Paula Sardinas : Washington Build Back Black Alliance
WBBA CONTINUES TO ADVOCATE FOR EQUITY PART 1 :
Washington Legislation Passed Expands Opportunities for Black and Other Communities of Color. The WBBA led the passage of E2SHB 1015, the Equitable Access to Credit Act, which provides loans to historically underserved communities hit especially hard by COVID. FMSGS President/CEO and Washington Build Back Black Alliance (WBBA) Founder Paula Sardinas said this has been a four-year effort to pass this legislation. “We’ve led the Communities of Color Coalition to ensure this legislation would be created and passed. We have heard from over 1,000 women, minority, and veteran small business owners—that COVID-19 has decimated their businesses, and they face a very uncertain future.” We need all possible ways to access credit and capital to protect and assist small business owners.
It is estimated that 624 businesses have closed across Washington since March 2020. This legislation is intended to assist small businesses to reopen and revitalize their communities. The program is funded through a business and occupation tax credit capped at $8 million annually for five years. It will provide at least 65% of the grant funds each calendar year to native CDFI’s (Community Development Financial Institutions) or for grantees to provide services or invest in counties that have fewer than 100 persons per square
PAULA SARDINAS (WBBA) Washington Build Back Black Alliance 9 The Langston Tabor 100 News Magazine 10 mile. CDFI’s typically work in economically distressed markets underserved by traditional financial institutions and provide financial products such as mortgage financing for low-income homebuyers and not-for-profit developers, flexible underwriting and risk
capital for community facilities, and technical assistance and commercial loans to small businesses in low-income areas.
The WBBA, FMS Global Strategies & Tabor 100 would like to THANK Rep. Jacqueline Maycumber, (R), 7 th for her advocacy on behalf of small businesses!
Our efforts this session culminated in record investments!
Small Business and Technical Assistance:
• $2.5 million for a Regional Manufacturing Pre-Development grant program (Shovel Ready Site Funding)
• $400,000 for the Washington Minority Business Development Agency
• $1 million for the Washington Small Business Development Center (ongoing)
• $34.5 million for the Small Business Innovation Fund (previously referred to as the Catalytic Economic Opportunity Fund)
• $3 million for Microenterprise Development
• $1.4 million for Procurement Technical Assistance Center training (through MRSC) on public works contracting
• $650,000 for WEDA’s request Small Business Ecosystem Alignment & Capacity Building
• $214,000 to implement SHB 1015 for Equitable Access to Credit/Community
• Development Financial Institution grants to $108M in Funding
• $15 million to expand the Small Business Resiliency Network program to help build or improve credit for small businesses and entrepreneurs who are unable to access conventional lending.
• $100 million for business assistance for the Hospitality industry
• $20 million in business assistance for the Arts
• $20 million for Washington State Convention Center COVID support
• $20 million for Small Business Disaster Recovery pursuant to HB 1957
• $5 million for grants to assist businesses dependent on economic activity created through conventions.
• $87,000 for the motion picture program, plus $15 million to implement HB 1914.
• $500,000 for technical assistance services for small businesses owned or operated by members of historically disadvantaged populations
WASHINGTON BUILD BACK BLACK ALLIANCE (WBBA), a division of FMS Global Strategies, was formed in the fall of 2020 when a group of Black and other POC non-profit executives and business leaders decided to consolidate their influence to speak on behalf of the black community across Washington State. Led by a leadership team of non-profit executives, and business leaders, the group is committed to connecting the black community (young and established) by advocating cooperatively for shared generational prosperity in an unprecedented move. Their mission is to harness the power of black advocacy to speak with one voice – to local Mayors, City Councils, the Legislature, and the Executive Office regarding the need to fund a sustainable, scalable plan for the black community while always maintaining its integrity and focus for WBBA members and those it serves.
If you would like more information please visit
https://www.fmsglobalstrategies.com/wbba