As of Tuesday, October 8, 2013
YAKIMA – Rural Community Development Resources, a Yakima non-profit dedicated to economic growth, has secured a $500,000 grant from the United States Economic Development Administration that will go to help low income Hispanic and Native American businesses in the area.
The non-profit also secured another $125,000 through other partnerships and investments to total $625,000 for the entire project.
The money is expected to create about 20 new jobs and save another 20 jobs. The funds will be used to increase access to credit capital, leading to small business job creation and economic diversification in the region.
The loan funds will require borrowers to show that jobs will be created or retained as a condition of a loan.
The project is also part of the Yakima & Kittitas County Comprehensive Economic Development Strategic Plan. One of the plan’s goals is to support small business success and entrepreneurship.
Economic Development Administration grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility and the availability of funds. Rural Community Development Resources’ 22-year track record of providing business technical assistance, educational workshops, business plan development and direct business loans for low income persons helped them land the money.
“This was a very competitive application process; however great staff, experience and determination has allowed the community loan fund to survive in assisting high risk and economically challenged entrepreneurs,” said Luz Bazan Gutierrez, President/CEO of Rural Community Development.