Section 10-B5701. GENERAL CONDITIONS

 

5701.1The District of Columbia Economic Development Finance Corporation shall oversee the Business Purchase Assistance Program.

 

5701.2Loan applications shall be analyzed and recommendations made by the Financial Services Division of the Office of Business and Economic Development to the Economic Development Finance Corporation Board.

 

5701.3Decisions on loan applications shall be made by the Business Purchase Assistance Program Committee of the Economic Development Finance Corporation Board at a properly called meeting.

 

5701.4No loans shall be made to applicants who, having received any loan made or granted by the District, or any subdivision, agency, instrumentality, or program, are not in good standing and in default under any material provision.

 

5701.5No applicant, shall be considered who owes delinquent taxes to the District government and is unable to attest that tax obligations on currently operated or previously operated businesses have been met.

 

5701.6The Business Purchase Assistance Program financing shall not be used to refinance loans obtained under other District government financial programs, but may be used in conjunction with those programs, as applicable.

 

5701.7Borrowers shall be required to execute a First Source Employment Agreement with the Department of Employment Services pursuant to Mayor's Order 83-265, Employment Agreement Goals and Objectives for all D.C. Projects.

 

5701.8The Economic Development Finance Corporation Board may, for good cause shown, vary the application of the rules of this chapter.

 

source

Final Rulemaking published at 34 DCR 2680 (April 24, 1987).