As Metro’s delayed Purple Line project has left unfinished construction alongside roads and prevented the emerging Blue Line project and further development, local small business owners and entrepreneurs are expected to feel the sting as construction begins– if they haven’t already.
The Greater Washington Community Foundation, funded by a $500,000 donation from PNC Bank, will help a small group of businesses to grow in these corridors.
“The grant is to really help improve the economic vitality, and improve business performance for small businesses,” said Greater Washington Community Foundation President and CEO Tonia Wellons, who added she expects the application process to be competitive.
“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. 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,” Wellons explained.
According to a WTOP report, Jermaine Johnson, the D.C.-area regional president for PNC Bank, said this grant collaboration allows the company a unique opportunity to work with small and minority-owned businesses.
“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.”
Businesses may apply for grants of up to $20,000 to help cover capital improvement costs, operational costs or other infrastructure needs for their business.
In order to qualify, businesses must meet the following criteria:
- Three years old or older
- 10 or less employees
- $5 million or less in annual revenue
For more information or to apply for the grant, go to thecommunityfoundation.org. The deadline is May 13.