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The D.C. Department of Insurance, Securities and Banking
announced today that Good Food Markets is the first to utilize the new
District of Columbia Innovation Finance Program
, an alternative to
traditional commercial financing where the District co-invests with
venture capital funds and community development financial institutions.
“By investing in Good Food Markets, we are putting a down payment on
access to fresh food and increased job opportunities for District residents
,” said Mayor Muriel Bowser. “This is another example of how my
administration is supporting District small businesses, expanding economic
opportunities for more neighborhoods, and creating greater pathways to
the middle class.”
Good Food Markets is a neighborhood grocery store in the Woodridge area
of D.C. that focuses on providing fresh, quality food to local residents in
underserved communities.
The District matched half the $100,000 investment for Good Food Markets
through City First Enterprises, a community development financial
institution located in the District. The funds will be used for working
capital, fixtures and equipment at Good Food Market’s fresh food retail
store at 2006 Rhode Island Avenue NE in Ward 5.
“Startup funding programs that both value and understand our mission
makes all the difference in Good Food Markets’ ability to provide innovative
fresh food solutions in the District’s underserved communities,” said
Kristoffer A. Garin, co-founder, Good Food Markets. “The support for Good
Food Markets from the District of Columbia and the public-private
partnerships makes us proud to be Washingtonians and excited to be
launching this social enterprise in D.C.”
The Innovation Finance Program is one of the programs designed by DISB
as part of the
State Small Business Credit Initiative (SSBCI)
. Under SSBCI,
the District uses federal funds to facilitate investments and private lending
to local small businesses. The District’s investment in Good Food Markets is
leveraging $1.60 in private sector capital for every $1 of government funds
, including the investment from City First Enterprises as well as a cash
collateral guaranty from Telesis CDE Corporation.
“By connecting public and private capital for District small businesses, the
city is breaking down barriers to capital and creating benefits for small
businesses and communities alike,” said Stephen Taylor, acting
commissioner of the D.C. Department of Insurance, Securities and Banking.
“City First Enterprises is excited to partner with the District and DISB in
this new and exciting financial tool that supports worthy District small
businesses such as Good Food Markets,” said Senior Vice President Robin
Halsband of City First Enterprises. “This partnership is the first of many as
City First Enterprises continues to equip mission-oriented, impact-focused
businesses and nonprofits to promote healthy growth in the community.
Whether tackling food deserts in underserved neighborhoods or preserving
affordable housing throughout the city, our mission thrives through these
partnerships.”
To view more information about the programs, visit
DISB’s website.
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