REQUEST FOR APPLICATIONS (RFA)
FY23 DC Venture Capital Grant Program
Release Date: Friday, August 4, 2023
Closing Date: September 15, 2023 at 5:00 PM ET
RFA Identification No.: DMPED –FY23 – VCGP
Background: The Office of the Deputy Mayor for Planning and Economic Development (“DMPED”) is soliciting grant applications from qualified private financial organizations to serve as the program administrator (“Program Administrator”) for the DC Venture Capital Grant Program (“VC Program”). The purpose of the VC Program is to increase access to capital for early-stage DC based businesses. The Program Administrator will structure the program and select and manage a network of venture fund managers (“Fund Managers”) to make investments in Eligible Businesses (defined herein) using funds provided by the State Small Business Credit Initiative (“SSBCI”).
Purpose: Federal SSBCI funds provided through the U.S. Department of Treasury (“Treasury”) offer an opportunity to increase the amount of venture capital funds available to underserved DC businesses. The goal of the VC Program is to provide equity seed capital to DC founders with a focus on underserved founders of technology and “tech-enabled” companies (companies who do not create proprietary technology but utilize it to provide a good or service). These entrepreneurs need a source of early-stage growth capital to scale operations and make investments in their staff, technology, marketing, and research & development to serve more customers and generate higher revenue, and to eventually raise additional rounds of venture funding or qualify for traditional financing. Founders who receive investment through the VC Program will have the incentive to remain in DC to grow their business, create jobs, and drive innovation locally.
Point of Contact:
DMPED Grants Team
Phone: (202) 727-8111