When BECU invests in SNAP Financial Access!
Karen Campbell is no stranger to filling out grant applications. In her role as Resource Manager at SNAP Financial Access (SFA), she is a major catalyst behind program growth and development through her successful grant proposals.
In 2020, Campbell applied for a grant through BECU, which would provide match funding to increase the performance of three existing Small Business Administration (SBA) programs administered by SFA: SBA Microlending, SBA Technical Assistance, and the Women’s Business Center. SFA titled this program the “SNAP Financial Access SBA Momentum Project.”
What made this grant different from the litany of others that Campbell applied for? The amount SFA received was $50,000. In just a few months, the teams of the three impacted programs were able to transform that $50,000 into $379,732.
“Ingenuity, creativity, and adaptability,” says Campbell. “Our staff has these traits in spades, and that’s how we were able to multiply our gift and transform it into something greater.”
Here’s how they did it:
- Provided the 25% non-federal match requirement for technical assistance that unlocked over $96,000 in eligible funding from the SBA
- Met the 10% Loan Loss Reserve funding requirement to secure an additional $259,570 in critical lending capital from the SBA Micro Lending Program
Now, what was originally a critical $50,000 from BECU turned into over $375,000 to meet growing community needs during the Coronavirus pandemic.
“Owning a business is never easy- and right now it’s even harder,” says Campbell. “I’m just glad we can help.”