Matched Savings Program
CIE’s Matched Savings Program
The current application window has closed for CIE’s Matched Savings Program. The program helps up to 50 low-income emerging entrepreneurs save money, complete business training, develop a business plan and receive a 9:1 match on the money they save to invest in their small business. The program is funded by the Washington State Department of Commerce’s Community Reinvestment Program to offer innovative access to capital to support financial self-sufficiency in communities disproportionately directly or indirectly harmed by the war on drugs. The application deadline was December 18, 2024.
Program Requirements
The following requirements must be met by June 20, 2025:
- Save: The program operates on a 9:1 match ratio. This means if you save $500 over a four to six month period (between $84 per month for six months and $125 per month for four months), you are eligible to receive a $4,500 matching grant for your small business.
- Train: Complete CIE’s Start Simple course to learn how to apply business fundamentals to test the feasibility of your business goals. Start Simple consists of 4 weekly two-hour sessions offered virtually and/or in person in both English and Spanish. The course will be offered in January, February and March.
- Plan: Work with your business advisor to finalize your Start Simple homework to demonstrate a realistic achievable plan to start or grow your small business, including a list of what you will need to buy to reach your business goals.
- Buy: Once your business plan is approved, work with your business advisor to register and license your business and open a business bank account. Once we confirm that all requirements are met, we will deposit your 9:1 matching grant in your business bank account so you can begin to make your purchases.
Eligibility
- You must complete your application (link below) by December 18, 2024 (please call us if you need assistance with your application).
- Your business must be a microenterprise, defined as owner-operated with fewer than 5 employees (including the owner) requiring less than $50,000 in capital to start or grow. People who are working to launch a new microenterprise as well as people already up and running with an early-stage startup microenterprise are eligible to participate.
- Priority is given to Black, Indigenous and Latine micro entrepreneurs with microenterprises located on the North Peninsula (Clallam or Jefferson County), in the Skagit Valley (Skagit or Island County), or in the Columbia Basin (Adams, Asotin, Benton, Columbia, Franklin, Garfield, Grant, Walla Walla or Whitman Counties).
- You must have the ability to save $500 over a four-month period or six-month period: $84 per month over six months or $125 per month over four months. Income may be earned from your employment or your business.
- Your annual household income must be less than 80% of area mean income based on the number of people in your household. Click below to see the income limits for your County and household size.
