Bill Summary – FastDemocracy

ENROLLED ORIGINAL

                                               AN ACT

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                    IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

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To establish the State Small Business Credit Initiative Venture Capital Program; and to amend the

       Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority

       Act of 2012 to provide grants to the program administrator of the State Small Business

       Credit Initiative Venture Capital Program for the purpose of making long-term investments

       in the local business community.

       BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this

act may be cited as the "State Small Business Credit Initiative Venture Capital Program Grant-

Making Establishment Amendment Act of 2022".

         Sec. 2. SSBCI-Venture Capital Program; establishment.

         (a) There is established, in accordance with the federal State Small Business Credit Initiative

(SSBCI), within the executive branch of District 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 the 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.

       Sec. 3. Section 2032 of the Deputy Mayor for Planning and Economic Development

Limited Grant-Making Authority Act of 2012, effective September 20, 2012 (D.C. Law 19-168;

D.C. Official Code  1-328.04.), is amended by adding a new subsection (cc) to read as follows:

       (cc)(1) Notwithstanding the Grant Administration Act of 2013, effective December 24,

2013 (D.C. Law 20-61; D.C Official Code  1-328.11 et seq.), the Mayor may, subject to

paragraph (2) of this subsection, make grants to a program administrator selected by the Mayor

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for the purpose of managing the State Small Business Credit Initiative Venture Capital Program,

established in section 2 of State Small Business Credit Initiative Venture Capital Program Grant-

Making Establishment Act of 2022, passed on 2nd reading on November 15, 2022 (Enrolled

version of Bill 24-851), for the purpose of making investments in businesses and start-ups in the

District in the form of loans and equity investments to provide additional access to capital to

support and grow the Districts economy.

                 (2) A grant made pursuant to paragraph (1) of this subsection shall comply 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) (SSBCI Act), if any portion of the funding for the

grant is made from funds provided to the District by the federal government pursuant to the SSBCI

Act..

       Sec. 4. Fiscal impact statement.

       The Council adopts the fiscal impact statement in the committee print as the fiscal impact

statement required by section 4a of the General Legislative Procedures Act of 1975, approved

October 16, 2006 (120 Stat. 2038; D.C. Official Code  1-301.47a).

       Sec. 5. Effective date.

       This act shall take effect following approval by the Mayor (or in the event of veto by the

Mayor, action by the Council to override the veto), and a 30 day period of congressional review

as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December

24, 1973 (87 Stat. 813; D.C. Official Code  1-206.02 (c)(1)), and publication in the District of

Columbia Register.

               ______________________________

               Chairman

               Council of the District of Columbia

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Mayor

District of Columbia

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