The Bowser administration said Tuesday that the second round of grants for D.C.’s Commercial Property Acquisition Fund will open in January.
Administration officials said $4 million will be available for eligible businesses. However, in order to apply businesses must complete three mandatory training sessions that will take place this week.
Presently, the administration has awarded 12 businesses a total of $4 million for the first round.
The first informational session, an introduction to the Commercial Property Acquisition Fund, will be posted online on Wednesday by 5 p.m. The second mandatory session, “Finding the Right Property & Building Your Team” will be live next Monday at 11 a.m.
The third session, “Financing Your Property,” will take place on Dec. 12 at noon, with a recording to be posted by 5 p.m. on that day.
D.C. Deputy Mayor for Planning and Economic Development John Falcicchio said the program is designed to open the door of property ownership to disadvantaged entrepreneurs.
“Mayor Muriel Bowser created the Commercial Property Acquisition to empower small businesses through ownership, allowing them to make bold decisions about the future of their businesses by acquiring commercial property,” Falcicchio said. “Through CPAF, D.C. entrepreneurs of color and others who have faced economic or social barriers can get the assistance that provides not only stability but the opportunity to build generational wealth.”