1. (a) The Mayor shall solicit applications, in a form determined by the Mayor, for the position of Fund Manager from private financial organizations. The application shall contain a description of:

   1. (1) The applicant's qualifications, which shall include 5 or more years of demonstrable experience investing in:

      1. (A) Small businesses;
      2. (B) Businesses owned by economically disadvantaged individuals;
      3. (C) Businesses owned by individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities;
      4. (D) Businesses that otherwise meet the definition of, or are similar to, an equity impact enterprise; or
      5. (E) District-based businesses.
   2. (2) How the applicant will structure the Fund and investment criteria to achieve the goals and objectives of the Fund;
   3. (3) The ability and plans of the applicant to provide or raise sufficient funds to provide matching contributions for the Fund;
   4. (4) The ability of the applicant to maintain a sufficient fund balance to administer the Fund;
   5. (5) The type of businesses to be targeted for priority investment from the Fund;
   6. (6) A demonstrable ability to offer a variety of financing vehicles, including equity financing, revenue-based financing, royalty financing, and debt financing;
   7. (7) The investment strategies the applicant will employ to achieve the goals and objectives of the Fund; and
   8. (8) Other criteria that the Mayor considers necessary or appropriate.

2. (b) A Fund Manager shall be selected from among the applicants for the position based on a scoring rubric established by the Mayor; provided, that:

   1. (1) A preference be given to applicants that:

      1. (A) Have experience working with entrepreneurs in the District; and

      2. (B)

         1. (i) Are at least 51% owned, operated, or controlled by economically disadvantaged individuals or individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities; or
         2. (ii) Are an equity impact enterprise; and
   2. (2) If the applicant manages an existing investment fund, the existing fund not exceed $50,000,000 in total investments.

History

Dec. 3, 2020, D.C. Law 23-149, § 2164

Nov. 13, 2021, D.C. Law 24-45, § 2202(c)

Emergency Legislation

For temporary (90 days) amendment of this section, see § 2(c) of Equitable Impact Assistance for Local Businesses Emergency Amendment Act of 2021 (D.C. Act 24-61, May 3, 2021, 68 DCR 004821).

Temporary Legislation

For temporary (225 days) amendment of this section, see § 2(c) of Equitable Impact Assistance for Local Businesses Temporary Amendment Act of 2021 (D.C. Law 24-11, July 28, 2021, 68 DCR 005829).