OLYMPIA, Wash.–The Washington Department of Commerce awarded the GoWest Foundation a $9 million grant to fund a credit-building program aimed at expanding to capital for small business owners and entrepreneurs who represent historically marginalized communities.
According to GoWest CU Association Chief Impact officer and Foundation Executive Director Sharee Adkins the pilot program aims to facilitate cross-sector collaboration between credit unions, Small Business Resiliency Network (SBRN) partners, and other stakeholders.
“Recognizing the vital role credit unions play as a trusted financial partner, the grant award provides a unique opportunity for credit unions in Washington to collaborate and design an inclusive capital access program,” said Adkins. “By working together with communities furthest from opportunity, we can address the needs of Washington residents as identified by state policymakers.”
‘Exceptional Opportunity’
Adkins called the program an “exceptional opportunity for credit unions to collaborate with one another” and work directly with intended funding recipients, which in turn will foster meaningful relationships and co-create innovative solutions that break down barriers to capital access.
Adkins added the funding signifies the high regard policymakers hold for credit unions as trusted financial partners.
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