Interventions for Businesses:

Business Incubator & Ghost Kitchen

Business incubators help train small business owners and subsidize the cost of starting a business using finances from the government and other funders. We propose the creation of a business incubator that will support a variety of small businesses. Specifically, the incubator would include a food hall, and spaces for ghost kitchens to lower the barrier to entry for local restaurateurs. Other amenities like coworking spaces will allow local entrepreneurs to collaborate and innovate without having to commit to expensive long-term leases for office spaces. Classes centering on entrepreneurship, financial literacy, and management will be held on-site.

Partnership with CDFIs

According to the US Department of Treasury, Community Development Financial Institutions (CDFI), are mission-driven financial institutions that utilize market-based approaches to support economically disadvantaged communities.[49] There are currently several CDFIs operating within DC and the River Corridor. Tapping into these resources, such as the Anacostia Economic Development Corporation, small business development resources (like technical assistance, capacity building) and financial resources (loans) can be leveraged to support local businesses.

Source: DC.org