§ 2–1210.81. 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.