§ 7–1671.08c. Equity, grants, and loans to social equity applicants and medical cannabis certified business enterprises.

(a) DSLBD shall establish grant and loan programs for the purposes of providing financial assistance and technical assistance to social equity applicants and medical cannabis certified business enterprises.

(b) DSLBD shall have the authority to:

(1) Provide equity, grants, and loans from monies in the Medical Cannabis Social Equity Fund established in § 7-1671.08b to assist social equity applicants and medical cannabis certified business enterprises in gaining entry to, and successfully operating in, the Program;

(2) Enter into agreements that set forth the terms and conditions of the financial assistance, accept funds or grants, and cooperate with private entities to carry out the purposes of this section;

(3) Fix, determine, charge, and collect any premiums, fees, charges, costs, and expenses, including application fees, commitment fees, program fees, financing charges, or publication fees in connection with its activities under this section;

(4) Provide staff, administration, and related support required to administer this section;

(5) Establish application, notification, contract, and other forms, procedures or rules; and

(6) Utilize vendors or contractors to carry out the purposes of this section.

(d)(1) Loans made pursuant to this section shall be in such principal amount and form and contain such terms and provisions with respect to security, insurance, reporting, delinquency, charges, default remedies, and other matters as DSLBD shall determine appropriate to protect the public interest.

(2) All funds received from repayment of loans shall be deposited into the Medical Cannabis Social Equity Fund established pursuant to § 7-1671.08b.

(e) No later than one year after establishing any equity, grant, or loan program pursuant to this section, and annually thereafter, DSLBD shall submit a report to the Mayor and Council on the outcomes of that program. The report shall include:

(1) The number of persons or businesses receiving financial assistance under this section;

(2) The amount of financial assistance awarded in the aggregate, in addition to the number and amount of loans made that are outstanding and the number and amount of grants awarded;

(3) The names of the for-profit and nonprofit vendors, partners, consultants, and advisors engaged by DSLBD to implement this section;

(4) The location of the project engaged in by the person or business; and

(5) If applicable, the economic benefits created due to this financial assistance, such as jobs created.

(Feb. 25, 2010, D.C. Law 13-315, § 9c; as added Mar. 22, 2023, D.C. Law 24-332, § 3(m), 70 DCR 1582.)

Applicability

Section 7285(a) of D.C. Law 25-217 amended section 3(m) of D.C. Law 24-332 removing the applicability provision impacting this section. Therefore the creation of this section by section 3(m) of Law 24-332 has been implemented.

Section 7285(a) of D.C. Act 25-506 amended section 3(m) of D.C. Law 24-332 removing the applicability provision impacting this section. Therefore the creation of this section by section 3(m) of Law 24-332 has been implemented.

Applicability of D.C. Law 24-332: § 9 of D.C. Law 24-332 provided that the creation of this section by § 3(m) of D.C. Law 24-332 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.

Emergency Legislation

For temporary (90 days) amendment of this section, see § 7285(a) of Fiscal Year 2025 Budget Support Emergency Act of 2024 (D.C. Act 25-506, July 15, 2024, 71 DCR 8406).