The Tacoma Economic Development Committee has unveiled a new initiative aimed at supporting long-standing businesses in the community, particularly those that have been operational for at least five years. This initiative includes a rent grant program designed to alleviate the burden of rising commercial rents, allowing businesses to redirect savings towards growth-oriented activities such as hiring new staff or investing in marketing.

The rent grant program is a response to the increasing financial strain on local businesses, especially in the wake of the COVID-19 pandemic. By providing up to 50% savings on rent for a year, the city hopes to empower businesses to make strategic investments that can lead to long-term growth. Additionally, an asset grant will support capital investments in equipment and infrastructure, further enhancing business efficiency and sustainability.

The committee emphasized its commitment to economic justice, targeting support towards underrepresented communities, including Black, Latino, and Indigenous businesses that have historically faced systemic barriers. The initiative aims to foster a more equitable economic landscape by focusing on legacy businesses and social enterprises that contribute positively to their communities.

To ensure the success of these programs, the city plans to implement flexible loan underwriting metrics that cater to businesses often overlooked by traditional financial institutions. This includes hosting workshops and application clinics to assist potential applicants in navigating the funding process.

The Tacoma Economic Development Committee's approach reflects a broader goal of revitalizing the local economy while addressing the unique challenges faced by marginalized communities. As the city prepares to launch these programs, it aims to create a supportive environment that not only sustains existing businesses but also fosters new growth opportunities for Tacoma's diverse economic landscape.