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Gay-owned firm joins D.C. small business bond program

Allows customers to buy $10 bonds to invest in small local companies

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ā€˜Instead of going to a bank, we go to small investors in the community,ā€™ said Manny Cosme, president and CEO of CFO Services Group. (Photo courtesy of Cosme)

CFO Services Group, a gay-owned D.C. financial services consulting company, is one of six D.C. small businesses to participate in a program launched in September by Mayor Muriel Bowser that allows small businesses to raise money by offering bonds at a price of $10 each to local community investors.

The D.C. Rebuild Bond Program, which is operating in partnership with the investment marketplace company SMBX, ā€œwill enable local businesses to build, expand, and innovate,ā€ according to a statement released by the mayorā€™s office.

ā€œLocal businesses represent the dreams of D.C. residents and are the backbone of our cityā€™s economy,ā€ Bowser said in the statement. ā€œThis tool is one more way we can work together to create jobs and opportunities in all eight wards, support our favorite small and local businesses, and uplift entrepreneurs who are invested in our people, culture, and neighborhoods,ā€ the mayor said.

The program, which will operate under the auspices of the Office of the D.C. Deputy Mayor for Business and Economic Development, is also aimed at helping small businesses struggling from the impact of the COVID pandemic, city officials said.

Manny Cosme, president and CEO of the downtown D.C.-based CFO Services Group, also serves as treasurer for D.C.ā€™s Equality Chamber of Commerce, an LGBTQ business advocacy group. Cosme said he and his company are pleased to be among the first six local D.C. businesses to participate in the Rebuild Bond Program to raise capital for his company.

ā€œInstead of going to a bank, we go to small investors in the community,ā€ said Cosme, who noted that some of the investors in the companies participating in the program are loyal customers.

Annie Eser, an SMBX official who serves as the D.C. Rebuild Bond Program Director, told the Washington Blade that SMBX sets up the bond offerings for the businesses participating in the program. She said the company also helps recruit community investors and arranges for them to buy the bonds and receive a monthly interest payment from the business on their bond investment that could be between 4 percent and 7 percent depending on the details of the bond offering.

Brandon Skall, CEO and co-founder of DC Brau Brewing, a popular brewery in Northeast D.C. near the Maryland line, said heā€™s pleased to have used the services of SMBX to facilitate the sale of his companyā€™s bonds to refinance an existing loan.

ā€œThe idea of taking this interest that we would be paying to a bank or to an institution and paying it back to people who actually support our business and other small local businesses was really, really exciting for us,ā€ Skall told the Blade.

He said several of those who bought DC Brau bonds are regular customers at the breweryā€™s tap room.
ā€œAnd through the pandemic, we were really kept in business by people who went out of their way to support us and other businesses they cared about,ā€ he said. ā€œBut this is a great way that they can invest in an easy format and even have more ownership of the businesses they love.ā€

The statement from the mayorā€™s office announcing the D.C. Rebuild Bond Program says it will focus on historically disadvantaged businesses in Wards 5, 7, and 8, but would be open to businesses throughout the city.

ā€œAs part of the program, D.C. businesses listed on the SMBX marketplace will benefit from no private lending fees, zero origination fees, and no personal guarantees to secure their loans,ā€ the statement from the mayorā€™s office says. ā€œThey will also receive direct support from the SMBX marketing team to help them reach their goals,ā€ the statement says.

In addition to CFO Services Group, which is located at 1101 Pennsylvania Ave., N.W., and DC Brau Brewing at 3178 Bladensburg Rd., N.E., the other local businesses participating in the D.C. bond program as of this week include El Tamarindo restaurant at 1785 Florida Ave., N.W.; Sticky Fingers Sweets & Eats at 1730 Park Rd., N.W.; Maketto restaurant and retail store at 1351 H St., N.E.; and Chaia Tacos at 615 I St., N.W.

More information about the program for potential investors and small businesses can be obtained through thesmbx.com.

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Comings & Goings

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Joseph Poduslo

The Comings & Goings column is about sharing the professional successes of our community. We want to recognize those landing new jobs, new clients for their business, joining boards of organizations and other achievements. Please share your successes with us at [email protected]

Some people are especially inspiring to write about, and one such person is Joseph Poduslo. He is justly proud of his ā€œLuminary of the Yearā€ nomination, which is granted to survivors, caregivers, and researchers, by the Brain Industry Association of America (BIAA). I urge you to take a look at its website, and maybe help Poduslo raise some funds for this incredible organization. 

ā€œI have always wanted to share my journey to help and inspire others,ā€ he said. ā€œThe brain is the most amazing creation and retraining the brain takes time and effort. But Iā€™m doing it.ā€ You can read his story in his own words. You will find it as inspiring as I did.  

