The Russell Family Foundation (TRFF) has awarded $100,000 in grant funding and $500,000 in loan capital to Business Impact Northwest (BIN) to help the nonprofit regional Community Development Financial Institution (CDFI) provide small businesses in Pierce County with assistance.
“Small businesses in Pierce County may be facing myriad challenges amid COVID-19 — some may not be able to access federal, state, or local resources, and others may lack technical support,” said Kathleen Simpson, CEO of TRFF, in a prepared statement. “Our aim is that with help from TRFF’s funding, BIN will engage on the ground here in Pierce County to provide vital services to small business to recover and build resiliency.”
The assistance is geared toward small businesses making less than $1 million per year. Outreach will specifically cater to veterans, people of color, rural business owners, farmers, first-generation immigrants, and the LGBTQ+ population.
Funding will serve a variety of needs including lending capital; providing technical assistance to help businesses access traditional forms of capital; training and technical assistance to help build strong businesses; and support for rebuilding credit and improve business operations.