Mayor Bowser to Highlight Legacy Investments that Support Black Businesses In An Effort to Close the Racial Wealth Gap
Washington, DC (STL.News) On Monday, March 21, at 11:00 a.m., Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development will announce the inaugural awardees of the Commercial Property Acquisition Fund. This program provides equity impact eligible businesses down payment assistance of up to $750,000 or 25% of the sale price, whichever is less, for the acquisition of commercial property in the District of Columbia. The Commercial Property Acquisition Fund aims to support DC resident-owned businesses that have historically experienced barriers to access the capital needed to become a commercial property owner.
Mayor Bowser will also highlight her $40 million Legacy Initiative, which supports Black residents and businesses to remain or return to thrive in the District of Columbia. The $4 million Commercial Property Acquisition Fund – administered by the largest Black-led bank in the country, City First Bank, which is co-headquartered in the District of Columbia – is part of Mayor Bowser’s Legacy Initiative.
Monday, March 21 at 11 am
Mayor Muriel Bowser
Kenyan McDuffie, Councilmember, Ward 5
John Falcicchio, Deputy Mayor for Planning and Economic Development
LaToya Liles, Owner, Tsunami Hair Studio
Sonja Wells, Executive Vice President & Chief Lending Officer, City First Enterprise
Tsunami Hair Studio
4248 Benning Road, NE
*Closest Metro Station: Benning Road Metro Station*