Eligibility
Faith based collectives in the greater Tacoma area. Faith based collectives much show proof of any of the following:
- Status as a non-profit alliance of ministers
- Have viable programs and a proven track record of supporting community members
- Connections to other ministries
- Programs that support homelessness prevention and interventions, eviction rent assistance, or housing.
All businesses must have or obtain a valid Washington State business license, and all applicable local and state licenses and/or certifications necessary to conduct business activities or exemption letter showing organization is exempt from state licenses.
Loan Terms
1.5 to 3 year repayment terms
Reduced payment structure in first two years. Loan to be repaid within 3 years.
Interest Rate: 3-8%
Loan Fees:
- Origination Fee: Up to 3%
- Pass Through fees: Up to 1%
Income Levels - Business
Faith-based Collectives with revenue above $1M/year.
Terms and Conditions
Actionable Plan Requirement: Applicants must submit a clear and actionable plan outlining their project, timeline, and intended outcomes. They must meet with a financial coach and develop a business forecast detailing projected revenue, expenses, and a repayment plan.
Capacity-Building Commitment: Loan recipients must allocate a portion of the funding to capacity-building activities, such as hiring staff, developing internal expertise, and enhancing operational capabilities to ensure the sustainability and success of their initiatives.
Progress Reporting:
Regular progress reports are required to ensure alignment with goals and accountability for funds.
Membership Requirement:
Recipients are required to become members of the following organizations:
- Doing It Does It Black Directory
- Tacoma Black Fund
- Tacoma Urban League
Loan Forgiveness Terms
Up to half forgiven after 2 years of payments if the following requirements are met:
- Project milestones have been met.
- Proof of community impact.
Tacoma Faith Based Collective Loan Program Application
Eligibility
Community Foundations that serve the Greater Tacoma area.
The business or organization must have or obtain a valid Washington State business license, and all applicable local and state licenses and/or certifications necessary to conduct business activities
Loan Terms
Loan to be forgiven by June 30, 2025.
Interest Rate: 0%
Loan Fees: 0
Origination Fee: $0
Pass Through fees: $0
Any remaining funds as of June 30, 2025 will be activated by a final grant distribution to Tacoma Black Fund for related purposes
Income Levels - Business
Foundations with assets above $100M
Terms and Conditions
Community Foundation will serve as fiscal partner to the Tacoma Black Fund Loan Readiness Program that provides financial literacy and grants to businesses or non-profits who are providing community benefit.
Tacoma Black Fund Loan Readiness Program will provide Community Foundation with a clear and actionable plan outlining the loan readiness program, application process, decision making criteria, timeline, and intended outcomes. Tacoma Black Fund Loand Readiness Program will implement and manage the program, recipient selection, recipient communication, and associated reporting deliverables. Items required for GTCF to fulfill its fiscal partnership must be disclosed during the application period (e.g. expenditure responsibility, proof of business, affirmation of expenditure responsibility requirements)
On behalf of Tacoma Black Fund Loan Readiness Program, the Community Foundation (applicant) will apply for a $1,500,000 loan from Tacoma Urban League (lender). Upon receipt of funds from Tacoma Urban League and list of qualified and approved recipients, Community Foundation will deliver funds to named businesses or non-profits who are providing community benefit.
The two requirements for Commerce to release $1,500,000 to Tacoma Urban League for this program are the following:
1. Completed loan agreement between GTCF, on behalf of Tacoma Black Fund Loan Readiness Program, and Tacoma Urban League
2. Complete listing of businesses and non-profits from Tacoma Black Fund Loan Readiness Program who are providing community benefit and who will receive these dollars.
Community Foundation will not be responsible for any debts incurred by Tacoma Black Fund Loan Readiness Program, nor will Community Foundation release any funds in amounts greater than the current balance of the Fund at any time. All events, program administration, KPI reporting and decisions belong to Tacoma Black Fund Loan Readiness Program and all liability is held by Tacoma Black Fund Loan Readiness Program.
Community Foundation will charge Tacoma Urban League a 10% fee ($150,000) on the total loan for administrative and overhead expenses related to loan processing, audit, management, payment process, expenditure responsibility, and oversight of fund.
Loan Forgiveness Terms
LThe loan will be forgiven on or before June 30, 2025, once the Community Foundation demonstrates that all funds have been distributed to businesses and non-profits through the loan readiness program as directed by Fund Advisors to Tacoma Black Fund Loan Readiness Program Fund.
Within two weeks of loan requirement completion, a formal letter confirming loan forgiveness must be issued by Tacoma Urban League to Community Foundation.
Tacoma Black Fund Loan Readiness Program Servicer Application
Eligibility
BIPOC led developers (both non-profit or for-profit businesses) undertaking projects in the greater Tacoma area
All businesses or non-profits must have or obtain a valid Washington State business license, and all applicable local and state licenses and/or certifications necessary to conduct business activities
Loan Terms
1.5 to 3 year repayment terms
No payments in the first two years. Loan to be repaid within 3 years.
Interest Rate: 3-8%
Loan Fees:
- Origination Fee: Up to 3%
- Pass Through fees: Up to 1%
Income Levels - Business
Businesses and non-profits with revenue above $35k/year
Terms and Conditions
Recipients are required to become members of the following organizations:
- Doing It Does It Black Directory
- Tacoma Black Fund
- Tacoma Urban League
Developers must demonstrate that their projects serve or impact individuals or families earning below 80% of the Area Median Income (AMI) or families at or below the median family income, as defined by HUD. L