Washington D.C. Coalition for Capital

News Room

Micro Loan Fund Pilot Program to Begin in December

November 10, 2008 - Washington D.C. Coalition for Capital

The DC Department of Small and Local Business Development (DSLBD) is introducing a pilot micro loan program for the current fiscal year. In order to apply for DSLBD’s Micro Loan Program, you must be a District-based Certified Business Enterprise that is designated as “small” and “disadvantaged”. Retailers, restaurant owners, and other small business owners that have not been “certified” by DSLBD should begin the process asap if they are interested in applying for a micro loan.

Applications for DSLBD’s pilot Micro Loan Program will be available in December. The Department will grant a limited number of loans of up to $15,000. Loans will be approved based on underwriting standards and on a first-come, first-served basis.

The Micro Loan Program is designated for Certified Business Enterprises (CBEs), with a preference for companies that are certified as resident-owned businesses and for businesses that serve or whose principal office is located in a DC Main Streets corridor, a Neighborhood Investment Program Target Area, or other area identified by the Mayor for economic development or commercial revitalization.

If your business is not yet a Certified Business Enterprise, you should begin the certification process as soon as possible, as business certification takes 45 business days. For more information, call DSLBD at (202) 727-3900.