(Washington, DC) - Last month, the Mayor signed into law legislation that changed the definition of eligible recipient of the DC Certified Business Enterprise (CBE) Revolving Micro Loan Fund Program. Now, the program is open to businesses certified by DSLBD as small or disadvantaged.
The Micro Loan Program previously required an eligible recipient to be a business certified as small and disadvantaged. Due to the modification, businesses with any of these designations are eligible to apply for loans of $15,000 to $25,000 based on emergency (90 days) and temporary (225 days) legislation.
Other requirements of the Micro Loan Fund Program remain the same. Here are the basics:
- Current CBE certification with DSLBD, in the categories of Local Business Enterprise (LBE), Disadvantaged Business Enterprise (DBE) or Small Business Enterprise (SBE)
- Minimum of two years in business
- For-profit entity
- Not a franchised business
- Not a street vendor
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.
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.