The changes and disruptions on the Purple Line corridor have been grueling, and seemingly never-ending. Soon, big changes are in the works along the Blue Line corridor too. Small businesses trying to survive, or thrive, amidst all the upheaval might be eligible for new grant money opening up next week.
On Monday, the Greater Washington Community Foundation will begin accepting applications from small businesses for grants up to $20,000.
“It is for businesses that are 10 or fewer people, $5 million or less in terms of revenue,” said Tonia Wellons, the president and CEO of the foundation, which announced the grant through a $500,000 donation from PNC Bank on Thursday. “The grant is to really help improve the economic vitality … and improve business performance for small businesses.”
Businesses also need to be at least three years old, and priority will be given to owners in low to moderately low-income parts of the Blue and Purple Line corridors. The grant money can be used to help cover capital improvement costs, operational costs or other infrastructure needs that might exist.
Wellons expects it’ll be a competitive process and that not every business that’s eligible will be selected, she said. Those that are eligible will have to make a compelling case.
“We know that along the Purple Line, there’s a lot of construction right now. Those businesses are really having a tough time making it,” Wellons said. “They get to make the case around how this investment can help them manage through the construction process, to be able to survive and benefit once the construction is complete.”
The case is different for the businesses along the Blue Line corridor, she said.
“That development is in the making now,” Wellons said. “Now they really get to bolster their businesses so as that corridor is developing, they can benefit.”
Jermaine Johnson, the D.C.-area regional president for PNC Bank, said it was a chance to work with small and minority-owned businesses in a manner they don’t often get to do.
“It can be very difficult with the regulatory guidelines that we have as a big bank,” Johnson said. “These are entrepreneurs, early stage companies that traditionally wouldn’t have access to a bank like PNC. And through these funds, we can provide that access.”
When the program launches Monday, businesses will have until May 13 to apply for the grants.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