After spending time with his family in Texas, he is now back in D.C. He is Senior Vice President, and founding agent, the Poduslo Group. His bio notes, ā€œHis work for his real estate clients has garnered him industry-wide recognition. Joseph has been featured in the Washington Post, NBC, CNN, and in 2018, Washington Life Magazineā€™s ā€˜Most Influential Business Person Under Forty.ā€™ ā€¦ When Joseph is not redefining the real estate industry, he has invested in numerous small businesses and restaurants in downtown D.C. over the last 17 years. He founded the D.C. Progressive Dinner, an organization that helps SMYAL, a local non-profit. Joseph formerly served on the Capital Alliance Board in the DC area.ā€

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Delaware

GOP candidate in Del. House race expresses LGBTQ support

Simpler says trans residents deserve protection from discrimination

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(Image by larich/Bigstock)

Early voting is underway in Delaware and one race that has captivated the LGBTQ community is the 14th District House seat being vacated by longtime ally Pete Schwartzkopf. Claire Snyder-Hall, a lesbian, won the Democratic primary and faces Republican Mike Simpler. But Simpler says the LGBTQ community shouldn’t discount him simply because he’s a Republican.

ā€œI was kind of upset that they would even think of me being a Republican, that I would discriminate against the LGBTQ community in general,ā€ Simpler told the Blade. ā€œIt’s kind of upsetting knowing that I’m born and raised here, and I’ve had family members that way. I mean the treasurer of my campaign is a lesbian. It’s just upsetting that people feel that way about the gay community in general.ā€ 

Simpler, a lifelong resident of Sussex County and the current president of the Rehoboth Beach Volunteer Fire Company said that his experience in the role has allowed him to work alongside many different types of people, including members of the LGBTQ community. 

ā€œWe probably have the most diverse fire company in the state of Delaware, when it comes to the LGBTQ group,ā€ he said. ā€œPeople need to realize that the LGBTQ [community] is no different than the rest of the people in the world.ā€

Simpler also shared with the Blade that he has had firsthand experience with a unique aspect of LGBTQ culture ā€” drag. He dressed up in drag at a fundraiser held at The Pines, a popular gay venue in Rehoboth Beach.

ā€œI was asked to volunteer for a fundraiser, and next thing you know, I find out Iā€™m going to be in drag at The Pines,ā€ Simpler said. ā€œWe had a ball! I mean, I had so much fun.ā€   

Not only did Simpler definitively say he supports the LGBTQ community in Delaware, but he added he supports legislative protections for these communities. He pointed out that providing a safe space for marginalized communities is ingrained in American history.  

ā€œProtect them,ā€ he said when asked about the potential of supporting pro-transgender legislation amid a wave of anti-LGBTQ state legislation being passed nationwide. ā€œYou’ve got to. They’re trying to escape. For example, they’re trying to escape the process like the Jews did, like the Chinese when they came here. They’re trying to move away from an issue where they’re being prosecuted against to somewhere where they can be free and enjoy their life that they want to live.ā€ 

In addition to promising LGBTQ support, Simpler says he backs smarter growth in the region by prioritizing better development and efforts to alleviate traffic. He also pledges to attract high-quality jobs to the region.

Simpler faces Synder-Hall in the Nov. 5 general election. Read the Bladeā€™s profile of her, here: https://www.washingtonblade.com/2024/09/24/claire-snyder-hall-interview/

Early voting is already underway. 

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Virginia

New Virginia license plate celebrates LGBTQ diversity

450 applications needed for it to become official option

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(Image courtesy of Diversity Richmond)

Diversity Richmond has designed a license plate that allows Virginia drivers to celebrate and raise the visibility of LGBTQ diversity. The Virginia-based LGBTQ nonprofit needs 450 applications by January for the plate to become an official state option. 

The license plate design features a group of hands stacked on top of each other in the far left corner, and the Progress Pride flag runs horizontally across the bottom of the plate. The words ā€œCelebrate Diversityā€ are prominently displayed over the flag. 

Rev. Dr. Lacette Cross, executive director of Diversity Richmond, said the design celebrates the diversity of the LGBTQ community.

ā€œ[The design] reflects the diversity of the intersecting identities of our community,ā€ she said.  

Applications are available on Diversity Richmondā€™s website, and the license plate costs $25. Once completed, applicants should email the form to Diversity Richmond, not to the Virginia DMV, as Diversity Richmond will submit both the applications and fees to the DMV on their behalf.

If the organization gathers 450 applications and payments by the start of the 2025 Virginia General Assembly session in January, Del. Betsy B. Carr (D-Richmond) will sponsor the plate through the approval process to make it an official option. 

The initiative also serves as a fundraiser for Diversity Richmond, which will receive a portion of the proceeds from the license plate registration fees. 

ā€œThe ultimate benefit,ā€ Cross said, ā€œis the continual visibility of LGBTQ persons, our allies, and our supporters that are driving around the Commonwealth of Virginia, spreading the message of acceptance and of allyship.ā€

She described Diversity Richmond as the hub of the LGBTQ community in Greater Richmond, noting the organizationā€™s ā€œreally dynamicā€ work within the community. The nonprofit runs the popular thrift store Diversity Thrift, hosts the annual Virginia Pridefest in September, and exhibits the work of LGBTQ artists in its art gallery.

Diversity Richmond is planning to celebrate its 25th anniversary with a public party at the Virginia Museum of History & Culture on Wednesday, Nov. 13. 

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