Small Business Resources

Small Business Development Classes

e-BIC – The Enhanced Business Information Center offers classes to entrepreneurs and small business owners as well as counseling, usually at no charge. Visit the e-BIC at 901 G Street, NW inside the MLK Library or call (202) 727-2241.

Mondays: SCORE’s Nonprofit Specialist, Peter Feather
Call 202-606-4000 x287 for an appointment.

Get Licensed and Legal
Date: December 5, January 9, February 6, and March 6. Cost: Free; Time: 1:00-3:30 p.m.; Place: Enhanced Business Information Center on Library's 1st Level
Description: Department of Consumer and Regulatory Affairs and Office of Tax and Revenue will hold office hours at the e-BIC.

LSDBE Application Office Hours
Date: December 7, January 11, February 1, and March 1. Cost: Free; Time: 1:30-3:30 p.m.; Place: Enhanced Business Information Center on Library's 1st Level

Description: DC's Office of Local Business and Development will answer questions about the LSDBE application so you can sell to the DC Government.

Financial Statements and Ratio Analysis

Date: December 14 – Part II, January 18 – Part I, February 21 – Part II. Cost: Free; Time 6:30-9:00 p.m. Place: e-BIC Video Conference Center on Library's A Level

Description: Learn how to cut costs and create wealth using your business financial statements and ratio statements.

How to Find and Finance Commercial Property

Date: January 23, February 27, and March 27. Cost: Free; Time: 6:00-8:00 p.m.; Place: e-BIC Training Center on Library's A Level
Description: SBA and Business Finance Group tell you how to buy your business space.

Introduction to the 7(a) Loan Program
Date: January 29, February 26, and March 26. Cost: Free; Time: 6:00-7:30 p.m.; Place: e-BIC Training Center on Library's A Level
Description: The SBA will introduce you to the 7(a) Loan Program.


Business Incentives and Tax Credits

Employment

ENTERPRISE ZONE EMPLOYMENT TAX CREDIT: FILE FORM 8844 – A tax-credit for businesses located in a DC Enterprise Zone. For each DC resident employed, the business can earn an annual tax-credit for 20% of wages paid (up to $3,000 credit per employee). This credit is available for five years and can be earned for full or part-time employees who are employed for a minimum of 90 days. For more information check out www.irs.ustreas.gov or call the DC Revenue Bond-Enterprise Zone Program at (202) 727-6365.

PDF Form: http://www.irs.gov/pub/irs-pdf/f8844.pdf

WELFARE-TO-WORK TAX CREDITS - SEE IRS FORMS 8850 and 8861 – A tax-credit available to employers who hire an employee from a family on TANF (Temporary Aid to Needy Families). The welfare-to-work tax-credit is for up to $8,500 per eligible employee over two years. Contact the DC Department of Employment Services at does.dc.gov or call the Welfare-to-Work program at (202) 698-5599 for more information.

Prescreening Notice: http://www.irs.gov/pub/irs-pdf/f8850.pdf

Welfare to Work Credit: http://www.irs.gov/pub/irs-pdf/f8861.pdf

WORK OPPORTUNITY TAX CREDIT - SEE IRS PUBLICATION 954 – An annual tax-credit of up to $2,400 for qualified employees who are in their first year of employment. Eligible employees include those previously on AFDC/TANF, VET or Food Stamps, low-income ex-felons, vocational rehabilitation referrals, youth 18-25 from a family on food stamps, Enterprise Zone youth resident, and summer youth 18-25. More information is available from the DC Department of Employment Services at does.dc.gov or from the Work Opportunity Program at (202) 698-5599.

CUSTOMIZED TRAINING PROGRAM – Employers are reimbursed for funds spent to train District residents as skilled employees by negotiating a single source contract with the Department of Employment Services (does.dc.gov). Contact the Office of the Deputy Director at (202) 698-5140 for more information.

