DC BUSINESS

MICROLINE OF CREDIT

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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:

  1. Waste Not, Want Not LOC offered by EatsPlace to focus on food waste mitigation activities; and
  2. 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.

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DC BUSINESS

MICROLINE OF CREDIT

Waste Not, Want Not Microline of Credit

Tired of seeing your profits and perfectly ​good food go to waste?

Passcode:

B94%=ZJe

Explore and apply for EatsPlace’s

Waste Not, Want Not Microline of Credit

at https://eatsplace.com/lineofcredit

  • 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
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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

at https://lifeasset.org/line-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
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Application Checklist for

DC BUSINESS

MICROLINE OF CREDIT

All Applicants must:

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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 deadlin​e

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Additionally, our lending partners require their applicants to:

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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

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

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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​

Sol​e Proprietor​s

licensed​

in D​C

NEW

Term Loans ​up to $25,000 ​at same low ​6% rate