Kwame Proposes Initiatives to Spur Local Small Business

WASHINGTON – Today, At-Large Councilmember Kwame R. Brown announced that he has introduced legislation to expand access to the District’s micro-loan program and invest in local banks by creating the “Community Bank Liquidity Access Program” (CBLA).  Both programs provide expanded access to capital for the District’s small business community.

“Small businesses desperately need access to investment dollars, especially in the current economic climate,” said Councilmember Brown.  “I am constantly looking for new ways to invest local dollars in local businesses.  This legislation helps provide more options for businesses who are struggling to survive.”

Councilmember Brown requested that a series of temporary and emergency legislation be addressed during the Committee of the Whole meeting next Tuesday.  The “Small Business Micro Loan Fund Package” will amend the law to expand eligibility for the District’s micro loan program.  Councilmember Brown created the micro loan program in 2007, which is managed by the Department of Small and Local Business Development.  He has advocated for full funding and expansion of the program since its inception.

This week, Councilmember Brown also introduced the “Community Bank Liquidity Access Pilot Program Act of 2009” (B18-293), which is a pilot program that allows the Chief Financial Officer to place funds into the CBLA for deposit in local banks.  Participating local banks can then use the funds to loan to local businesses on a $2 to $1 ratio.  Banks must prove that a minimum of 25% of their loans have gone to District residents and businesses in order to qualify.

For more information or to interview Councilmember Brown, please contact Press Secretary Michael Price at 202-445-4510 or mprice@dccouncil.us.

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