*NOTE: This section includes amendments by temporary legislation that will expire on March 10, 2022. To view the text of this section after the expiration of the temporary legislation, click this link: Permanent Version.*
*NOTE: This section has been amended by emergency legislation with identical permanent legislation that will become effective in January, 2022.*
For the purposes of this chapter, the term:
(1) "Economically disadvantaged individual" shall have the same meaning as set forth in § 2-218.02(7).
(2)(A) "Eligible business" means an equity impact enterprise or an entity that would qualify as an equity impact enterprise that has $2 million or less in annual revenue and certifies in writing that the business is unable to obtain conventional financing or is a business enterprise that cannot reasonably be expected to qualify for financing under the standards of commercial lending.
(B) For the purposes of this paragraph, the phrase "unable to obtain conventional financing" means that the business has attempted but failed in the attempt to obtain financing from conventional sources.
(3) "Equity impact enterprise" shall have the same meaning as set forth in § 2-218.02(8A).
(4) "Fund" means the Equity Impact Fund established in § 2-281.02.
(5) "Fund Manager" means a private financial organization selected by the Mayor pursuant to § 2-281.03.
(5A) "Investment", unless the context otherwise requires, means a grant, loan, credit enhancement, or other financial funding tool approved by the Mayor.
(6) "Private financial organization" means a partnership, corporation, trust, limited liability company, Community Development Financial Institution, or a consortium of partnerships, corporations, trusts, limited liability companies, or Community Development Financial Institutions, whether organized on a profit or not-for-profit basis, that has as its primary activity the investment of capital into businesses.
(Dec. 3, 2020, D.C. Law 23-149, § 2162, 67 DCR 10493; July 28, 2021, D.C. Law 24-11, § 2(a), 68 DCR 005829; Aug. 23, 2021, D.C. Act 24-159, § 2202(a), 68 DCR 008602.)
Emergency LegislationFor temporary (90 days) amendment of this section, see § 2(a) of Equitable Impact Assistance for Local Businesses Emergency Amendment Act of 2021 (D.C. Act 24-61, May 3, 2021, 68 DCR 004821).
Temporary LegislationFor temporary (225 days) amendment of this section, see § 2(a) of Equitable Impact Assistance for Local Businesses Temporary Amendment Act of 2021 (D.C. Law 24-11, July 28, 2021, 68 DCR 005829).