(Washington, DC) – Today, Mayor Muriel Bowser hosted the Second Annual DC Small Business Expo to celebrate Small Business Week and provide aspiring and seasoned District business owners with the resources necessary to start or grow their companies in DC. During the expo, small business owners were able to consult with over two dozen industry experts and leaders, and enjoy a day full of panel discussions, maker space demonstrations, computer training, and rooftop networking.
“We’re always looking at how we can make it easy for people to start and grow a business in DC,” said Mayor Bowser. “We know there are people in the District who ask themselves, ‘Should I or shouldn’t I finally take this leap, follow this dream, start this business…’ The answer is: Yes! You should. And we want you to do it right here in DC. Starting and growing more businesses, especially businesses owned by DC residents, is critical to our comeback.”
This year’s DC Small Business Expo, titled “Resources for Financial Success,” was supported by the Department of Insurance, Securities and Banking (DISB), the Department of Small and Local Business Development (DSLBD), and the DC Public Library (DCPL).
“We are grateful that DC Public Library was able to host the DC Small Business Expo and help in promoting resources for financial success to support local businesses in DC,” said Richard Reyes-Gavilan, Executive Director of the DC Public Library.
During the expo held at Martin Luther King Jr. Memorial Library, the Mayor revealed that 100 recipients received the Fiscal Year 2023 Robust Retail grants. Administrated by DSLBD, the $5,000 in grant funding supports current retail business owners in DC with enhancing their marketing, inventory, and technology capabilities.
“The DC Business Expo is the perfect spotlight for the work we are doing at DISB,” said DISB Commissioner Karima Woods. “Residents are encouraged to come to our panel providing insights to small business owners on programs available to help with financial literacy, navigating student debt, insurance options, and other resources.”
During the event, the Mayor also highlighted investments in her Fiscal Year 2024 Budget Proposal to support small businesses, including:
- $6 million for the Commercial Property Acquisition Fund to help business owners buy their properties and turn rent payments into mortgage payments, an increase of $2 million from Fiscal Year 2023.
- Additional $3 million for the Great Streets and Small Business Fund, for a total of $10 million.
- Additional $3 million for the Food Access Fund, a critical tool for expanding restaurants and other food access points in Wards 7 and 8, for a total of $24 million for small food businesses.
- Nearly $10 million for the Vitality Fund to attract and retain businesses in DC.
The Mayor’s investments support DC’s Comeback Plan, which outlines a three-pronged approach to the transformation and revitalization of downtown: fill the space, change the space, and bring the people.
Despite the investments to support small businesses and the economic mobility of downtown, the DC Council has proposed to cut the funding included in the Mayor’s Fiscal Year 2024 Budget Proposal for the Great Streets and Small Business Fund and the Food Access Fund. DC’s Comeback Plan sets six goals to achieve over the next five years, including increasing minority-owned employer businesses to 33% of all employer businesses, adding 15,000 residents downtown, and creating 35,000 new jobs in high-demand sectors.
“Small businesses play a crucial role in our city's economy, workforce, and neighborhood vibrancy,” said Interim Deputy Mayor Keith Anderson. “DMPED is proud to support small businesses with a wide range of targeted, flexible grants to help them succeed and together reach our Comeback Plan goal of supporting and increasing minority-owned businesses in DC.”
To continue supporting business owners, the Office of the Chief Technology Officer and the Department of Licensing and Consumer Protection launched a new portal that provides an easy to follow, interactive checklist of requirements to start a new business in DC. It also helps business owners to track their progress and receive alerts about new regulations or when it’s time to do renewals.
Over the past six years, the amount that the District has invested into local enterprises has increased more than 70%, from $317 million in Fiscal Year 2016 to $1.18 billion in Fiscal Year 2022.
During the expo, the Mayor also announced that the District achieved a new record in Fiscal Year 2022 by spending $1.18 billion with Small Business Enterprises (SBEs), which surpasses the $1.1 billion goal initially set in 2022. SBEs are for-profit, local businesses that receive preference points or price reductions to contract and procure with DC Government. The District’s spending goal for SBEs in Fiscal Year 2023 is $1.16 billion.
“I am thrilled with Mayor Bowser's ambitious spending goal for Small Business Enterprises in Fiscal Year 2023,” said DSLBD Director Kristi C. Whitfield. “The Mayor has demonstrated commitment to investing in small businesses, and our Mayor is the first to create a dedicated guide that helps our businesses identify opportunities to do business with District Government. Our government’s investments are a catalyst for growth and innovation within our local business community, and we are excited about the opportunities we continue to create for entrepreneurs and small business owners throughout the District of Columbia.”
To learn more about Mayor Bowser’s Fiscal Year 2024 Budget, visit budget.dc.gov. To read the District’s Comeback Plan, visit comeback.dc.gov.
To learn more about resources and funding to support DC small businesses, visit obviouslydc.com.
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