June 3 | 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)
Industrial-based
Manufacturer
Retail
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:
Retail
Awards up to $50,000 to support capital improvement, purchase of large equipment, and retail expansion.
Local Manufacturer
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.
Technology Advancement
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.