WASHINGTON–(BUSINESS WIRE)–Innovative Recordings, LLC and Triune Solutions are the latest businesses giving local residents the opportunity to invest directly in them through the DC Rebuild Bond program.
The DC Rebuild Bond Program is a partnership between the DC Deputy Mayor’s Office of Planning and Economic Development (DMPED) and SMBX to spur $5 million in investment in the District’s small businesses, with special emphasis on Wards 5, 7, and 8, areas that have historically experienced discrimination and been denied access to capital.
“This is why we partnered with SMBX, to see the District’s entrepreneurs get ahead and succeed,” said John Falcicchio, Deputy Mayor for Planning and Economic Development. “It is so important for small businesses to have access to funding, specifically entrepreneurs of color and ensuring more Washingtonians have a fair shot.”
“We’ve been thrilled with the community response so far,” said Charles “Shorty Corleone” Garris, veteran Go-Go musician and Founder and CEO of Innovative Recordings, LLC. “Large and small investors believe in our company and its mission and support our expansion. Raising funds for our business this way has been so encouraging.” Innovative Recordings, LLC is raising $500,000 for working capital, equipment, manufacturing and advertising and has already raised over $112,000.
Triune Solutions, a Black woman-owned cybersecurity services company that supports the Department of Defense and Intelligence Community, just launched a campaign to raise $250,000 to expand by hiring more staff. “Our cybersecurity business is growing as online threats become more sophisticated,” said Teresa A. Gilchrist, Triune’s Founder, President & CEO. “The growth capital we’re raising from our community will ensure our company can meet growing demand while training the next generation of cybersecurity experts.”
Through the DC Rebuild Bond program, businesses can issue Small Business Bonds with no origination fees. Their customers and local investors can invest in their business by purchasing their Bonds for as little as $10 each and be repaid monthly principal and interest.* Since it was launched in September 2021, eight (8) businesses have raised over $755,000 in investments, with more small businesses joining the program and investors buying Small Business Bonds daily.
SMBX is a financial marketplace that connects qualified small business owners with everyday investors. By issuing a Small Business Bond, businesses can borrow money from existing customers and their community at competitive rates, raising the funds needed to expand their business. SMBX was founded by Ben Lozano, Chief Executive Officer; Bhavish Balhotra, Chief Technology Officer; and Jackie Chan, Chief Operating Officer. They created the SMBX marketplace and the Small Business Bond after the SEC implemented Title III of the JOBS Act in 2016, making it easier for people to invest in startups and small businesses as non-accredited investors.
*Investing in Reg CF securities includes financial risks, including loss of money invested. All estimated returns on principal + interests are not guaranteed. The statement is based on the following assumptions: 1) an offering successfully closes and an investor is allocated a Bond or Bonds, 2) that the investor holds their Bonds to maturity and 3) that there are no defaults made by the issuer on any of the Bond payments from issuance to maturity.
The post Two Ward 8 Small Businesses Raising Capital Through DC Rebuild Bond Program appeared first on Cybersecurity Insiders.
May 12, 2022 at 09:09AM
0 comments:
Post a Comment