The City of Tacoma has expanded its efforts to achieve equity, accessibility, and broad economic growth by contracting and supporting women-owned small businesses. Since its first phase of efforts in 2019, the city has made economic progress by putting in motion, the fundamental improvements including technical assistance, loans, and business grants particularly for women to enable them to thrive.
Great Business Climate in Tacoma
The City of Tacoma in cooperation with the private sector has created a great business climate so that women need fewer incentives to enable their businesses to thrive. The City recognizes the need to minimize costs while obtaining sufficient incentives to pay for essential services that enhance business growth. The City has created a supportive business climate in the following ways:
- There is no personal income and corporate excise taxes in the city.
- There is no property tax on inventories.
- The City of Tacoma charges a Business & Occupation tax but can be offset by tax credits. However, businesses that obtain a gross income of $ 250,000 annually do not pay for B&O tax women-owned businesses whose gross income fall between & 250,001 and $300,000 pay the tax according to a sliding scale.
- License for women-owned businesses are modest, that is, $90 for those with an annual gross income of $ 12,000 or more.
Economic Development Board (EBD)
The EDB supports women-owned businesses in creating employment opportunities in Tacoma City. It works to ensure that quality jobs are created and retained for the betterment of the life of women while strengthening their career development. Learn more at https://www.edbtacomapierce.org.
Resources for Small Businesses
There is a variety of resources available for women to help them start or grow their businesses:
City of Tacoma Support and Loan Program. The City is dedicated to facilitating equitable economic growth and opportunity by supporting existing women-owned businesses. It also promotes the attraction and creation of new businesses by supporting women in starting businesses through training and education on the basics of small business management. The City maintains a list of funding options to assist women in accessing startup capital of financing to help expand their businesses. Visit https://.www.MakeItTacoma.com.
The City of Tacoma Small Business Enterprise Program(SBE)
The City of Tacoma’s Small Business Enterprise Program offers contracts and procurement services to women interested in starting businesses in the City. The program facilitates procurement education and small business assistance program designed to promote equitable participation of women-owned small businesses in the provision of products and services in the City. Learn more at https://www.cityoftacoma.org/sbe.
Readiness Acceleration and Innovation Network (RAIN) is an organization dealing with biotechnology in Tacoma. The organization is nonprofit and it works to accelerate the growth and development of innovative biotech companies that generate well-paying jobs for single mothers in the greater Tacoma City. With its collaborative nature, the organization helps women in overcoming challenges they face in startups and expanding their businesses by providing direct access to resources they need to succeed. Access the resources you need at https://www.edbtacomapierce.org/edb-services/start-up-ssistance/.
Economic Development Services
The Division of Economic Development Services of Tacoma is involved in generating revenue for the City to provide quality services to women as well as their businesses. The division achieves this by enabling the private sector to invest and create opportunities for the employment of women in the City.
Small Business Administration (SBA)
The US Small Business Administration has helped upcoming women-owned businesses through loans and grants to help them expand those businesses. It also offers counseling sessions offered by partnering organizations and experts from the Association. Visit the SBA website at https://www.sba.gov for more information.
Pierce County Library System: Business Programs and Resources
Pierce County offers loan programs through a variety of sources to women-owned small businesses located in the region. It works in partnership with bank financing to make loans available to women and also offers technical assistance to their businesses thrive. Visit https://www.co.pierce.wa.us/getfinancing.
Tacoma Training and Employment Program
The Tacoma Training and Education Program works to facilitate the training and education of women to prepare them for their future careers and improve the development of a trained and capable workshop. The training and education opportunities that create a diverse pool of qualified female professionals from which the City and Public Utilities can hire employees. This would help support a healthy economy in the City. For more information about the program, please visit https://www.soundoutreach.org/services/tool-center.
Low Income Housing in Tacoma
- Low-income apartments. Tacoma City offers low-income apartments for single moms and they cost less than similar apartments for rent. For a single mom to qualify for this support, she has to fall in the bracket of low income. Savings annuities and investments are counted as additional income and one may not qualify when having such.
- Subsidized apartments. In these apartments, single moms pay 30% of their monthly income for rent and utilities. Qualified single moms are those who fall in the bracket of moderate to low-income groups.
Single mothers can also get access to state financial assistance programs such as TANF. TANF stands for Temporary Assistance for Needy Families and it works to provide up to 60 months of financial and practical support to help single moms get on their feet.