, programs serving Black, Latine, and tribal communities in seeking a stable financial future. The financial coaching and mentorship offered by funded organizations will be trauma-informed and honor cultural heritage and backgrounds. Programs will include homebuyer education, business coaching, construction loans, debt remediation, and more.
"Financial coaches employ a proven, integrated investment approach - working together across career, education, and lending programs - to help families achieve their goals,” said Commerce Director Mike Fong.
Closely aligned with recommendations in the Community Reinvestment Plan, funded programs will assist community members to get a better wage, cut debt, boost credit scores, and focus on saving three months of living expenses.
Fong added: “We are excited to see the results of these financial wellness programs designed by and for the communities who have been most impacted by the historical design and enforcement of criminal laws and penalties for drug possession in our state."
More than 120 applicants applied for approximately $51.1 million in funds. The Community Reinvestment Project anticipates final grant amounts per successful applicant will range from $200,000.00 to $375,000.00 for a 15-month award period. Final funding is contingent upon contact execution with Commerce.
“We are truly honored to be among the apparently successful applicants and deeply appreciate the opportunity to contribute to the objectives of the Community Reinvestment Project,” said Ela G, Donations Coordinator at the Abundance of Hope Center in King County, Washington. “This acknowledgment means a lot to our team, and we are excited about the prospect of making a greater and more meaningful impact in our community.”
The organizations and financial institutions awarded are:
- Abundance of Hope Center – King, Pierce and Snohomish Counties
- Byrd Barr Place – King County
- Canopy Credit Union – Spokane County, Stevens and Pend Oreille Counties
- Centro Cultural Mexicano – King and Snohomish Counties
- CJK Community Homes – Pierce County
- Denkyem SPC – King County
- Fiscal Finesse Consulting – King, Pierce, Thurston and Snohomish
- Global Majority Consortium – King and Pierce Counties
- Health and Justice Recovery Alliance – Spokane County
- Intercultural Children and just Family Services – King and Pierce Counties
- King's Dream Business Consulting – King, Pierce and Snohomish Counties
- Latinos En Spokane – Spokane County
- Multi Ethnic Business Association (AHANA) – Spokane County
- Native American Youth and Family Center’s (NAYA) – Clark County
- PIM Savvy, Inc – King and Snohomish Counties
- Rural Community Development Resources – Yakima, Benton, Franklin, Adams, Klickitat, Grant, Kittitas, Walla Walla, Douglas, Chelan and Okanogan Counties
- Sound Outreach – Pierce County
- Swinomish Indian Tribal Community – Skagit County
- Tacoma Community House – Pierce County
- Tacoma/Pierce County Habitat for Humanity – Pierce County
- Take Charge Credit Consulting – Clark County
- The STAR Project – Statewide
- The Suquamish Tribe – Pierce, Kitsap, Jefferson, Mason and Thurston Counties
- Tribal Technology Training – Statewide
- United Indians of All Tribes – King, Pierce, and Snohomish Counties
- Villa Comunitaria – King County
- Workforce Snohomish – Snohomish County
- WOW Tricities – Benton, Franklin, Pierce, Spokane, Walla Walla and Yakima Counties
It is projected that 62% of the funds awarded will go to Clark, King, Pierce, Snohomish, Spokane, and Yakima Counties - statistically home to communities most impacted by the war on drugs. The remainder of funds will be spread across Washington’s other 33 counties.
Learn more about the Community Reinvestment Project on the Commerce website.
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