For Small Businesses

The global pandemic following the outbreak of COVID-19 and the inevitable shutdown of operations have left an indelible impact on businesses throughout the country.

In response to the pandemic, many local organizations, federal agencies, and industry heavyweights have created capital programs to support the needs of the business community. To support businesses in navigating the vast array of resources available, WDCEP has assembled the following resources to help business owners discern which program fits their needs. We’ll continue to update the resource guide on a regular basis, as more resource become available.

Grants

To view all available grants, click here.

Loans

To view all available loans, click here.

Grants

RFA FY21 Great Streets Small Business Retail Administration Grant

Administered by: The Office of the Deputy Mayor for Planning and Economic Development (“DMPED”)

 

Eligible Recipients: Qualified Community Development Financial Institutions (“CDFIs”) and/or Community Based Non-Profit Organizations (“CBOs”) 

Application Deadline: September 15, 2020.

Grant Overview: DMPED is soliciting grant applications from qualified CDFIs and/or CBOs to provide grant application review, award recommendations, funds disbursement, and grant management for the FY21 Great Streets Small Business Retail Administration Grant. 

Available Financing:DMPED will award up to $85,000.00 in grant funds to support the application process and disbursement of grant funds to successful applicants of the Grant.

Eligibility Requirements: 

  • Applicant must have as a primary focus of its activities the provision of financial services for small businesses in the District of Columbia 
  • Applicant will have an existing infrastructure, including staff capacity, existing policies and procedures, and software and systems, necessary to administer the Grant 
  • Applicant must have a cost or fee structure for program administration costs that will allow the Grant capital base to remain intact

Events DC Hospitality and Tourism Relief Package

Administered By: Events DC 

Eligible Recipients: Hospitality Industry, Destination Marketing, Undocumented Workers 

Grant Overview: Events DC, the District’s official convention and sports authority, announced an $18 million hospitality and tourism relief package to address the pandemic’s impact. This initiative will provide emergency funding to DC’s hospitality workers, as well as certain operator-related expenses for qualified restaurants and hotels. 

Available Financing: The full relief package includes $5 million for hospitality and restaurant recovery efforts (both worker and operator relief), $5 million for hotels recovery efforts (both worker and operator programs), $5 million for undocumented workers across the District, and $3 million dedicated to destination marketing efforts.

Georgetown BID Employee Emergency Relief Fund

Administered By: Georgetown BID 

Eligible Recipients: Employees of a Georgetown BID member business. 

Application Deadline: Applications closed on Thursday, April 16. If additional funds are raised, there may be a second application window.  

Grant Overview: Employees in the Georgetown BID commercial district who have lost their jobs as a result of the pandemic can apply for financial assistance from the Georgetown Business Improvement District’s Employee Emergency Relief Grant program. 

Available Financing: Up to $500 per applicant.  

Eligibility Requirements: 

  • Have been employed on March 1, 2020, at a BID member business 
  • Attest to their need for emergency or necessary expense help  
  • Not be receiving other assistance that meets their needs (priority will be given to those without other sources of support) 

Tenleytown Main Street Small Business Microgrant

Administered by: Tenleytown Main Street (TMS) 

Eligible Recipients: Small Businesses located in the Tenleytown Main Street  

Application Deadline:The initial deadline for applications was March 31, 2020. However, TMS will continue to accept applications on a rolling basis. If additional funds become available, we will make additional awards.

Grant Overview: TMS is providing technical and/or financial assistance to businesses impacted by the public health emergency. Tenleytown small businesses located on Wisconsin Avenue, from Fessenden Street to Van Ness Street, and on associated commercial side streets may be eligible for this program.

Available Financing: Determined on a case-by-case basis.

COVID-19 Assistance Request Form

Administered by: Rhode Island Avenue and Bladensburg Road Main Street  

Eligible Recipients: Small businesses with storefronts located on the Rhode Island Ave or Bladensburg Road Main Street commercial corridors  

Application Deadline: Existing funds are distributed on a rolling basis. 

Grant Overview: Rhode Island Avenue Main Street is distributing grants to local businesses in the corresponding commercial corridor impacted by the pandemic. 

Available Financing: Determined on a case-by-case basis. 

