Feds award $650,000 grant to SNAP Financial Access to support local business growth

The U.S. Department of Treasury awarded a $650,000 grant to SNAP Financial Access to support Spokane-area businesses, according to a SNAP news release.

SNAP Financial Access is the only institution in Eastern Washington to receive a grant from the department’s Community Development Financial Institutions Fund, which is intended to support economic growth in communities.

With the grant, SNAP Financial Access will be able to lend $1,000 to $150,000 to local businesses and build upon its current programs – such as professional consulting – through its small-business department.

SNAP Financial Access has the ability to provide loans and grants to small businesses that may not be eligible for funding from banks or credit unions. It also provides financial literacy education and assistance with starting a business, buying a home and building credit. 

SFA’s programs and services last year resulted in starting or expanding 71 small businesses as well as creating and retaining 93 jobs.