A bipartisan group of legislators led by Rep. Jacquelin Maycumber (R – Republic) have introduced a bill in the House Finance Committee that would create a program within the Department of Commerce to spur economic development in disadvantaged communities that have historically lacked access to capital.
The Equitable Access to Credit Program would award grants to qualified lending institutions (QLIs) to provide access to credit for these underserved, largely rural communities.
Most of these rural areas that have the highest unemployment rate and lowest wages in the state really struggle with businesses and having people get loans,” said Maycumber. “There are some great ideas but it’s a real difficulty to say, ‘I’m going to start a business in one of the most rural, economically depressed areas in the state of Washington.”