GoWest Foundation Invites Credit Unions to Participate in Unique Washington Credit Building Pilot Program
Posted by Katy Wagnon on January 22, 2024
The GoWest Foundation is initiating a Request for Credit Union Participation to solicit applications from eligible credit unions interested in participating in the Washington Credit Building Pilot Program (CBPP). GoWest Foundation has been contracted by the Washington Department of Commerce utilizing federal State & Local Fiscal Recovery Funds (SLFRF) pandemic relief dollars.
GoWest is seeking credit unions that will serve as lenders for the product offered through the Washington Credit Building Pilot Program, called the Small Business Resiliency Loan. The Small Business Resiliency Loan is intended to help Washington small businesses and entrepreneurs furthest from opportunity access capital and build their credit.
“This is such an exciting opportunity for credit unions to deploy a significant amount of federal funding to Washington entrepreneurs and small businesses furthest from opportunity,” said Sharee Adkins, Chief Impact Officer and Foundation Executive Director at GoWest.
Through this program, credit unions will partner with a network of nonprofits—the Small Business Resiliency Network—to deploy share-secured loans that are specifically designed to build a borrower’s credit while providing them with access to much-needed capital. These businesses, which include start-ups and entrepreneurs with no- or limited-credit histories or banking experience, generally would not qualify for traditional business loans, making this an exceptional opportunity. This program aligns well with the credit union ethos of serving the underserved and will benefit credit unions, nonprofits participating in the Small Business Resiliency Network, and small businesses in significant ways.
Credit unions interested in submitting an application in response to this Request for Credit Union Participation can learn more by visiting GoWest Foundation’s Credit Building Pilot Program page. Questions regarding the program can be directed to [email protected].