Bowser Helps Black Businesses Facing Financial Hurdles with $40 Million Legacy Initiative
D.C. Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development recently announced the inaugural awardees of the Commercial Property Acquisition Fund — a program that provides eligible businesses down payment assistance for the acquisition of commercial property in the District. The Commercial Property Acquisition Fund counts as the first grant program in the District of Columbia created to help entrepreneurs and small business owners who face barriers to accessing capital to purchase their commercial properties. The fund provides down payment assistance through grants up to $750,000 or 25% of the total acquisition cost, whichever is lower, to eligible businesses looking to maintain and expand their operations by acquiring commercial property in the District. The $4 million Commercial Property Acquisition Fund is administered by the largest Black-led bank in the country, City First Bank, with its co-headquarters located in the District.