BUSINESS briefs

DISTRICT CAPITALIZED MICRO-LINE OF CREDIT PILOT

The District’s Department of Small and Local Business Development agency and Life Asset, a financial institution that specializes in microloans based in Northwest, have partnered to launch the District Capitalized Micro-Line of Credit pilot.

Life Asset will award each qualified business up to $10,000 at 6% interest for a one-year term with the option to renew. The pilot will initially focus on District-based small businesses that are Made in DC certified, CBE certified or operate a licensed business that provides cleaning, landscaping, childcare or sustainability services.

The launch and application information session occurred on July 6. The Application Information session will take place on July 10. For more information, subscribe to email updates at bit. ly/MicroLOCpilotAlerts. WI

MAYOR’S BLACK BUSINESS EXPO

The Mayor’s Office on African American Affairs will hold its Black Business Expo on July 7 at Sandlot Anacostia in Ward 8 in Southeast.

The focus will be on the food industry. The event suits those who are seasoned professionals or just starting off in the food world.

Join for informative talks and networking opportunities with leading industry experts. Attendees will get the chance to meet potential suppliers, buyers, partners, and D.C. government regulatory agencies while discovering the latest trends, techniques, and tips to enhance your food business. The range of topics and tables will be many, but a couple of topics include Introduction to food entrepreneurship; business planning and strategy; marketing and branding; food safety and regulations; product development and innovation and Mayor Bowser’s investments in food-based businesses.

Register at Tinyurl.com/MOAAABBE. WI

Study Reports Maryland 2nd Best For Minority Entrepreneurs

A study by Lendio released on June 12 reported Maryland is the second-best state in the country for minority entrepreneurship. The study revealed Hawaii as the best and Montana as the worst. Delaware, neighboring Maryland, ranked fourth while Virginia came in eighth and the District, 17th. Factors utilized for the study included income equality through Census data, the Black-white jobless rate ratio, the minority business ownership rate measured as the share of businesses owned by a person of color, new firms (under two years old) that are owned by minorities, the percentage change in the number of Community Advantage loan approvals and Community Reinvestment Act loan sums for small business owners with revenue of $1 million or less. The study reported that in Maryland, 24% of businesses are minority owned. Regarding STUDY Page 15

STUDY from Page 14 startups, almost 30% of them are owned by people of color. Plus, the job growth at minority businesses is 59%, the study said.

Overall, the study reported the number of businesses owned by people of color reached a record high in 2020, 1.2 million. That makes up more than 50% compared to 2007. Nevertheless, minorities constitute 40% of the nation’s population but only 20% of its businesses.

“Not all business owners have equal opportunities to succeed,” the study said. “In particular, minority entrepreneurs face barriers in accessing the capital they need to start and grow their businesses—even in the top ranked states.” WI

Caab Launches Monthly Virtual

Financial Workshops

The Capital Area Asset Builders has launched monthly #DCEITC and financial empowerment virtual workshops.

Anyone can join the webinars. The webinars will occur once a month from July to December from 6- 7 p.m. The first one took place on June 27. Attendees will learn best practices and recommendations on managing personal finances as well as information on key tax-related matters such as the federal and D.C. earned income tax credit and the child tax credit.

The remaining dates are July 18, August 22, September 19, October 24, November 21, and December 19. For more information, call 202-419-1440 or visit caab.org. WI

@JamesWrightJr10