(Washington, DC) Today, Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) launched the Small Medium Business Growth Fund to retain and expand District-based small businesses by supporting capital improvements, large equipment purchasing, and technological enhancements in the industrial, retail, professional services, and commercial business industries.
“Inclusion was at the core of the creation of the Small Medium Business Growth Fund,” said Mayor Bowser. “As we continue to focus on a strong recovery, this fund will supply local businesses with the support they need to scale and thrive. It will also encourage new businesses to make DC home, bringing residents new amenities and goods, while also creating new jobs for DC residents.”
The Small Medium Business Growth Fund is a competitive grant program that targets new and existing businesses. Eligible businesses include:
- New businesses
- Existing business headquartered in the District, which are independently owned and operated businesses within the professional services
- Retail industry with no more than 100 employees
Businesses must generate less than $15 million in annual revenue.
“As we continue to support our small and local businesses, we must provide the resources they need to sustain and expand to their greatest potential,” said John Falcicchio, Deputy Mayor for Planning and Economic Development. “The Small Medium Business Growth Fund will build upon previous funds, opening up opportunities to more business types and catalytic projects. We are cultivating one of the best and most diverse small business economies in the world, and our goal is to provide them with the means to thrive for decades to come.”
The fund consists of four different categories: retail, local manufacturing, small business investments projects, and technology advancements. Applicants can only apply for one category per application:
- Awards up to $50K to support capital improvements, purchase of large equipment, and retail expansion.
- Local Manufacturing
- Awards up to $100K grant to support capital improvements, purchase of large equipment on commercial property with a designated industrial use.
- Small Business Investments Projects
- Awards up to $600K grant to support innovative projects that elevate the development of distressed and emerging neighborhoods throughout the District.
- Technology Advancement
- Awards up to $200K grant to support technology advancements such as automation, AI, Machine Learning, VR, Robotic Process Automations, Augmented Reality and systems and processes that allow businesses to scale.
Mayor Bowser remains committed to supporting the small and local business community’s recovery, growth, and development. Since the onset of the COVID-19 public health emergency in March 2020, the District has made available $274 million to support small and local businesses and nonprofits through various funding opportunities, including the Bridge Fund, DC Small Business Microgrant Program, the Small Business Resiliency Fund, the Legacy Business Supplemental Microgrant Program, Streatery Winter Ready Grant Program, Great Streets, Neighborhood Prosperity Fund and the Locally Made Manufacturing grant.
The application for the Small Medium Business Growth Fund opens today, Friday, April 22, 2022, at 4 pm EST and closes on Friday, May 27, 2022, at 4 pm EST. For more information, visit ObviouslyDC.com. For questions regarding the grant and application, please contact [email protected].
For more resources and information on additional FY22 business funding opportunities visit ObviouslyDC.com.