The Human Services, Labor, and Economic Development Committee chaired by Alexis Mercedes Rinck was slated to hear from Mayor Katie Wilson’s appointed small business chief, Beto Yarce, the director of the city’s Office of Economic Development, for the Friday morning briefing on the city’s “Community Wealth Building strategies” to address rising commercial displacement.
Aiming to bridge racial wealth gaps, the initiative focuses on anchoring small businesses through local asset ownership and affordable commercial tenancy.
To combat skyrocketing rents and high construction costs, according to the presentation (PDF), the city is supporting a tiered investment model. Programs range from $5,000 advisory grants to the Business Community Ownership Fund which provides up to $2 million to help established local businesses purchase their own physical spaces.
| Program Name | Goal | Target Audience | Investment Level |
|---|---|---|---|
| ABC Program | Give small businesses expert advice for long-term growth. | Businesses looking to expand or pivot operations. | $5,000 – $10,000 |
| Commercial Space Consulting | Help businesses navigate tenant improvements or support landlord negotiations. | Existing or prospective commercial tenants. | $5,000 – $15,000 |
| Seattle Restored | Pilot storefronts for entrepreneurs while reducing vacancies. | Businesses looking to test a new location or business concept in a retail space. | $15,000 – $20,000 |
| Pre-lease Program | Fill vacancies with stable businesses ready for long-term operation, increasing retention rates. | Businesses seeking new long-term lease locations. | Approx. $20,000 |
| Capital Access Program | Increase access to affordable capital for historically underserved businesses. | Businesses operating for 1+ years and in the market for financing. | Up to $30,000 |
| Tenant Improvement Program | Provide equipment, signage, or construction awards to help businesses stabilize and grow. | Businesses currently holding commercial leases of at least 5 years or more. | Up to $250,000 |
| Business Community Ownership Fund (BCOF) | Anchor businesses in neighborhoods (or provide pathways to return) with long-term affordability through ownership. | Established businesses with stable operations looking to grow in their current or a new space. | $800,000 – $2 Million |
These strategies have yielded success in neighborhoods like Lake City and Othello, officials say. In Othello, the city has funded 14 tenant improvement projects since 2023 and acquired two commercial spaces at Atrium Court to secure long-term affordability for local operators.
Despite these successes, officials warn of ongoing headwinds. Small businesses continue to struggle with complex permitting, lease negotiation disparities, and inflation, even as customer traffic has not yet fully recovered to pre-pandemic levels.
The most direct hub on the City of Seattle’s website to learn about and access these programs is the Office of Economic Development Grants and Funding page.
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