Washington D.C. Coalition for Capital

News Room

DSLBD Launches Pilot Micro Loan Program

December 22, 2008 - www.dc.gov

The DC Department of Small and Local Business Development (DSLBD) announces the launch of a pilot Micro Loan Program for the current fiscal year.

In order to apply for DSLBD’s Micro Loan Program, businesses must be certified by the Department of Small and Local Business Development as Certified Business Enterprises (CBEs) that are designated as “small” and “disadvantaged.” Businesses must qualify in these two certification categories to apply.

Other requirements for Micro Loan Program include, but are not limited to, the following:

  • Businesses are independently owned, operated, and controlled.
  • Businesses have been in existence for no fewer than three years.
  • Businesses have a current Certificate of Good Standing from the Department of Consumer and Regulatory Affairs and Certificate of Clean Hands from the Office of Tax and Revenue.

*** Please note that preference will be given to certified businesses that are designated a “resident-owned business,” along with those that serve or whose principal office is located in a DC Main Streets* corridor, a Neighborhood Investment Program* target area, or another area identified by the Mayor as a priority for economic development or commercial revitalization. These businesses will be eligible for loans of up to $25,000. Businesses that are not resident-owned or are not located in or do not serve these areas designated for economic development or commercial revitalization may receive loans of up to $15,000. Loans will be approved based on underwriting standards and on a first-come, first-served basis.

*** Also note that non-profit organizations, start-up businesses (less than three years operating period), street vendors, and regional or national franchises are not eligible.

For more information, see the original article.