Department of Insurance, Securities and Banking: Press Release

WASHINGTON, DC - As part of Mayor Anthony A. Williams’ continuing efforts to address the negative impact of the tragic events of September 11, today he announced $8 million in low-interest loans for area businesses affected by the September 11 attacks. The District will deposit a portion of its cash portfolio in five local banks, which will then provide at least $8 million in low-interest loans to area businesses. Each eligible business can apply for a loan of up to $250,000 directly from one of the banks.

“Our city's local businesses make up 90 percent of the District's economy. We're not about to let them falter," commented Mayor Williams. “This is a win-win situation where the District government has teamed with local banks to help our most devastated businesses gain access to capital at the current prime lending rate.”

Mayor Williams was joined at the announcement by Councilmembers Jack Evans and David Catania, Chief Financial Officer Natwar M. Gandhi, Deputy Mayor for Planning and Economic Development Eric Price, Deputy Chief Financial Officer for Finance and Treasury N. Anthony Calhoun, and Commissioner of the Department of Banking and Financial Institutions S. Kathryn Allen, as well as representatives from the local banks.

“I am glad the Mayor is moving forward with the economic relief loan program, which will enable us to make loans at a favorable rate to struggling businesses,” said Councilmember Evans. “I look forward to continuing to work with the Mayor to secure congressional budget approval and identify additional funds so that the Emergency Economic Assistance loan program, which the Council passed earlier in October, can move forward, as well.”

“With much of the District's cash reserves located in banks outside the District,” commented Councilmember Catania, “it makes sense that these funds be deposited in our local banks and put to a good use, particularly at this time when our local businesses desperately need emergency relief loans.”

Businesses interested in a loan have to meet the criteria of the bank’s underwriting requirements as well as the economic relief loan program. For a full list of requirements, contact one of the five participating banks, which are listed below.