(Washington, DC) – The DC Department of Small and Local Business Development (DSLBD) launched a pilot Micro Loan Program in December 2008 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” or “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 two 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.

A full description of DSLBD’s Micro Loan Program guidelines* is located here.

To apply, you must fill out an intake form and application.

Submit completed applications to the Department of Small and Local Business Development, ATTN: Micro Loan Program, 441 4th Street, NW, Washington, DC 20001.

Please contact Will Gist (william.gist@dc.gov; (202) 741-0871) for questions regarding the loan application requirements or process.

DSLBD is charged with fostering economic growth and the development of emerging District-based business enterprises through programs and opportunities, agency and public/private contract compliance, advocacy, and supportive legislation. Visit dslbd.dc.gov to learn more about the CBE certification program, business opportunities, greening your business, free training courses, capacity building, commercial revitalization, and the many other programs and assistance the agency offers local businesses. To contact DSLBD by phone, please call (202) 727-3900.