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.
Donor Name: Office of the Deputy Mayor for Planning and Economic Development
State: District of Columbia
Type of Grant: Grant
Deadline: 05/27/2022
Size of the Grant: up to $600,000
Grant Duration: 12 months
Details:
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.
Funding Information
- Retail: Awards up to $50,000
- Local Manufacturer: Awards up to $100,000
- Small Business Investment Projects: Awards up to $600,000
- Technology Advancement: Awards up to $200,000
Note: the project must be delivered within a 12-month timeline.
Eligibility Criteria
- The Small Medium Business Growth Fund will be open to businesses that meet the following criteria:
- New for-profit businesses (including, but not limited to partnerships, limited liability companies, corporations)
- Existing for-profit businesses headquartered in DC (including, but not limited to partnerships, limited liability companies, corporations)
- Independently owned and operated businesses.
- Technology-based businesses, professional services, industrial-based, and manufacturers
- Retail businesses and service-oriented businesses
- Business participating in a DC accelerator/incubator program
- Maximum of $15 million in annual revenue
- Local nonprofit (must be duly organized in the District of Columbia, must not be an affiliate of a national charter, must own building, and have ground-floor retail tenants)
- Less than 100 employees
For more information, visit Small Medium Business Growth Fund.
