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Washington Area Community Investment Fund

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SMALL MEDIUM BUSINESS GROWTH FUND GRANT PROGRAM

Resources and Information

The Small Medium Business Growth Fund will offer approximately $2 million dollars in total grants aimed to retain, grow and propel innovation in district-based small businesses by supporting large scale capital improvements, critical equipment purchasing, and technological advancements within industries related to green innovation, experiential retail, incubators, immersive entertainment and professional services. 

Grants of up to $100,000 will be awarded.

 

GRANT ELIGIBILITY

  • Must show proof of an active DC-based business license
  • If existing business: The business must be headquartered in DC, independently owned, and operated
  • Must operate out of a physical space (cannot be a home)
  • Have no more than 100 employees
  • Must generate $15 million dollars in revenue or less
  • Must have site control (a lease or a deed)
  • Cannot be a previous recipient of Great Streets Retail Small Business, Locally Made Manufacturing, Neighborhood Prosperity Fund or Small Medium Business Growth Fund
  • Please read the Q&A for a list of Eligible Uses of Funds and Ineligible Businesses
  • Must be one of the 7 eligible business types below:

#1: Experiential Retail

  • Awards to support experiential retail and immersive experiences that utilize emerging technologies to provide unique experiences or activities for customers.
  • (Ex- AR for experiential marketing, Point of Sale (POS) upgrades to unify in-store and online sales data; purchasing of smart mirrors to allow customers to choose an item from the store, take it to the virtual dressing room, and see what the product looks like on their own body—no changing clothes required).  

#2: Professional Services

  • Awards to support professional services that are proposing innovative projects that modernize their processes and allow them to compete regionally and nationally against large competitors.
  • Accounting, advertising/marketing, legal services, dental clinics

#3: Health Technology

  • Awards to support businesses producing goods or services that utilize technology (e. IT systems, algorithms, artificial intelligence (AI), integrated smart technology, and equipment to help innovate healthcare systems and accessibility.

#4: Green Innovation

  • Awards to support for profit businesses, hybrid enterprises*, and b-corporations that prioritize social and green innovation at the core.
  • (Ex. renewable energy and textile recycling companies). 

*Hybrid enterprises are businesses that have a for-profit and non-profit element. They use their profits to support their non-profit activities. 

#5: Immersive Entertainment

  • Awards to support in permanent large scale digital installations, immersive art and entertainment venues that incorporate laser projections, VR technology, video mapping and motion capture technology
  • (Ex.- augmented art, simulated golf, immersive VR theater).

#6: Markets*

  • Must be a reoccurring fresh food market in wards 5,7,8 only. This does not include storefronts.

* All business types including nonprofits are eligible for this category  

#7: Incubator

  • Awards to support brick-and-mortar spaces that allow 3+ smaller businesses to operate with them. These businesses within them can rotate.
  • These can be non-profits

Still Unsure About Your Eligibility for the SMB Growth Fund?*

Complete this 2-minute form on the right to check your eligibility.

*Please also see our frequently asked questions below and HERE

HOW TO APPLY

Click below for the June 21st, 2023 -
INFORMATION SESSION POWERPOINT DECK
Click below for the June 21st, 2023 -
INFORMATION SESSION ZOOM RECORDING

Application Dates

For any questions please email: smbgrowthfund@wacif.org

  • APPLICATION OPENS:
     
    June 23rd
  • APPLICATION CLOSES:
     
    Extended - July 28th at 5pm
CLICK HERE TO ACCESS AND COMPLETE THE SMB GROWTH FUND APPLICATION

 

Application Format

Please note: IF YOU START THE APPLICATION AND THEN LEAVE THE PAGE, IT WILL NOT SAVE. So please only begin the application when you are ready to submit. We recommend you have the answers to the questions prepared beforehand, so you can just copy them into the application to submit.

  • PART 1: GENERAL INFORMATION
    • There are 4 sections to be completed with basic contact, demographic, and business information.
    • Please have # of employees, Annual Expenses, and Annual Revenue figures ready.
  • PART 2: APPLICATION QUESTIONS
    • There are 3 sections to be completed (Project Summary, Impact, & Financial Viability) with 9 questions.
To prepare, you can download a PDF of the application HERE.

 

Required Application Attachments to Upload

Please have these documents prepared to upload when you click and submit the application.

Please have the following documents ready to be uploaded for the application. These are MANDATORY:
  1. DC Business License
  2. Balance Sheet
  3. Income Statement/Profit + Loss Statement for the past 3 years
  4. Contractor Quotes
  5. 2022 Business Tax Return (and if your business has been operating for less than one year, we will need 3 years of Personal Taxes in lieu)
  6. Photos of your Project
  7. An Itemized Project Budget - TEMPLATE AVAILABLE HERE FOR DOWNLOAD
  8. One Letter of Support for your Project from a Community Member (NOT a council member)
  9. Staffing Project Plan - TEMPLATE AVAILABLE HERE FOR DOWNLOAD

Please note that if you are awarded a grant = within 7 days you will also have to provide the following documents before disbursement: (You do not need to provide these documents unless you have been awarded a grant).

  • Copy of a fully executed unexpired lease, Landlord Affidavit, or Deed.
  • Clean Hands mandate pursuant to C. Code § 47-2862 (dated within 90 days prior to application date)
  • Certificate of Insurance
  • Certificate of Good Standing
  • Arrest and Conviction Statement
  • Debarment Affidavit
  • OTR Tax Certification Affidavit
What Businesses are Ineligible for this Grant?
Ineligible Businesses
  • Adult entertainment
  • Auto body repair
  • Bank
  • Bar or Nightclub, any business with an ABRA license and the primary source of revenue is alcohol.
  • Construction/general contracting/architecture/design-build
  • E-commerce business
  • Ground floor retail businesses (excluding experiential retail)
  • Home-based businesses
  • Hospitals
  • Hotel
  • Liquor store
  • Non-profits unless it is in the incubator or market category.
  • Phone store
  • Primarily food/ food service-oriented businesses*
  • Sports arenas
  • Processing plants
  • Religious facilities
  • Schools/ Primarily educational institutions
  • Standard gyms and fitness classes (yoga, dance, boxing studios etc.) *
  • Businesses which have received prior funding from Great Streets Retail Small Business, Neighborhood Prosperity Fund, Locally Made Manufacturing and Small Medium Business Growth Fund are not eligible to apply this year.

*Business must include an innovative approach to their industry. For example: A restaurant that does unique cooking classes.

What Expenses are Eligible and NOT Eligible for this Grant?

ELIGIBLE FUNDS*

  • Capital improvements to existing property owned or leased by the grantee.
  • Digital technology upgrades for the grantee’s business.
  • Acquiring or improving equipment for the grantee’s business.

INELIGIBLE FUNDS*

  • Loan payments
  • Professional development
  • Refunds for customer order returns or cancellations.
  • Sales taxes
  • Travel expenses
  • Debts
  • Expenses associated with preparing this application.
  • Inventory
  • Legal fees
  • Payroll
  • Rent
  • Purchase of vehicles
  • Payroll/Employee cost

*Not an exhaustive list

GET IN TOUCH

For any questions, please email: smbgrowthfund@wacif.org