The District of Columbia Collateral Support Program is part of the US Treasury’s State Small Business Credit Initiative created by the Small Business Jobs Act of 2010. The Treasury has allocated $1.5 billion nationally to create or expand small businesses, with $13.2 million for District businesses. The Department of Insurance, Securities and Banking will use the money for several small business finance programs. The DC Collateral Support Program is the first.
The program provides capital to small businesses with insufficient collateral for a loan by depositing cash collateral with lenders (bank, credit union or community development financial institution), who in turn, loan to these businesses. Creditworthy small businesses can use these loans to buy equipment and inventory; for expansions or renovations; working capital; start-up costs; leasehold improvements; or refinancing. By leveraging the capital of private lenders, the program makes more capital available to District small businesses.
Contact your banker about the program.
Financial Institutions Participating in the DCCSP
|Participating Lender||Address||Website||Telephone Number|
|Amalgamated Bank||1825 K St., NW, Washington, DC 20006||amalgamatedbank.com||(202) 721-0762|
|Cardinal Bank||1776 K St., NW, Washington, DC 20006||cardinalbank.com||(202) 331-3957|
|City First Bank of DC||1432 U St., NW, Washington, DC 20009||cityfirstbank.com||(202) 243-7113|
|Colombo Bank||1600 East Gude Drive, Rockville, MD 20850||ColomboBank.com||(240) 223-1028|
|Eagle Bank||1425 K St., NW, Washington, DC 20005||eaglebank.corp.com||(301) 986-1800|
|ECDC Enterprise Development Group||901 S. Highland St., Arlington, VA 22204||www.entdevgroup.org||(703) 685-0510|
|Industrial Bank||4812 Georgia Ave., NW, Washington, DC 20011||industrial-bank.com||(202) 722-2000|
|Navy Federal Credit Union||Washington Navy Yard, 9th and M St., SE, Bldg. 218, Ground Floor, Washington, DC 20374||navyfederal.org||1(888) 842-6328|
|Revere Bank||820 West Diamond Ave., Suite 110, Gaithersburg, MD 20878||reverebank.com||1(866) 950-5784|
|United Bank||1875 Eye St., NW, Washington, DC 20006||bankwithunited.com||(202) 828-6784|
|Washington Area Community Investment Fund||2012 Rhode Island Ave., NE, Washington, DC 20018||wacif.org||(202) 529-5505|
|Washington First Bank||1025 Connecticut Ave., NW, Washington, DC 20036||wfbi.com||(202) 587-7014|
- Loan Enrollment Procedures with Document Checklist
- Loan Enrollment Form and Eligibility Questionnaire
- Lender Guide [PDF]
- DCCSP Claim Form [PDF]
- DISB Small Business Plan Template [DOC]
For more information on the program, contact Christopher Weaver at (202) 442-7774 or firstname.lastname@example.org.