*NOTE: This section was created by temporary legislation that will expire on July 26, 2023.*
(a) There is established, in accordance with the federal State Small Business Credit Initiative (SSBCI"), within the executive branch of government, the State Small Business Credit Initiative Venture Capital Program ("SSBCI-Venture Capital Program").
(b) The SSBCI-Venture Capital Program shall be:
(1) Funded by the SSBCI, as authorized by the 2021 American Rescue Plan Act, approved March 11, 2021 (Pub. L. No. 117-2; 135 Stat. 4); and
(2) In compliance with the requirements of the State Small Business Credit Initiative Act of 2010, approved September 27, 2010 (Pub. L. No. 111-240; 124 Stat. 2504).
(c) The purpose of SSBCI-Venture Capital Program will be to provide grants to a program administrator selected by the Mayor to make long-term investments in the form of loans and equity investments in the local business community in accordance with the official program guidance of the U.S. Department of the Treasury.
(Dec. 13, 2022, D.C. Law 24-196, § 2, 69 DCR 12673.)
For temporary (90 days) creation of this section, see § 2 of State Small Business Credit Initiative Venture Capital Program Grant-Making Establishment Congressional Review Emergency Amendment Act of 2022 (D.C. Act 24-628, Nov. 3, 2022, 0 DCR 0).
For temporary (90 days) creation of this section, see § 2 of State Small Business Credit Initiative Venture Capital Program Grant-Making Establishment Emergency Amendment Act of 2022 (D.C. Act 24-536, July 27, 2022, 0 DCR 0).
For temporary (225 days) creation of this section, see § 2 of State Small Business Credit Initiative Venture Capital Program Grant-Making Establishment Temporary Amendment Act of 2022 (D.C. Law 24-196, Dec. 13, 2022, 69 DCR 12673).