City of Tacoma, nonprofits join for loan matching program

By: Press Relesae - Jun 04, 2015
Source: Business Examiner

Community Sourced Capital and Craft3 have come together to offer Tacoma small businesses a matching capital program.

Community Sourced Capital’s local lending web platform enables businesses to source low-cost loans between $5,000 and $50,000 directly from community members, and lending nonprofit Craft3 will match, one-for-one, every dollar raised from the community, doubling the amount of funding businesses can access from community members.

Community lenders and Craft3 are then paid back monthly as the loan is repaid by the business.

"This is a tremendous opportunity for Tacoma small business owners and is one of many great examples of how our City government and alternative lenders are working together to grow the economy and create jobs," said Community and Economic Development Department Division Manager Carey Jenkins. "We expect that this partnership will be a very successful one." 

Questions or requests for additional information can be directed to Contract and Program Auditor Jacinda Howard in the Community and Economic Development Department at jhoward@cityoftacoma.org or (253) 591-5221.