(a) To participate in the Capital Access Program, a financial institution shall, at a minimum, enter into a participation agreement with the Mayor that sets out the terms and conditions under which the financial institution will make contributions to the financial institution’s reserve account and specifies the criteria for a loan to qualify as a capital access loan. A participation agreement executed by the Mayor pursuant to this subchapter shall include provisions to implement the limitations set forth in § 2-1210.07(a).
(b) To qualify as a capital access loan, a loan shall, at a minimum:
(1) Be made to a small business, a medium-sized business, or a nonprofit organization;
(2) Be used by the business or nonprofit organization for any project, activity, or enterprise in this District of Columbia that fosters economic development;
(3) Not exceed $5 million; and
(4) Meet any other criteria provided by this subchapter.
(c) To qualify for participation in the Capital Access Program, a line of credit shall:
(1) Be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this subchapter; and
(2) Contain the same restrictions, to the extent possible, that are placed on a capital access loan that is not a line of credit.
(Mar. 12, 2011, D.C. Law 18-322, § 5, 57 DCR 12442.)
Emergency LegislationFor temporary (90 day) addition of section, see § 5 of Capital Access Program Emergency Act of 2010 (D.C. Act 18-598, November 17, 2010, 57 DCR 11018).
For temporary (90 day) addition of section, see § 5 of Capital Access Program Congressional Review Emergency Act of 2011 (D.C. Act 19-6, February 11, 2011, 58 DCR 1408).