Financial Services

Subcommittee on Financial Services

Project Title:  Asotin County Industrial Park Infrastructure Completion
Recipient:       Port of Clarkston
Amount:         $500,000
Location:        Asotin County, WA

Purpose: This funding will assist the Port of Clarkston in building a 30-acre industrial park that will provide needed infrastructure for new and growing small manufacturing businesses to support the developing clean energy industry in the region.

Importance: The completion of the industrial park will allow businesses and manufacturers to provide crucial support for the growing renewable energy production in the region, creating over 200 new jobs in the first 3 years during and after completion.


Project Title:  Eastern Washington University, Accelerating Economic Development in Rural,                        Underserved Communities of the Inland Pacific Northwest – Phase II
Recipient:       Eastern Washington University, Institute for Public Policy and Economic                        Analysis
Amount:         $295,000
Location:        Cheney, WA
Purpose: This funding will help provide economic analysis and establishes an accessible database for small business development in the rural communities of Ferry, Grant and Okanogan counties in Washington State and the Colville Federation of Tribes.

Importance: This funding will lay the groundwork for the future economic development and job creation in rural, underserved communities in eastern Washington State.  


Project Title:  Inland Northwest Regional Partnership for Sustainable Development
Recipient:       Spokane Area Workforce Development Council
Amount:         $360,000
Location:        Spokane, WA and 10 Counties of Greater Eastern Washington

Purpose: This funding would create and implement an integrated, regional workforce development plan that supports the long-term economic growth of small businesses and jobs in the clean energy and energy efficient technology industry in eastern Washington.

Importance: There currently is no dedicated consortium or partnership focused on clean energy and energy efficient technology development in Greater Eastern Washington. This project will create an infrastructure to produce a comprehensive plan that addresses business needs in this cluster, and deploys resources, including adjustments to the skills development and training system to address service gaps and help create jobs in this region.  The information collected and developed for this industry cluster model will be made public for other regions to review and adapt to their own development planning needs.


Project Title:  MLK Business Center Project
Recipient:       Martin Luther King Housing Development Association
Amount:         $380,000
Location:        Tacoma, WA

Purpose: This funding will assist in the construction of a mix-use business center to reclaim and revitalize one of Tacoma’s most important inner-city and underserved neighborhoods, the historic Hilltop Community by providing infrastructure support to existing and new small businesses.

Importance: Tacoma’s Hilltop Community has struggled economically, with limited opportunities for small businesses to grow and provide jobs and economic stability to the area.  Construction on the Business Center and subsequent permanent jobs will generate $19 million in indirect economic impact and create approximately 300 jobs during the one-year construction phase.  Additionally, as small businesses grow and develop utilizing the infrastructure and resources of the Business Center, over 400 permanent jobs will be created, producing approximately $18 million annually in salaries and several million in indirect impact.


Project Title:  Puget Sound Microenterprise Development Project
Recipient:       Washington Community Alliance for Self-Help
Amount:         $210,000
Location:        Seattle, WA

Purpose: This funding will provide comprehensive economic development and small business support activities designed to address the economic needs of low-income individuals, families and distressed communities.

Importance: Many individuals are trapped in low-wage jobs that fail to provide them with the resources that they need to support themselves and their families, let alone to improve their economic situation.  The need for microlending services is particularly significant in Washington, where approximately 26% of the population is considered “working poor” and struggling to live at 200% of the federal poverty threshold.  The services provided by this project will create and sustain jobs within underserved communities in the Puget Sound region.


Project Title:  Sirti Technology Growth Fund
Recipient:       Sirti Foundation
Amount:         $1,500,000
Location:        Spokane, WA

Purpose: This funding supports a revolving loan fund that compliments the region’s Community Economic Development Strategy plans by providing capital and debt financing for startup green technology businesses in eastern Washington.

Importance: The Technology Growth Fund is a proven program with demonstrated results creating and protecting high wage technology-based jobs.  This investment, combined with private sector matching funds and dedicated expertise, will help small businesses expand into new markets and create new jobs in the region.