OED Press Room

2009 Press Releases

City announces additional financing to help local businesses

Accepts $40 million federal New Markets Tax Credits

City Council president Richard Conlin signed legislation today authorizing the city's Office of Economic Development to accept an allocation of $40 million in federal New Markets Tax Credits (NMTCs).

"In this economic downturn, all businesses are having a hard time accessing capital, and we recognize that the growth of businesses is the key to achieving economic recovery," said Conlin. "This allocation gives the city another tool to directly help business and real estate projects in our community find funding that otherwise would not be available."

The NMTCs allocation is an important resource to help businesses and real estate projects access capital. These tax credits will help five to ten business and real estate projects attract outside investors to obtain financing which would otherwise not be available. Investors will be encouraged to invest because they will receive a credit against federal income taxes for making equity investments in low-income areas.

Click here to read the full press release.

For more information about the New Markets Tax Credits, the Grow Seattle Fund or the CDBG small business loan fund, please contact Ken Takahashi in the city's Office of Economic Development at 206-684-8378 or ken.takahashi@seattle.gov.

November 17, 2009

2009 Mayor's Small Business Awards winners announced, honored

On October 13, 2009, the Mayor's Small Business Awards honored ten outstanding local businesses at Town Hall for their contributions to Seattle's diverse economy. At this year's 25th annual event, 1984 business winners Assunta Ng, Seattle Chinese Post, and Hiroshi Hibi, Uwajimaya, gave tributes to the awards and took a photo with Mayor Nickels and former Mayor Royer, who started the program 25 years ago. Mayor Nickels was also honored with a short tribute for his eight years of support for the small business and neighborhood business district community. 2009 business owners, together with their staff, family, and friends, viewed special video profiles of each winner and and toasted many more years of successful small business enterprise. Thanks to everyone who attended and congratulations again to the 2009 winners!

Click here to read more about the winners.

Click here to view the winners' video profiles on the Seattle Channel.

October 25, 2009

Mayor announces new financing for Seattle businesses

$1.4 million in stimulus funds; $8 million 'Grow Seattle Fund'

This week, Mayor Greg Nickels and city of Seattle lending partners announced the launch of new city programs to help businesses access credit. The announcement took place at the new home of Alpha Cine, a local motion picture laboratory and one of the first businesses to receive a loan from the newly established "Grow Seattle Fund." In response to the tight credit market for businesses, Nickels and the City Council have worked together to launch three new financing programs to help provide access to much-needed capital for a range of Seattle businesses, from small to large.

October 8, 2009

OED works on shopper retention in Southeast Seattle

The Office of Economic Development is working on a bright shopping future for Southeast Seattle. OED's soon to be released Southeast Retail Study, which examines shopping habits in the Rainier Valley, found that many potential customers are leaving the area to shop. Now, the city is studying ways to create a stronger mix of retail and services in the area.

Tina Vlasaty, OED's Business Development Manager, recently spoke with KING 5 News about the study and the office's work in Southeast Seattle.

Click here to view KING 5's coverage.

August 24, 2009

Economic impact study reveals the importance of manufacturing in Seattle

A new study commissioned by the Office of Economic Development and the Department of Planning and Development confirms the importance of manufacturing in the Seattle economy.

The Basic Industries Economic Impact Analysis addresses the economic impact of Seattle's Basic Industries, which include industrial and maritime businesses that lead exports from the region and serve the region with supplies and industrial service. These industries offer job growth potential; provide accessible, family wage jobs; fit with Seattle's comparative advantages; and contribute significantly to the City's tax base.

The study found that manufacturing jobs in Seattle grew by 10 percent from 2005 to 2008, adding nearly 8,300 positions, while the nation lost nearly 5 percent of its manufacturing jobs during the same time period. According to the study, industrial businesses make up almost one fifth (18 percent) of Seattle's total job base and are critical in maintaining a balanced local and regional economy.

Click here to download the full study.

August 7, 2009

Mayor Kicks Off 2009 Summer Jobs Program

Mayor Greg Nickels announced today that funds from the Seattle Youth Violence Prevention Initiative will help the city put 650 young people to work this summer, engaging them in positive and productive jobs. This summer’s employment program will significantly increase the number of participating youth, up from 492 last summer.

“One of the best ways to reduce youth violence is to show our young people new opportunities and a bright future. The city’s summer jobs program will give hundreds of young people new skills and help put them on the right path,” said Nickels.

Click here to read the press release.

June 24, 2009

Mayor Announces Awards to Help 22 Neighborhood Business Districts City investments in Seattle neighborhoods help small businesses

Today Mayor Greg Nickels presented funding awards totaling $128,384 to 22 Neighborhood Business District Associations throughout Seattle to continue the city’s investments in building healthy communities and supporting our local economy. Some examples of the projects funded include creation of new business organizations, tourism initiatives, business district promotion (branding, marketing campaigns, farmers market start-up), and physical improvement and enhancement projects (leaf clean up, curb bulb landscaping and banners).

Click here to read the press release.

May 21, 2009

Seattle Tops National Magazine's List of Cities

Seattle has been named City of the Year on Fast Company’s 2009 ranking of “Fast Cities.” Editors cited Seattle’s “smarts, foresight, social consciousness, and creative ferment” as the ingredients that made it tops this year - “ingredients that we believe will bring our communities - and country - back to prosperity.”

Twelve other U.S. and international cities were cited on Fast Company’s honor roll for exemplary initiatives that are improving neighborhoods, transforming lives, and helping build better, faster cities for the future. The complete ranking of “Fast Cities 2009” appears in the May issue of Fast Company and online at www.fastcompany.com.

Click here for the full press release from Mayor Nickels.

April 21, 2009

Seattle Ranked #3 Best Metro to Start Small Business

According to a February 2009 bizjournals.com (parent company of Puget Sound Business Journal) study, Seattle ranks third in small business vitality, putting it just behind Raleigh and Charlotte, NC and just ahead of Austin and Boise. The highest scores in bizjournals' study went to areas that have prosperous economies, are expanding rapidly, and are densely packed with small businesses. The accompanying story noted “Seattle enjoys a strong concentration of small businesses, 29.44 for every 1,000 residents. That’s 20 percent better than the average for America’s 100 largest markets (24.57 per 1,000), a nice cushion against tough times ahead.”

Click here to read the entire article.

February 2, 2009

Mayor highlights McKinstry expansion; 500 new jobs expected

Mayor Greg Nickels presented McKinstry Company with a permit and approved plans for an expansion of its Georgetown facility in south Seattle. The company expects to hire an additional 500 people, a combination of professional and union craftsman, in the next two to three years. McKinstry is a construction and engineering firm, specializing in energy efficiency.
Click here to read the press release.

January 29, 2009