CRP’s economic development program is repairing wealth disparities in communities disproportionally harmed by the war on drugs. This includes creating opportunities for individuals and families to buy homes, save money, receive financial education, training and grants for small businesses.
Strategic investment areas
The Economic Security for All (EcSA) initiative coordinates existing government programs to support low-income Washingtonian residents in their pursuit of sustained self-sufficiency. EcSA’s innovative approach to equitably reduce poverty focuses on historically marginalized populations and people with multiple obstacles to self-sufficiency.
Grant programs
EcSA Career Accelerator program – $10 million
EcSA Career Accelerator grant program supports individuals as they work towards economic security and stability. Underemployed job seekers can receive training, support payments, coaching, and financial incentives of up to $1,000 as they achieve specific goals such as obtaining an industry-recognized or post-secondary credential, gaining measurable skills, finding employment, or reaching a certain median wage.
EcSA Business Support – $15 million
EcSA Business Support program funds Black, Latine, and tribal businesses to participate in the Workforce Innovations and Opportunity ACT (WIOA) while providing job seekers with the necessary skills and experience to secure long-term employment.
Are you an individual or small business? Learn more about these programs by contacting your local workforce development board.
Grant programs
Asset building initiatives – $3 million
CRP’s asset building initiatives program will provide funding to organizations and individuals that come together to promote practices and advance policies to build assets and achieve financial stability. These coalitions can focus on issues such as increasing access to affordable housing, improving financial education and counseling, and promoting savings and asset building programs like Individual Development Accounts (IDA).
Financial coaching and mentorship – $10 million
CRP’s Financial coaching and mentorship program provide grants for community organizations and financial institutions to hire employees to provide trauma-informed financial coaching, business coaching, and homebuyer education to households in a culturally responsive manner. This program supports individuals and families improve their credit, increase their income to narrow the gap between their current income and self-sufficiency, and initiate the building of savings or assets.
Learn more about CRP-funded community-based financial coaching programs:
Grant programs
Individual Development Accounts – $25 million
The Individual Development Accounts (IDA) program aims to help people save for assets such as education, housing, or growing a business. The program provides matched savings accounts up to $10,000 per participant. To participate in the program, individuals must participate in financial education and coaching while developing the skills and knowledge necessary to achieve their savings goals.
Blended Capital Investments – $25 million
The Blended Capital Enhancements program aims to assist people in securing assets. The program is managed by a central entity or regional entities, and financial technical assistance providers are required to provide a case statement for the amount requested. The maximum amount can be set for each asset journey.
Cannabis Business Grants – $3 million
The Cannabis Business Grants program aims to support social equity-qualified license holders with early-stage financial support and technical training.
Grant programs
Loan Guarantee Fund – $17 million
This fund is a pool of resources that provides funding and loan loss reserves to lenders across the state, including Community Development Financial Institutions (CDFIs), local municipalities, and non-profit organizations. Loan Guarantee funds are often used to encourage small businesses, startups, individuals and other entities that might be traditionally considered “high-risk” borrowers.
Black, Latine, Tribal-Led Lending Agency Support – $15 million
The Black, Latine, and tribal-led Lending Agency Support Program aims to support existing and emerging lenders by providing them with grants for lending capital, operations and salaries. By enhancing their capacity, these lenders can serve a greater number of individuals and communities, access the risk pool, and gain access to additional training opportunities to effectively address wealth gaps.
Homeownership Capital Accelerator – $15 million
The Homeownership Capital Accelerator grant program provides homeownership loan capital to lending agencies serving Black, Latine, and tribal communities. The goal of this grant is to
- Reduce monthly mortgage payments
- Increase purchasing power for communities harmed by the war on drugs.
This may include options such as secondary mortgages which may help eliminate mortgage insurance to facilitate a home purchase.