In 2025, its second year, the Equitable Access to Credit (EAC) Program has awarded $5.6 million to 11 Community Development Financial Institutions (CDFIs) operating in Washington. In turn, these CDFIs provided loans and investments to borrowers who might not be eligible for traditional bank financing. The CDFIs also conducted technical assistance services and small business training.
A program of the Washington State Department of Commerce, EAC provides a dollar-for-dollar business and occupation tax credit to participating businesses or individuals. With the funds generated, Commerce awards grants to CDFIs. The Program’s goal is to encourage investment in small, rural, and underserved businesses to boost community and economic development in the state. Washington Trust Bank has participated in the program since its inception, and in both 2024 and 2025 made the maximum contribution of $1 million to EAC.
“Being privately owned and locally invested, small businesses and the communities they serve are a major focus of our work. The Equitable Access to Credit Program helps both get additional support and flourish,” says Dominic DeCaro, Director of Credit Resource Center & Small Business Banking at Washington Trust.
Examples of CDFIs that received funding and which Washington Trust partners include:
- SNAP Financial Access in Spokane County, which works with underserved entrepreneurs, small business owners, and first-time borrowers.
- Craft3 provides responsible capital for businesses, nonprofits, and communities across the Pacific Northwest.
- Business Impact NW serves underbanked entrepreneurs in Washington and other Northwest states.
- MoFi works with small business owners and entrepreneurs in Mountain West states, including eastern Washington.
- Micro Enterprise Services of Oregon supports entrepreneurs in the Portland metropolitan area, including Vancouver, Washington.
In its inaugural year, eight grant awardees made 36 investments in 16 Washington counties.