The DC Department of Insurance, Securities and Banking today launched city-wide surveys to study the barriers to banking services for District of Columbia residents and access to capital challenges for small and local businesses.
Thirty-two percent of District residents don’t have bank accounts or have limited access to traditional banking services. These residents frequently use expensive, unnecessary financial services spending on average $800 a year in fees. And almost 50 percent of new small businesses fail within the first year and access to capital is identified as the second most common reason for failure, according to the US Small Business Administration.
“Our goal is to identify long-term strategies that enhance the financial capabilities of District residents and small businesses,” said Acting Commissioner Stephen C. Taylor. “By taking the survey, residents and businesses have a unique opportunity to shape future policy that affects how, where and when banks and lenders serve our community.”
DISB is administering two separate surveys targeted at District residents and small business owners. In one survey, DISB asks District residents about their experiences with opening and maintaining bank accounts. In the other survey, DISB poses questions to small business owners about their experiences in pursuing financial services and credit. The surveys can be completed online at this link.
DISB also will hold focus groups with residents and small business owners to hear their perspectives on banking services in the District. For more information and to register for the focus groups, see below.
Small Business Access to Capital Focus Groups
Thursday, Sept. 17, 6 - 8 pm
Industrial Bank
125 45th Street NE
Washington, DC 20019
Thursday, Sept. 22, 12 - 2 pm
BB&T Bank
1909 K Street NW
Washington, DC 20006
Banking Services Focus Groups
Wednesday, Sept. 23, 1 - 3 pm
District Government Employees Federal Credit Union
Community Room (2nd Floor) of Reeves Center
2000 14th Street NW
Washington, DC 20009
Friday, Sept. 25, 4 - 6 pm
East River Family Strengthening Collaborative, Inc.
3917 Minnesota Avenue NE
Washington, DC 20019
For more information on this project, visit DISB’s website at disb.dc.gov/banksurvey. The surveys will close Sept. 30.