Eligibility Requirements:  

Be located on 12th St NE, 8th St NE, or in other nearby Brookland and Edgewood areas; on or near Rhode Island Ave NE from 3rd St NE to Eastern Ave; or on Bladensburg Rd NE from Mt. Olivet Rd NE to Eastern Ave 

COVID-19 Business For All Emergency Grant

Administered by: Hello Alice 

Eligible RecipientsSmall Businesses 

Application Deadline: September 25, 2020, at 12:00 AM PT. 

Grant Overview: Hello Alice is offering grants to small business owners impacted by the pandemic. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community. 

Available Financing: Up to $10,000.

Eligibility Requirements: 

  • Applicant must be the business owner who is a leading executive (i.e., Founder, President, CEO, CFO, COO, or any other similar title or role) of the business legally authorized to bind the business with respect to grant 
  • Must have principal place of business in the United States

Facebook Small Business Grant Program

Administered by: Facebook 

Eligible Recipients: Small Businesses 

Application Deadline: May 8, 2020 at 11:59 PM EDT.

Grant Overview: Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. The grants can be used to cover payroll and rental costs, as well as other operational costs.  

Available Financing: TBD. 

Eligibility Requirements: 

  • Be a for-profit company with two to 50 employees that has been in business for over a year 
  • Have experienced challenges from the pandemic 
  • Be in or near a location where Facebook operates (includes Washington, DC) 

The Red Backpack Fund

Administered by: GlobalGiving 

Eligible Recipients: Women Entrepreneurs 

Application DeadlineThe first round of applications has concluded. The portal will open for subsequent application rounds on May 4, June 1, July 6, and August 3.

Grant Overview: The Spanx by Sara Blakely Foundation has teamed up with GlobalGiving to establish The Red Backpack Fund, which will distribute $5 million to support female entrepreneurs impacted by the pandemicGlobalGiving will be overseeing the fund, making 1,000 grants of $5,000 to each female entrepreneur recipient in the U.S. to support long-term recovery.  

Available Financing: $5,000. 

Eligibility Requirements:  

  • Must be a majority women-owned businesses and nonprofits with an annual revenue less than $5M, at least one additional paid employee, and fewer than 50 individuals on staff 
  • Sole proprietors are not currently eligible to apply  
  • Must be in good standing and incorporated as a legal entity, with the ability to demonstrate hardship as a result of the pandemic 

COVID-19 Recovery Fund

Administered by: Local Initiatives Support Corporation (LISC) 

Eligible Recipients: Small Businesses  

Application DeadlineThe subsequent application round opened May 14.  

Grant Overview: LISC will provide grants to small businesses facing immediate financial pressure because of the pandemic. 

Available Financing: Up to $10,000. 

Eligibility Requirements:  

  • Impacted by the pandemic 
  • Entrepreneurs of color, women-owned businesses, and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital will be prioritized 

Bartender Emergency Assistance Program

Administered by: The United States Bartenders Guild (USBD) National Charity Foundation 

Eligible Recipients: Bartenders 

Application Deadline: Ongoing. 

Overview: The United States Bartenders Guild (USBG) is offering emergency grants for bartenders experiencing economic hardship due to the pandemic.

Financing Available: Grants range from $150 up to $500.

Eligibility Requirements:  

  • Must be a bartender, the spouse of, or child of a bartender 
  • Must upload most recent pay stub, other proof of employment (W-2, Form-1099), or a letter from your employer 
  • Must provide tangible documentation of financial impact from the pandemic

Booz Allen Foundation Innovation Grant

Administered by: Booz Allen Foundation 

Eligible Recipients: Small Business (focused on social innovation), Nonprofit, Self-employed persons 

Application Deadline: June 5, 2020. 

Grant Overview: The Booz Allen Foundation has established a $1 million Innovation Fund to support entrepreneurs and nonprofits in addressing pandemic relief efforts. The Foundation is specifically targeting solutions and projects that will build lasting community resilience through protecting vulnerable populations and frontline workers or providing for the safe return to work. 

Financing available: Nonprofits can apply for grants up to $100,000. Individuals, teams of individuals, and eligible for-profit organizations can apply for microgrants of up to $10,000. 

