Community Credit Lab and the nonprofit Business Impact Northwest are excited to announce a partnership to support underserved communities to access affordable credit in King County. Through this partnership, Business Impact NW will provide operational support as a fiscal sponsor during the interim period for Community Credit Lab to become a public charity recognized by the IRS as a 501(c)3. Business Impact NW will support the coordination and administration of funds that require a charitable, tax deductible contribution receipt. Additionally, the nonprofit will support Community Credit Lab with strategic insight and guidance with respect to loan management operations as the organization continues to grow its consumer lending product offering. The two organizations look forward to continued conversations about potential opportunities for collaboration to provide accessible, affordable credit in King County.
About Business Impact Northwest:
Business Impact NW is a community lender and nonprofit dedicated to economic development. We provide coaching, classes and access to capital to small businesses, with a focus on historically underserved populations including communities of color, women, veterans, immigrants, refugees, LGBTQ+ and low-income entrepreneurs in the Pacific Northwest. Our mission is to grow businesses that create jobs in underserved communities while promoting long-term positive economic change. Business Impact NW is located in Seattle, WA and offers technical assistance in Washington State, Oregon, Idaho and Alaska through the Washington Women’s Business Center and the Veterans Business Outreach Center. Our loan department offers lending services in Washington State and Oregon.
About Community Credit Lab:
Launched in August, 2019, Community Credit Lab partners to provide access to affordable credit and remove economic barriers for underserved communities in King County. Community Credit Lab currently works with nonprofit partners to design bespoke consumer lending products that are capable of supporting people to increase economic opportunity and build credit. Community Credit Lab also partners with funders and financial institutions to collaborate on affordable loan products and initiatives related to awareness of the economic barriers that underserved communities face in King County.