Small Businesses Programs, Resources and Information
The DC Department of Insurance, Securities and Banking, a regulatory agency for the District of Columbia’s financial services industries, provides and participates in programs and resources to assist small business owners in creating sustainable economic development.
District of Columbia Business Capital Program
The District of Columbia Business Capital Program (DC BizCAP) is funded by the U.S. Treasury State Small Business Credit Initiative (Initiative). The Initiative, a $1.5 billion fund, was established by the Small Business Jobs Act of 2010 to assist small businesses and entrepreneurs who were adversely affected by the economic recession of 2008 and the credit crisis that followed. The District of Columbia was allocated $13.2 million for District businesses. The District of Columbia Department of Insurance, Securities and Banking (DISB) established and administers DC BizCAP to provide capital to District small businesses and entrepreneurs who continue to encounter 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.
DC BizCAP - Collateral Support Program
The Collateral Support Program (CSP) provides funds for deposit with a participating lender (i.e. a participating bank, credit union or community development financial institution) to provide the necessary collateral to cover the borrower’s collateral shortfall. The CSP’s collateral is drawn down and returned, for use by other business, to DISB over the life of the loan. Find a list of participating lenders, loan enrollment procedures and forms and more information on the Collateral Support Program.
DC BizCAP – Loan Participation Program
The Loan Participation Program (LLP) provides loan support for small business which may qualify for loans but are unable to meet capital requirements or the debt service coverage ratio of the lending institution. Under the LPP, the District buys a portion of a loan originated by a participating lender. Borrowers can also reduce their debt service by utilizing enhanced loan participation options offered through the program. Find more information on the Loan Participation Program.
DC BizCAP - Innovation Finance Program
The Innovation Finance Program (IFP) provides capital for investment in District of Columbia start-ups and emerging companies that seek financing alternatives to traditional commercial financing. The IFP provides the capital either (1) through a co-investment with an Innovation Finance Company into the small business; or (2) by investing as a limited partner in an Innovation Finance Company that shall then make an investment into that small business. Find more information on the Innovation Finance Program.
Insurance Information and Resources
DC Health Link
DC Health Link is the District’s online marketplace created for individuals, families and small businessowners with less than 50 employees in DC to shop, compare and select health insurance that meets their health needs and budgets. For more information, visit dchealthlink.com. If you have more than 50 employees, DISB provides a list of health insurance carriers in DC for your reference available here.
Disaster Planning for Small Businesses
Review and Update Your Business Insurance in Case Disaster Strikes
Tornado. Wildfire. Winter melt. Hurricane. Flood. Across the country, springtime can bring all kinds of potentially damaging weather. Now is the time for small business owners to get prepared for the possibility of disaster by reviewing their business insurance needs and policies. Because you never know when disaster will strike, here’s a checklist to help you prepare. Visit disb.dc.gov/disaster planning for small businesses.
Introduction to Business Owner's Policy: A Package Solution
Many small business owners purchase a business package policy called a “BOP” or a business owner’s policy. A BOP typically includes property insurance, business interruption/continuation insurance and liability insurance. Often it is a less costly option for small businesses than buying a set of individual policies. Many insurers customize BOPs for specific types of businesses. Visit disb.dc.gov/BOP for more information.
Introduction to Liability Insurance
If someone falls while visiting your business premises or a customer is hurt by a product your business sells, you can be held responsible. That’s the risk that liability insurance covers. Liability insurance, also called Commercial General Liability (CGL), covers four categories of events for which you could be held responsible: bodily injury; damage to others’ property; personal injury, including slander and libel; and false or misleading advertising. CGL coverage pays for the injured party’s medical expenses. It excludes your employees, who are covered by workers’ compensation. More information on liability insurance is available here.