GoWest Foundation awarded state grant to create credit-builder program

The Washington Department of Commerce awarded the GoWest Foundation a $9 million grant designed to empower credit unions in Washington State to collaborate and pilot a credit-building program to expand access to capital for small business owners and entrepreneurs from historically marginalized communities.

“Recognizing the vital role credit unions play as a trusted financial partner, the grant award provides a unique opportunity for credit unions in Washington to collaborate and design an inclusive capital access program,” said GoWest Credit Union Association Chief Impact Officer and Foundation Executive Director Sharee Adkins. “By working together with communities furthest from opportunity, we can address the needs of Washington residents as identified by state policymakers.

“Through the partnership between our GoWest Foundation and the Washington Department of Commerce, we will facilitate cross-sector collaboration between credit unions, Small Business Resiliency Network (SBRN) partners, and other stakeholders to implement this program,” she added. “We aim to ensure inclusive access and support together, enabling credit unions to provide loans throughout Washington State.”    

Adkins also noted the program:

• Is an exceptional opportunity for credit unions to collaborate with one another and work directly with intended funding recipients, fostering meaningful relationships and co-creating innovative solutions that break down barriers to capital access. 
• Signifies the high regard policymakers hold for credit unions as trusted financial partners. 
• Will leverage the $9 million dollar grant to ensure inclusive access and support, enabling credit unions to provide loans throughout Washington State.