Deadline: 25-Feb-22
The Bridge Fund is now open to provide financial relief to small businesses that earned $5 million or less and experienced at least a 30% reduction in revenue during the Public Health Emergency related to COVID-19.
City First Enterprises (CFE) is the Community Development Financial Institution (CDFI) who will be administering the Bridge Fund on behalf of the District’s Office of the Deputy Mayor for Planning and Economic Development (DMPED).
This program will prioritize businesses that have not received federal relief funds (Paycheck Protection Program).
The Bridge Fund is a non-competitive grant program that will award eligible small businesses with consideration to core expenses, economic distress, location, length of revenue generating operations, and District resident employment.
Eligibility Criteria
The Bridge Fund is open to businesses that meet the following criteria:
- Must be a business in the retail, restaurant, or entertainment sector that is an eligible business type
- Must be a for-profit, small business physically located in the District of Columbia at a brick-and-mortar location
- Must have earned no more than $5 million in gross receipts in each 2019, 2020, and 2021
- Must be able to demonstrate at least 30% loss of revenue when comparing the worst consecutive three-month period to the best consecutive three-month period, during the period April 1, 2020 to December 31, 2021
- If a franchise with multiple locations, must be independently owned and operated
- Must be currently in operation unless mandated otherwise by public health guidance
- Must demonstrate business has site control of the space
- Must be able to provide a Certificate of Clean Hands (dated within 90 days of application)
- Must have an active DC Basic Business License and any active applicable ABRA License
- Businesses that received an award from the Restaurant Revitalization Fund, Shuttered Venue Operators Grant, or the Arts and Entertainment Venue Relief Fund are not eligible
- Owners of multiple businesses are eligible, as long as each location has a unique EIN and satisfies all eligibility criteria, up to a maximum of 5 locations
- Sole proprietors must be District of Columbia residents
For more information, visit https://www.obviouslydc.com/fy22-business-funding-opportunities
