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Economic Development Funding Sources

This page lists selected economic development funding sources and financial assistance programs for local governments in Washington State, including state and federal sources and the New Markets Tax Credit.

Keep in mind that Washington laws may be different than other states. A tool used elsewhere may not be applicable in Washington.

Washington Fund Directory

The Washington Fund Directory, created by the State Treasurer's Office, provides a centralized online database listing state grants and loans to local governments, nonprofits, tribes, and other entities. There are listings for many different project types including economic development, transportation, housing, environment, infrastructure, and more.

Other State Funding Resources

Federal Funding Resources

New Markets Tax Credit Program

The New Markets Tax Credit (NMTC) Program provides a 7-year federal tax credit for qualified investments into certified Community Development Entities (CDEs). CDEs, which may be formed by local governments, use the investment proceeds to finance business and community investments in distressed urban and rural communities.

Community Development Financial Institutions

Community Development Financial Institutions (CDFIs) are private sector financial intermediaries with community development as their primary mission. Below are some examples and useful resources.

  • Craft 3 – Non-profit CDFI with a mission to strengthen economic, ecological, and family resilience in Pacific Northwest communities. Provides loans to nonprofits, businesses, and families and has several regional offices in Washington.
  • CDFI Coalition – National organization promoting the work of CDFIs and provides information about types of CDFIs
  • U.S. Treasury Department: Community Development Financial Institutions Fund – Provides federal financing to CDFIs and provides additional information on CDFIs, including current list of certified CDFIs

Recommended Resources

Last Modified: May 20, 2022