(Washington, DC)—Today, Mayor Bowser and the D.C. Department of Insurance, Securities and Banking (DISB) announced that the DC BizCAP Program has provided $500,000 in financing to Good Food Markets to help complete the construction of its new Ward 8 location in the Bellevue neighborhood.
“I am excited that we were able to provide funding to Good Food Markets to help finalize construction on a much-needed new grocery store in Ward 8, increasing access to healthy food options east of the river and creating jobs for local residents,” said Mayor Bowser.
Good Food Markets is a mission-driven grocery redefining what is possible in food deserts. Their experienced retail team creates a full-service grocery selection in a fraction of the space, while also paying a living wage and offering educational opportunities in the community.
The DC BizCAP Program, administered by DISB and funded by the U.S. Treasury Small Business Credit Initiative, provides capital to District small businesses and entrepreneurs who face reductions in the availability of credit and heightened requirements to obtain financing. DC BizCAP provides critical capital through three programs that provide alternatives to traditional commercial financing to facilitate private lending and investments in District small businesses. BizCAP ‘s Innovation Finance Program, which was used to support Good Food Markets, provides capital for investment in District start-ups and emerging companies.
“The Department of Insurance, Securities and Banking is thrilled that we could provide support to Good Food Markets,” said Commissioner Karima Woods. “Investing in our underserved communities by supporting business growth helps create jobs and provides amenities and food options for the residents in Wards 7 and 8.”
Good Food Markets will partner with a Ward 8-based community group to bring fresh food and job opportunities to the Bellevue community, making this a true community space operated by and for District residents.
Good Food Markets is a social enterprise of DC-based nonprofit Oasis Community Partners. Oasis Executive Director Philip Sambol said, "Good Food Markets in Ward 8 represents just the latest resident-led effort to address issues of health and food access in DC. Oasis has been committed to this project since 2015 and are proud to partner with DISB’s BizCAP Program to provide fresh produce and essential groceries alongside the existing health care, government services and public parks in Bellevue."
For more information on the DC BizCAP Program, visit disb.dc.gov/service/small-business-resources.