TACOMA, Wash. – The City of Tacoma has secured a $4 million grant from the Washington State Department of Commerce. This funding, made possible through the state’s Community Reinvestment Project (CRP), marks a significant step towards fostering economic growth and revitalization in communities disproportionately impacted by the war on drugs.
Of the $4 million – which will be distributed and monitored for compliance by the City of Tacoma – $2.6 million will be allocated to revolving loans administered by the Tacoma Community Redevelopment Authority (TCRA), providing vital capital to businesses and non-profits. The remaining $1.1 million will support commercial rent, commercial asset grants, and technical assistance, ensuring businesses have the resources they need to thrive. The City aims to support approximately 50-60 businesses through these various funding programs, including collateral-free loans and commercial grants.
“This is about creating lasting economic opportunities and building wealth in communities that have historically faced systemic barriers,” said Mayor Victoria Woodards. “By focusing on areas harmed by the design and enforcement of drug laws, we are seeking to rectify past injustices and create a more equitable future.”…