Small Medium Business Growth Fund
Mayor Bowser and the Office of the Deputy Mayor for Planning & Economic Development is investing $5.4 million in the Small Medium Business Growth Fund, a program that will offer grants aimed to retain and expand district-based small businesses by supporting large scale capital improvements, large equipment purchasing, and technological advancements within retail, professional services, industrial-based businesses and manufacturing industries.
The Small Medium Business Growth Fund targets:
- Professional Services (this includes technology/life sciences companies)
- Small Business Investment Projects (for profit & non-profit*)
- New businesses and existing businesses
- Startups participating in a DC accelerator/incubator*
Grants made to small businesses will support funding under four categories. Businesses may apply for funding in one of the following categories:
Awards up to $50,000 to support capital improvement, purchase of large equipment, and retail expansion.
Awards up to $100,000 to support capital improvement, purchase of large equipment on commercial property with a designated industrial use.
Small Business Investment Projects
Awards up to $600,000 to support innovative projects that elevate the development of distressed and emerging neighborhoods throughout the district. Note: the project must be delivered within a 12-month timeline.
Awards up to $200,000 to support technology advancements like automation, AI, Machine Learning, VR, robotic process automations, augmented reality, systems upgrades and processes that allow businesses to scale.
For more information or to apply, please visit: https://bit.ly/38F7CFp