METRO TECH PROGRAM – Metro Tech bears the cost of training/certification of information technology professionals given employers commit to hiring individuals that satisfy training/certification programs. Allowances vary depending on the salary of the job being trained for. For details on the MTP contact them directly at (202) 698-5599.


Investing

EQUIPMENT EXPENSING – For businesses that do the majority of their business in a DC Zone, companies may expense up to $20,000 a year for certain depreciable business equipment that is considered depreciable personal property or "qualified zone property".

ZERO FEDERAL CAPITAL GAINS TAX – For DC Zone businesses that are located in census tracts with poverty rates of 10% or greater in order to attract equity capital to entrepreneurs. Companies may take advantage of a 0% tax rate on property and/or stock that will be held for at least 5 years.

TAX-EXEMPT BOND FINANCING – See the DC Revenue Bond Program at www.dcbiz.dc.gov.

SPECIAL EXPENSING ALLOWANCE – Businesses that are located in a DC Enterprise Zone may expense an additional $20,000 (a total of $44,000) for business equipment and depreciable property.


Building Rehabilitation

FEDERAL HISTORIC TAX CREDITS – FILE IRS FORM 3468 - A federal tax credit for 20% of the qualifying rehabilitation expenses (up to $5000) is available to individuals and organizations investing in an historic rehabilitation. A 10% federal tax credit is also available for commercial buildings built before 1936 that are not listed on the National Register of Historic Places. (Note: Barracks Row is a National Historic District). For more information contact the Historic Preservation Offices at www.cr.nps.gov/nr.

DC HISTORIC DISTRICT TAX RELIEF – DC offers a property tax relief program for property owners investing historic rehabilitation by freezing property values at the original rate prior to rehabilitation for a certain number of years. More information is available at www.planning.dc.gov.

BARRACKS ROW MAIN STREET FACADE GRANT – We can help you design a new storefront to improve sales! See the Design Page on this website.


Financing Opportunities

The National Capital Bank of Washington has constructed several financing programs for Barracks Row commercial property owners and business operators. Proceeds of loans must be used for façade improvements, building improvements or business improvements. Contact the Barracks Row Main Street office at (202) 544-3188 or National Capital Bank at (202) 546-8000 for more information on financing opportunities.

BB&T, located at 317 Pennsylvania Avenue, SE, is a new addition to Capitol Hill. BB&T offers small business loans, including SBA 7 (a) loans, commercial and corporate services. Contact LaRonna Richardson at (202) 544-6073 or Byran Leslie at (202) 835-9276.

Citibank participates in several of the Small Business Administration’s loan programs including the SBA 7(a) Loan Guaranty, 504 Certified Development Company Program, and SBA Express Loan Program. If you have additional questions, call James Sherard, Relationship Manager at Citibank, at (202) 879-6848.

There are several additional programs, to read about on online at www.dc.gov.


Resources for Improving Business

e-BIC – This business resource center offers classes regularly as well as counseling. Visit them at 901 G Street, NW inside the MLK Library or call (202) 727-2241.

GEORGIA AVENUE BUSINESS RESOURCE CENTER – Provides small business owners with technical assistance, market research assistance, and access to resources to obtain financing. Visit their website at www.brc.dc.gov/gabrc call (202) 545-0220.

HOWARD UNIVERSITY SMALL BUSINESS DEVELOPMENT CENTER – For guidance in business development from marketing and financing to developing a strategic plan, the Howard University SBDC will tailor a program to fit your needs. For more information check out their website at www.dcsbdc.com or call (202) 806-1550.

SCORE DC – Located at 1110 Vermont Ave NW, SCORE DC matches small business owners with retired business executives to offer an “in the trenches” view of business development. Visit www.scoredc.org or call (202) 606-4000 ext. 287 for details.

WOMEN’S BUSINESS CENTER – The Women’s Business Center offers great programs for getting started in the business world. If you have a new idea or are interested in owning a business of your own, contact the WBC at (202) 785-4922 or look at their website at www.womensbusinesscenter.org. They will support clients all the way through the business development process.