Section 2-281.01 - DefinitionsFor the purposes of this subtitle, the term:
(1) "Economically disadvantaged individual" shall have the same meaning as set forth in section 2302(7) of the Small and Certified Business Enterprise Development and Assistance Act of 2005, effective October 20, 2005 (D.C. Law 16-33; D.C. Official Code § 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 section 2303(8A) of the Small and Certified Business Enterprise Development and Assistance Act of 2005, effective October 20, 2005 (D.C. Law 16-33; D.C. Official Code § 2-218.02(8A) ).(4) "Fund" means the Equity Impact Fund established in section 2163.(5) "Fund Manager" means a private financial organization selected by the Mayor pursuant to section 2164.(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.Amended by D.C. Law 24-45,§ II-T-2202, 68 DCR 010163, eff. 11/13/2021.Amended by D.C. Law 24-11,§ 2, 68 DCR 005829, eff. 7/28/2021, exp. 3/10/2022.Added by D.C. Law 23-149,§ II-Q-2162, 67 DCR 10493, eff. 12/3/2020.