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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-C. BANKING AND FINANCIAL INSTITUTONS |
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Chapter 26-C29. STATE SMALL BUSINESS CREDIT INITIATIVE |
Section 26-C2999. DEFINITIONS
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Capital: A loan, line of credit, any credit facility, or investment made in exchange for an interest in the ownership of the entity receiving the investment.
Certified Business Enterprise: A local business enterprise as defined in D.C. Official Code § 2-218.02 (1D).
Community Development Financial Institution: A financial institution certified by the U.S. Department of the Treasury as a Community Development Financial Institution.
Eligible Lender: Any federally insured commercial lender, federally insured credit union, or Community Development Financial Institution.
Enrolled Investment: An investment enrolled in one (1) or more SSBCI Programs.
Enrolled Loan: A loan, line of credit, or other facility enrolled in one (1) or more SSBCI Programs.
First Source Agreement: An agreement with the District governing certain obligations of the Eligible Recipient, pursuant to Section 4 of the First Source Employment Agreement Act of 1984, effective June 29, 1984 (D.C. Law 5-93; D.C. Official Code § 2-219.03), and Mayor's Order 83-265, dated November 9, 1983, regarding job creation and employment generated as a result of the District’s investment.
Full-Time Equivalent: Employee count based on a two thousand (2000) hour year. This count includes seasonal and part-time employees based on the proportion of a two thousand (2000) hour year worked.
Innovation Finance Company: Any Community Development Financial Institution, Business Development Company, Small Business Investment Company, New Market Venture Capital Company, Rural Business Investment Company, private sector venture capital fund, angel investor network, seed capital fund, or entity that has five million dollars ($5,000,000) of assets under management and can demonstrate qualified management and staff.
Liquidity Horizon: The time required to exit the investment.