Thursday, December 9, 2021
HomeBusinessDC Provides $5 Million Investment for Small Businesses

DC Provides $5 Million Investment for Small Businesses

-

DC Mayor Muriel Bowser has announced a program that will use the SMBX marketplace to fuel $5 million in bonds from individual investors to small and local businesses particularly in Wards 5, 7, and 8.

The DC Rebuild Bond Program is a partnership between the city and SMBX marketplace through the Equitable Capital Access Fund Grant that will support local businesses.

“Local businesses represent the dreams of DC residents and are the backbone of our city’s economy,” Bowser said. “This tool is one more way we can work together to create jobs and opportunity in all eight wards, support our favorite small and local businesses, and uplift entrepreneurs who are invested in our people, culture, and neighborhoods.”

The program was launched by Bowser and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) at the DC Retail Summit last Thursday.

Through issuing Small Business Bonds via the SMBX marketplace, local businesses will be able to raise capital and grow independently without having to resort to bank loans at competitive rates.

“Throughout the pandemic, we saw DC residents step up to support local, small businesses, and with the DC Rebuild Bond Program they can help small businesses raise the capital they need to succeed, while allowing small investors to support businesses in their community,” said Deputy Mayor for Planning and Economic Development John Falcicchio. “With Mayor Bowser’s focus on historically disadvantaged businesses in Wards 5, 7, and 8, we are leveling the playing field so that entrepreneurs and their workers can reach their full potential.”

For further information on the program, click here.

You Might Also Like

Latest Posts

DC Attorney General Files Brief Against Facebook Immunity Over Hate Speech

Karl Racine filed a brief in a case against Facebook, saying it must be held accountable for misleading users about removing hate speech.

DC School Decides Naming Theater After Dave Chappelle Following Controversy

The Duke Ellington School will follow through a plan to name its theater after Dave Chappelle after a delay over his latest Netflix special.

Around 200 Inmates Moved Out of DC Due to Worrying Conditions

The US Marshals Service removed 200 inmates from the DC jail after an unannounced inspection that revealed poor conditions at the facility.