Do you run a business in our nation’s great capital? Business owners in Washington D.C. are a vital part of the fabric that makes up this vibrant city. But, running a business in D.C. can come with high costs. Not to worry, we’ve got your back. If you’re a D.C. business owner and you’re looking for funding, you may want to consider one (or more) of the grants or loans below. Here, we’ve compiled a list of business grants and loans that are only available to businesses that operate within D.C. Take a peek.
Department or Agency: Department of Small and Local Business Development
Loan or Grant title: Clean Team Grants
The Clean Team program was created to improve the appearance of commercial areas and increase the number of jobs within the District of Columbia. Certified business enterprises may be eligible to apply for one of 22 grants that will be awarded for each of DC’s service areas. The grant amount varies by service area.
Department or Agency: Office of the Deputy Mayor for Planning and Economic Development / SMBX
Loan or Grant title: DC Rebuild Bond Program
The DC Rebuild Bond Program provides eligible small businesses in DC with the opportunity to apply for a bond, which is similar to a loan except that interest is paid to a community of investors instead of to a bank. Businesses must be located in Washington, DC, and must have been in business for at least one year in order to qualify.
Department or Agency: Office of the Deputy Mayor for Planning and Economic Development Business Development Unit
Loan or Grant title: Vitality Fund
The Employment Center Vitality and Local Jobs Creation Fund (Vitality Fund) was designed to help businesses relocate to DC, or remain or expand in DC. Qualified businesses must have a physical location in DC that is at least 7,000 square feet, 25 or more full-time employees, and a commitment to stay at the designated location in DC for at least five more years—among other requirements. Award funds can be used toward rent, down payment, recruitment, and other expenses.
Department or Agency: Nourish DC Collaborative
Loan or Grant title: Nourish DC Flexible Loans
Nourish DC offers several different loan opportunities to support food entrepreneurs in DC communities. Existing and start-up food businesses may be eligible to apply for loans that vary according to need, and range in size from $500 for microloans to $10 million for real estate loans.
Department or Agency: Washington Area Community Investment Fund (Wacif)
Loan or Grant title: Small Business Loan
Wacif offers a term loan for small businesses located in the DC Metro area (including Montgomery and Prince George’s counties in Maryland, as well as Virginia’s Arlington County, City of Alexandria, Fairfax County, and City of Fairfax). Among other requirements, businesses must have been in operation for at least one year and have $50,000 or more in revenue the previous year in order to qualify. Loan funds range from $10,000 to $250,000 and can be used for working capital, to finance equipment, or to purchase inventory.
Department or Agency: Latino Economic Development Center
Loan or Grant title: Small Business Loan
The Latino Economic Development Center provides small business loans in an effort to support local businesses that otherwise might not qualify for traditional funding. Businesses can be located in the District of Columbia or Baltimore, Maryland, area—as well as Puerto Rico. Loans range from $1,000 to $250,000 and can be used toward working capital, inventory, equipment, and other expenses.
Department or Agency: Latino Economic Development Center
Loan or Grant title: EWI Women’s Small Business Fund
This loan program provides seed capital at a zero interest rate in amounts ranging from $500 to $2,500. Loans over $2,500 are also available at a low-interest rate. Eligible businesses must be at least 51% women-owned and registered in DC, Maryland, Virginia, or Puerto Rico. Funds can be used toward hiring workers, purchasing inventory, marketing, website development, and more.
Department or Agency: Hilltop Microfinance Initiative (HMFI)
Loan or Grant title: Small Business Loan and Builder Loan
HMFI is a registered 501(c)3 that is staffed and run by Georgetown University students with the intention to improve economic growth in the DC area. The small business loans range from $500 to $10,000, and the Builder Loan is up to $1,000. To be eligible, businesses must have a monthly income of at least $1,000 and demonstrate how the business will benefit financially from the loan over a long period of time. Businesses must be located in the DC, Virginia, or Maryland areas.
Department or Agency: Washington DC Entrepreneurs of Color Fund (EOCF)
Loan or Grant title: Washington DC Entrepreneurs of Color Fund Business Loans
The EOCF is a partnership of several different groups in Washington, DC, interested in driving economic growth in the area by supporting entrepreneurs of color. Loans start at $5,000 for new businesses and at $250,000 for established businesses in the Greater Washington, DC, region.