Eligibility Requirements:

  • Supports efforts to build solutions around social issues caused by the pandemic
  • Must be either a U.S. citizen or permanent resident, and must have U.S. bank accounts
  • Organizations that apply must be organized in the U.S.; small for-profit businesses that apply must employ less than 100 individuals and have an annual gross revenue of up to $3 million

Loans

Payback Protection Program

Administered by: U.S. Small Business Administration (SBA) 

Eligible Recipients: Small Business, Nonprofits, Independent contractors, Self-employed persons 

Application Deadline:  Lenders began processing applications for round two of the program from April 27 through May 1. A third round of funding has not been announced.  

Loan Overview: The SBA’s Paycheck Protection Program authorizes loans to small businesses to pay for up to eight weeks of payroll costs during the pandemic, as well as interest on mortgages, rent, and/or utilities. The loan amounts will be forgiven if at least 75% of the amount is used to cover payroll costs and if employee and compensation levels are maintained. 

Available Financing: The loan has a maturity of two years, an interest rate of 1%, and payroll costs are capped at $100,000 on an annualized basis for each employee. 

Eligibility Requirements:

  • Any small business that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) nonprofit organization, 501(c)(19) veterans organization, or Tribal business (sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees, or meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Economic Injury Disaster Loan

Administered by: U.S. Small Business Administration (SBA) 

Eligible Recipients: Small Business, Nonprofits, Independent contractors, Self-employed persons 

Application DeadlineSeptember 30, 2020.

Loan Overview: The SBA’s Economic Injury Disaster Loan (EIDL) Program can provide financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, nonprofit organizations that suffer substantial economic injury as a result of a declared disaster.  

Available Financing: Loans have a $2 million limit with 3.75% annual interest rate for businesses and 2.75% for nonprofits with up to a 30-year term. Up to $200,000 can be approved without a personal guarantee and payments can be deferred for up to 12 months. If the loan is over $25,000, then collateral may be required. Eligible businesses can apply for an Economic Injury Disaster Loan advance up to $10,000 and the loan advance will not have to be repaid. 

Eligibility Requirements: 

  • Any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private nonprofit organization, or 501(c)(19) veterans organization adversely affected by the pandemic 
  • Businesses in certain industries that are affected by the pandemic may be eligible if they have more than 500 employees and they meet the SBA’s size standards for those industries

SBA Express Bridge Loan

Administered by: U.S. Small Business Administration (SBA) 

Eligible Recipients: Small Businesses 

Application Deadline: Express Bridge Loans are available through March 13, 2021. 

Loan Overview: The Express Bridge Loan Program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while these businesses apply for and await long-term financing.  

Available Financing: Loan limits are $25,000 with a 7% annual interest for up to a seven year term, which can be repaid in full or in part by proceeds from the EIDL.  

Eligibility Requirements: 

  • Any small business that has been adversely affected by the pandemic 
  • Must have an existing business relationship with an SBA Express Lender 

SBA Debt Relief

Administered by: U.S. Small Business Administration (SBA) 

Type: Loan forgiveness 

Eligible Recipients: Small Businesses 

Application Deadline: Ongoing. 

Loan Overview: The SBA will automatically provide immediate loan relief to small businesses by covering all loan payments, including principal, interest, and fees for six months for non-disaster SBA loans including 7(a), 504, and microloans. There is additional loan relief for current SBA Serviced Disaster (home and business) loans. If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing deferments through December 31, 2020. 

Available Financing:  The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020. Payment on SBA Serviced Disaster Loans will be deferred until December 31, 2020; however, interest is still accrued. 

Eligibility Requirements: 

  • Small businesses must currently hold 7(a) loans not made under the Paycheck Protection Program, 504, or Microloans 
  • Small businesses who obtain a new 7(a), 504, or Microloans prior to September 27, 2020 
  • Disaster Loan must have been in “regular servicing” status on March 1, 2020 

Main Street Lending Program

Administered by: U.S. Federal Reserve 

Eligible Recipients: Small Business, Medium-Sized Business 

Application Deadline: TBD; the Federal Reserve is currently working to open the program.  

