OLYMPIA, Wash. (AP) — The Washington state Department of Commerce announced Monday it has been awarded $19.7 million from the U.S. Department of Treasury.
The money will be used to start three business credit initiatives meant to spur investment and lending to businesses in the state.
One program will use $8.7 million to provide up to $5 million to Washington-based small businesses in underserved communities, as well as to Native Americans and to women- and minority-owned businesses.
Another $6 million will enable bank loans of $50,000 to $100,000 to small businesses in state. The third program will use $5 million to underwrite a venture fund that will invest in “early-stage technology, life science and information technology companies emerging from University of Washington and other leading science research centers across Washington State.”
