DC BUSINESS
MICROLINE OF CREDIT
Business lines of credit (LOC) offer a pool of borrowed funds that business owners can tap any time on only pay interest on funds they are currently using. Businesses use LOCs to:
- Bridge cash-flow gap between contract awards and payments
- Implement cost saving, eco-friendly improvements such as food waste innovation activities
- Manufacture products to vend or fulfill a purchase order or prep for holiday sales
- Secure staff, equipment & supplies to meet customer
- Build-out or upgrade commercial space or vending truck/stand
The 2024 DC Business Microline of Credit Program:
- lines of credit up to $25,000 for 1-year term with option to review
- term loans up to $25,000
- at affordable rates (6% interest, $0 fees)
- for general business growth or food waste innovation projects
- to qualified DC businesses, including licensed sole proprietors
The program is funded by the DC Department of Small and Local Business Development (DSLBD) and offers 2 products through our local lending partners:
- Waste Not, Want Not LOC offered by EatsPlace to focus on food waste mitigation activities; and
- General Business Growth LOC offered by Life Asset to help operate, grow and expand.
Click on left nav options to learn more and
apply by the October 17, 2024 deadline.
DC BUSINESS
MICROLINE OF CREDIT
Waste Not, Want Not Microline of Credit
Tired of seeing your profits and perfectly good food go to waste?
Explore and apply for EatsPlace’s
Waste Not, Want Not Microline of Credit
- Access up to $10,000, only pay interest on what you use
- No fees, 6% fixed interest. Only pay interest on funds when you use them.
- 1-year term with option to renew
- Focused on funding food waste innovation activities
- Food business (e.g., restaurants, farmers, caterers, food trucks) and Food-industry adjacent (e.g., haulers, suppliers)
- Get one-on-one help by emailing “LOC Help” to info@eatsplace.com
- To watch webinars and get more info, click left nav options
DC BUSINESS
MICROLINE OF CREDIT
General Business Growth
Microline of Credit
Need flexible financing to cover costs to operate, perform on contracts, or meet customer demand?
Explore and apply for Life Asset’s
General Business Growth Microline of Credit
- $5,000 to $10,000 without collateral (up to $25K with collateral)
- No fees, 6% fixed interest. Only pay interest on funds when you use them.
- 1-year term with option to renew
- Focused on general business growth and operation activities
- Most industries
- Get one-on-one help by emailing to info@lifeasset.org
- To watch webinars and get more info, click left nav options
Application Checklist for
DC BUSINESS
MICROLINE OF CREDIT
All Applicants must:
Be a for-profit entity based in DC (Sole proprietors are not eligible at this time)
Have 25 or fewer employees to be deemed “small” (count part-time employees as 0.5)
Be a business/owner that is facing barriers to accessing capital through traditional funders
Have an active DC incorporation status as for-profit entity (check at DLCP’s Corp Online; get help at their SBRC.
Have an active DC business license in the name and address in its application (check DLCP-issued licenses at SCOUT, and ask SBRC for help; For other DC licenses, check with the authorized licensing entity e.g., for childcare facility, contact OSSE )
Complete Equitable Access to Capital (EAC) survey by Oct. 3 deadline. Visit https://bit.ly/EquitableCapitalAccessSurvey
Complete the Passport for Funding Readiness assessment by Oct. 10 (link sent to EAC survey respondents
Submit application with a lender below by the October 17, 2024 deadline
Additionally, our lending partners require their applicants to:
Attend or Watch an Life Asset webinar
Read application steps and requirements
Request one-on-one help if needed at info@lifeasset.org
Submit application by computer
For more details visit https://lifeasset.org/line-of-credit
Attend or Watch an EatsPlace webinar
Read application steps and requirements
Request one-on-one help at info@eatsplace.com
Submit application by mobile, computer or paper
DC BUSINESS
MICROLINE OF CREDIT
INCREASED
up to $25,000
Lines of Credit
at 6% rate
To explore, get help and apply for
the larger lines of credit
or the new term loans,
contact the lenders below and
submit by the new 10/17 deadline
EXTENDED
Application Deadline to 10/17/2024
OPEN to
Sole Proprietors
licensed
in DC
NEW
Term Loans up to $25,000 at same low 6% rate