*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.*
(a) A Fund Manager shall source, underwrite, and monitor all investments placed pursuant to this chapter. Except as otherwise provided by this chapter, the Mayor shall not determine the recipient, amount, interest rate, or any other requirement related to an investment made pursuant to this chapter.
(b) The following requirements shall apply to any investment in an eligible business made from the Fund using the District's initial investment or interest earned on the initial investment:
(1) A Fund Manager shall begin accepting applications from eligible businesses seeking investment, on a rolling basis, within 30 days of being selected for the position by the Mayor.
(2) For the Fund Manager to provide an investment from the Fund, the eligible business must agree, in writing, to participate in technical assistance training.
(3)(A) A Fund Manager shall establish for each selected eligible business a 12-month individualized business plan.
(B) The individualized business plan shall include technical assistance, provided at no cost to the eligible business, which shall include education on the management and scale of a business through live training or guided recorded sessions.
(C) All eligible businesses that receive an investment from the Fund shall be required to participate in at least 3 months of technical-assistance training prior to receipt of an investment.
(D) Investments shall be distributed to the eligible business in installments based upon completion of specific milestones clearly described in the eligible business's individualized business plan.
(Dec. 3, 2020, D.C. Law 23-149, § 2165, 67 DCR 10493; July 28, 2021, D.C. Law 24-11, § 2(d), 68 DCR 005829; Aug. 23, 2021, D.C. Act 24-159, § 2202(d), 68 DCR 008602.)
Emergency LegislationFor temporary (90 days) amendment of this section, see § 2(d) 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(d) of Equitable Impact Assistance for Local Businesses Temporary Amendment Act of 2021 (D.C. Law 24-11, July 28, 2021, 68 DCR 005829).