Loan Overview: The Main Street Lending Program is designed to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through five facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), the Main Street Expanded Loan Facility (MSELF), the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF). The MSNLF, MSPLF and MSELF are fully operational and ready to purchase participations in eligible loans that are submitted through the Portal by eligible lenders. The NONLF and NOELF are not yet accepting loans for purchase of a participation. 

Available Financing: Small and medium-sized businesses interested in the Program can apply for Program loans by contacting an eligible lender.  

Eligibility Requirements: 

MSNLF, MSPLF, and MSELF 

  • Was established prior to March 13, 2020 
  • Is not an Ineligible Business 
  • Meets at least one of the following two conditions: (i) has 15,000 employees or fewer, or (ii) had 2019 annual revenues of $5 billion or less 
  • Is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States 
  • Does not also participate in the MSPLF, the MSELF, or the Primary Market Corporate Credit Facility 
  • Has not received specific support pursuant to the Coronavirus Economic Stabilization Act of 2020 (Subtitle A of Title IV of the CARES Act) 

NONLF and NOELF 

  • Has been in continuous operation since January 1, 2015 
  • Is not an Ineligible Business
  • Meets at least one of the following two conditions: (i) has 15,000 employees or fewer, or (ii) had 2019 annual revenues of $5 billion or less
  • Has at least 10 employees 
  • Has an endowment of less than $3 billion 
  • Has total non-donation revenues equal to or greater than 60% of expenses for the period from 2017 through 2019 

Kabbage

Administered by: Kabbage 

Eligible Recipients: Small Businesses 

Application Deadline: Ongoing. 

Loan Overview: Kabbage is an online lender that offers small business loans in the form of short-term lines of credit.  

Available Financing: Flexible credit lines up to $250,000 with repayment terms of six, 12, or 18 months with 1.5%-10% variable interest rates. 

Eligibility Requirements: 

  • Operating for at least one year 
  • Have an annual revenue of at least $50,000 or $4,200 per month for the last three months

Note: At this time, Kabbage is offering Paycheck Protection Program loans on behalf of one or more approved SBA lenders. 

Fundbox

Administered by: Fundbox 

Eligible Recipients: Small Businesses 

Application Deadline: Ongoing. 

Loan Overview: Fundbox provides advanced payments for unpaid customer invoices or direct lines of credit. Lines of credit have a 12 or 24 week repayment, with funds deposited in one to two business days. Fundbox’s Net Terms financing is a trade credit/vendor credit system for B2B businesses; businesses are paid right away and Fundbox assumes the role of collecting payment from the customer.

Available Financing: Up to $100,000 in credit and/or invoice financing, 12 or 24 week repayment with a 4.66% interest rate.

Eligibility Requirements:  

  • Generate at least $25,000 of annual revenue
  • Minimum credit score of 500
  • Have at least three months of activity in an online-accessible business checking account or an accounting/invoicing software

Honeycomb Crowdfunded Small Business Relief Loan

Administered by: Honeycomb Credit

Eligible Recipients: Small Businesses 

Application Deadline: Ongoing. 

Loan Overview: Honeycomb is offering 45 day payment free periods, six month interest-only periods, and reduced posting/investor fees through community-sourced loans for small businesses impacted by the pandemic.

Available Financing: Up to $250,000 in working capital loans with 45. day payment-free period and a 3.75% interest rate over the initial six month interest-only payment period. After the interest-only period, the interest rate rises to 7.5% over a three year fully amortizing loan. 

Eligibility Requirements: 

  • Operating for at least one year and had at least broken even in 2019 
  • Possess an above average credit score for 20% owners 
  • Lease agreement in good standing  and demonstrated community support 

Kiva

Administered by: Kiva

Eligible Recipients: Small Business 

Application Deadline: Ongoing. 

Loan Overview: Kiva is a nonprofit that expands access to capital for entrepreneurs. Once a loan is approved for fundraising, a business will have 15 days to raise support from their personal network during a ‘Private Fundraising Period’ and must find a minimum of five contributors. The business will then have 30 days to publicly fundraise using Kiva’s global network of lenders.

Available Financing: Loans up to $15,000 at 0% interest. 

