D.C., Prince George’s small businesses to share $760,000
Small businesses in parts of the District and Prince George’s County will benefit from a $760,000 grant courtesy of the U.S. Department of Health and Human Services.
The money will be distributed by the Washington Area Community Investment Fund, a nonprofit group that provides loans and consulting services.
With the federal grant, WACIF will target mom-and-pop businesses in enterprise zones on H Street and in wards 7 and 8 in the District, as well as in the southern portion of Prince George’s County.
“We want these businesses to focus on hiring people in their communities,” says Donna Grigsby, WACIF’s executive director. “When we extend the capital to a business, we look for a return on that investment.”
The WACIF loans, which will range from $10,000 to $350,000, can be used to support a business and job-creation efforts, Grigsby says. WACIF recently launched a campaign to raise $7.5 million for small business loans and community development.
“A lot of this is being done to prevent what we call ‘leakage,'” he says. “We don’t want these businesses leaving the neighborhoods.”
This article appeared in the Washington Business Journal, June 10, 2005