§ 2-281-03

03. Fund Manager selection. (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) The applicant's qualifications, which shall include 5 or more years of demonstrable experience investing in: (A) Small businesses; (B) Businesses owned by economically disadvantaged individuals; (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; (D) Businesses that otherwise meet the definition of, or are similar to, an equity impact enterprise; or (E) District-based businesses. (2) How the applicant will structure the Fund and investment criteria to achieve the goals and objectives of the Fund; (3) The ability and plans of the applicant to provide or raise sufficient funds to provide matching contributions for the Fund; (4) The ability of the applicant to maintain a sufficient fund balance to administer the Fund; (5) The type of businesses to be targeted for priority investment from the Fund; (6) A

ons for the Fund; (4) The ability of the applicant to maintain a sufficient fund balance to administer the Fund; (5) The type of businesses to be targeted for priority investment from the Fund; (6) A demonstrable ability to offer a variety of financing vehicles, including equity financing, revenue-based financing, royalty financing, and debt financing; (7) The investment strategies the applicant will employ to achieve the goals and objectives of the Fund; and (8) Other criteria that the Mayor considers necessary or appropriate. (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) A preference be given to applicants that: (A) Have experience working with entrepreneurs in the District; and (B)(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 (ii) Are an equity impact enterprise; and (2) If the applicant manages an existing investment fund, the existing fund not

ntity as a member of a group without regard to their individual qualities; or (ii) Are an equity impact enterprise; and (2) If the applicant manages an existing investment fund, the existing fund not exceed $50,000,000 in total investments. (Dec. 3, 2020, D.C. Law 23-149, § 2164, 67 DCR 10493; Nov. 13, 2021, D.C. Law 24-45, § 2202(c), 68 DCR 010163.) 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).