WACIC is a member-driven non-profit advocacy organization that represents Community Development Financial Institutions serving communities in Washington State. Our work is overseen by a Board of Trustees and led by our Coalition Coordinator, who also serves as our lobbyist. Founded in 2021, WACIC represents 15 CDFIs serving communities across our state. Our mission is to advance the work of our member-CDFIs by informing public policies seeking to advance economic opportunity, raise awareness of CDFI services and the broader work in communities to lower barriers to accessing financial services for those historically underserved.

A CDFI is a non-profit organization certified by the U.S. Department of Treasury to operate as a mission-driven lender in the communities that they serve. CDFIs offer a range of services depending on their communities’ needs. These services may include loans to start a business, address an emergency repair at home or finance the purchase of a critical medical device such as a hearing aid. CDFIs also often offer financial education and technical assistance services to help prospective business owners uphold best practices and individuals improve their personal finances so that one day they may be able to access services from traditional banking institutions.

Yes. Washington State benefits from a diverse network of CDFIs that range in size and specialty reaching every corner of our state. For a full list of our members, please visit our ABOUT US page.

The Equitable Access to Credit Program was created by the 2022 State Legislature (HB 1015), with the support of WACIC, to form a new five year program at the Department of Commerce with up to $40 million in funding to partner with CDFIs for expanding access to loans and financial services in underserved communities in Washington State. The tax credit program offers businesses and individuals in Washington with a B&O tax liability an opportunity to make cash contributions equivalent to their B&O tax liability and receive a dollar-for-dollar tax credit up to $1 million annually. Funds raised through the program are allocated in grants to CDFIs.

A minimum of 65 percent of all grants awarded through the Equitable Access to Credit Program in any calendar year must by allocated to native CDFIs or grantees to provide services and/or investments in rural counties.

Thank you for your interest in supporting this critical effort to expand access to economic opportunity. The Department of Commerce oversees the program and it is easy to contribute. Please visit the online portal for the program and get started by completing the Contribution Request Form.