Eligibility Requirements:  

  • Must use the loan for business purposes 
  • Must not be engaged in multi-level marketing, direct sales, nor pure financial investing (e.g. stocks) 
  • Must be willing to demonstrate its social capital by having a small number of friends and family make a ‘loan’ to the fundraising campaign ($25 or more per individual) 

Mainvest Main Street Initiative Loans

Administered by: Mainvest 

Eligible Recipients: Brick-and-Mortar Businesses 

Application Deadline: Ongoing. 

Loan Overview: Existing brick-and-mortar businesses impacted by the pandemic can launch a capital raise campaign on Mainvest and may be eligible to receive a $2,000 zero-interest loan immediately. Successful capital raise campaigns may yield over $100,000 in total community investment.

Available Financing: Loans of $2,000 at 0% interest.

Eligibility Requirements:  

  • Considered a Main Street business (eg. restaurant, brewery, cafe, fitness studio, or boutique) 
  • Have a brick-and-mortar storefront

GoFundMe.org Small Business Relief Fund

Administered by: GoFundMe

Eligible Recipients: Small Businesses 

Application Deadline: Ongoing. 

Loan Overview: The GoFundMe.org Small Business Relief Fund will provide up to $1.5 million in microgrants to qualifying small businesses negatively impacted by the pandemic through a matching initiative. Certain small businesses that create a fundraiser through the Small Business Relief Initiative or had an existing GoFundMe will qualify to have $500 matched by the Fund.

Financing Available: $500 matching grants to qualifying businesses which have created a fundraiser. 

Eligibility Requirement:  

Raise at least $500 from friends, families, customers, and other connections 

QuickBooks Capital

Administered by: QuickBooks 

Eligible Recipients: QuickBooks users 

Application Deadline: Ongoing. 

Loan Overview: QuickBooks Capital will provide funding for QuickBooks small business customers by reviewing their business history within QuickBooks, including transactions of business bank accounts, personal and business credit history, and current liabilities.

Available Financing: Loans available from $5,000 to $100,000 with terms up to 12 months and 3% – 20% variable interest rates. There are no origination fees, nor prepayment penalties. 

Eligibility Requirements:  

  • Have a QuickBooks account that has been active for at least six months and primary business bank account is connected through QuickBooks Capital 
  • Have a personal and business credit history, with a personal FICO score of at least 620 
  • Have a revenue of at least $50,000 over the past 12 months

Note: QuickBooks Capital was approved by the SBA to be a lender for the Paycheck Protection Program, paving the way for small businesses and other eligible applicants to apply for the Paycheck Protection Program federal relief directly through QuickBooks Capital systems. 

OnDeck

Administered by: OnDeck Capital 

Eligible Recipients: Small Business 

Loan Overview: OnDeck provides same-day term loans from three months to three years for short-term financing needs as well as business lines of credit. 

Available Financing: Loans range from $5,000 to $500,000, with interest rates beginning at 11.89%. Line of credit are available from $6,000 to $100,000, with interest rates beginning at 10.99%. 

Eligibility Requirements:  

  • Must have been business for at least three years  
  • Must have a minimum credit score of 600 and annual revenue of $250,000 
  • Must have a Business Tax ID (EIN) and three months of business bank statement

SBA Lenders in DC

Bank of America

888 17th St. NW

(866) 543-2808

bankofamerica.com

BB&T

815 Connecticut Ave. NW
(800) 226-5228
bbt.com

City First Bank of DC

1432 U St. NW
(202) 243-7100
cityfirstbank.com

HSBC Bank USA

1401 I St. NW, Suite 110
(833) 722-4722
us.hsbc.com

PNC Bank

1400 K St. NW
(800) 762-5684
pnc.com

SunTrust

1445 New York Ave. NW
(800) 786-8787
suntrust.com

TD Bank

2000 K St. NW
(855) 278-8988
td.com

Wells Fargo Bank

1700 Pennsylvania Ave. NW
(800) 869-3557
wellsfargo.com

Industrial Bank

4812 Georgia Ave. NW

(202) 722-2000

industrial-bank.com

JPMorgan Chase

601 Pennsylvania Ave. NW, Suite 600

(202) 831-6282

chase.com

M&T Bank

1899 L St. NW

(800) 724-6070

mtb.com

National Capital Bank

316 Pennsylvania Ave. SE

(202) 546-8000

nationalcapitalbank.com

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