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Before the Seattle Bank can disburse Challenge Fund grants, the sponsor and member must complete the following agreements and requests, which are included in the funding packet mailed to financial institution recipients following a funding round.
Challenge Fund Tri-Party Agreement
Funds cannot be disbursed until this agreement is signed by an authorized representative of the member institution and then forwarded to the sponsor for signature. The Seattle Bank will mail the Tri-Party Agreement to the lender. It's very important because it governs the transaction and provides legal recourse if funds are used inappropriately or must be repaid.
Challenge Fund Disbursement Request
Once the Challenge Fund Tri-Party Agreement has been signed and returned, and your project is ready to receive funds, the member can request the funds by submitting this request with proper documentation (invoices and receipts) for the amount of funding requested. Challenge Fund Disbursement Request
Disbursements will be deposited directly into the member’s Demand Deposit Account (DDA). Disbursed funds not used within 30 days of deposit must be returned to the Seattle Bank.
Disbursement Timeline
Funds must be disbursed within two years of application approval. Awards that have been approved but not disbursed within that timeframe will be returned to the Challenge Fund pool.
If not all of the funds have been disbursed within two years, the Seattle Bank may allow up to three six-month extensions.
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