Mayor Bowser Encourages Residents to Take Advantage of DISB Resources to Build Financial Confidence in the New Year

(Washington, DC) - Today, Mayor Muriel Bowser and the DC Department of Insurance, Securities and Banking (DISB) are encouraging District residents to prepare for a strong and resilient financial future in the New Year by taking advantage of free, interactive programs designed to help residents of all ages and income levels reach their full financial potential.

"The New Year is an ideal moment to commit to building financial confidence. Whether you want to pay off debt, buy a home or improve your credit score, DISB has the resources to help," said DISB Commissioner Karima Woods. "As part of Mayor Bowser's vision to give all residents a fair shot, we are proud to offer tools that empower residents to take control of their finances and build wealth."

DISB offers several programs to help residents improve their financial well-being:

Bank on DC

Bank on DC is a collaborative effort between District government, financial institutions, and nonprofits to provide low- and no-cost access to financial services and education for unbanked and underbanked households. Through financial education and enhanced access to needed financial products and services, Bank on DC provides economic mobility and wellness to individuals throughout the District. In Fiscal Year 2025, 594 residents opened Bank On DC Certified Accounts, saving money and gaining access to financial tools.

Learn more about the program and partner institutions at bankondc.org.

Financially Fit DC

Mayor Bowser launched Financially Fit DC in 2017 to provide a free, online tool that helps District residents assess and enhance their financial well-being. The platform offers curated workshops that provide personalized financial education, budgeting tools, and goal-setting resources for residents of all ages. In FY25 alone, 8,398 residents participated in financial education and engagement through the program.

Find more information and register to access personalized resources at welcome.financiallyfitdc.com.

DC Opportunity Accounts

The DC Opportunity Accounts Program is a matched savings program that helps qualified District residents save up to $7,500 for goals such as education, homeownership, or small business development. The funds can be used to help pay for a variety of expenses, including first-time home purchases, small business development, education, and retirement. To date, 709 residents have participated in the program.

To learn more about the program and eligibility requirements, visit disb.dc.gov/page/dc-opportunity-accounts.

Student Loan Ombudsman

The Student Loan Ombudsman provides guidance and tools to help residents understand student loan repayment options, connect with federal and local student loan assistance programs, and resolve complaints related to student loan servicers. Mayor Bowser established the position in 2017 to help make higher education more available and affordable for District residents. In FY25, the Office of the Student Loan Ombudsman helped 138 District borrowers address $4.3 million in student loan debt, securing more than $1 million in loan forgiveness across federal and private loans.

For more information about this and other student loan resources, visit disb.dc.gov/studentloanhelp.

Foreclosure Prevention Program

Through DISB's Foreclosure Prevention Program, homeowners at risk of foreclosure can access free housing counseling services and educational resources to better understand their options and take steps to avoid losing their homes. Residents who are worried about paying their mortgage, are behind on their mortgage payments, or are in the process of foreclosure can speak with a counselor who will help them assess their financial situation, consider alternatives, and apply for assistance. And in some cases, counselors may connect homeowners with free legal assistance. In FY25, 444 residents received support, helping prevent 136 foreclosures and protecting over $75 million in property value.

The program, which is operated in partnership with local nonprofit Housing Counseling Services, is open to anyone who owns a residential property in the District. For more details on the program and how to sign up, visit: disb.dc.gov/page/foreclosure-prevention-program.

DC Business Capital Program (DC BizCAP)

Funded by the U.S. Treasury's State Small Business Credit Initiative, DC BizCAP expands access to capital for small businesses and entrepreneurs in the District. The program offers alternative financing options through three specialized initiatives that help businesses overcome barriers to traditional lending and support economic growth across the city. Initiatives include:

• Collateral Support Program (CSP): The CSP provides funds for deposit with a participating lender to provide the necessary collateral to cover a borrower's collateral shortfall.
• Loan Participation Program (LPP): The LPP provides capital to small businesses by either purchasing a portion of loans made by participating lenders or by providing direct lending alongside participating lenders.
• Innovation Finance Program (IFP): The IFP provides capital for investment in DC start-ups and emerging companies that seek financing alternatives to traditional commercial financing.

Since its creation in 2011, DC BizCAP has provided $25.4 million in capital to local small business owners to leverage $65 million in loans, grants, and investments, resulting in the creation of 2,300 District-based jobs. Find out more about how the program can support your small business at disb.dc.gov/node/1793241.

DISB's programs are tailored to support residents at every stage of their financial journey - from building a first budget to achieving long-term financial goals. For more information about these and other initiatives, visit DISB.dc.gov or call (202) 727-8000.

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