Murray Announces Federal Grants to Help Small Businesses Raise Capital, Create Jobs

Press Release

Funding will expand loan opportunities to small businesses, support community-based organizations

Today, U.S. Senator Patty Murray (D-WA) announced that three Washington state community-based financial organizations have been selected to receive a total of $2,455,000 under the fiscal year 2009 funding round of the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. The funding will allow the organizations to expand capital and economic opportunity to small businesses and low-income families across the state.

"Small businesses are the backbone of Washington state's economy, but too many of them have difficulty accessing the capital they need to expand and create jobs," said Senator Patty Murray. "These grants will put money into the hands of small business owners, and give community-based organizations the resources they need to provide local small businesses owners with the support and training they deserve."

The grants were made through a competitive application process involving a Comprehensive Business Plan review. The goal of the CDFI Fund is to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities in the United States.

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