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District of Columbia Code Division I. Government of District. § 2-1210. Minimum eligibility requirements for participating financial institutions, capital access loans, and lines of credit.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) To participate in the Capital Access Program, a financial institution shall, at a minimum, enter into a participation agreement with the Mayor that sets out the terms and conditions under which the financial institution will make contributions to the financial institution's reserve account and specifies the criteria for a loan to qualify as a capital access loan.  A participation agreement executed by the Mayor pursuant to this subchapter shall include provisions to implement the limitations set forth in § 2-1210.07(a).

(b) To qualify as a capital access loan, a loan shall, at a minimum:

(1) Be made to a small business, a medium-sized business, or a nonprofit organization;

(2) Be used by the business or nonprofit organization for any project, activity, or enterprise in this District of Columbia that fosters economic development;

(3) Not exceed $5 million;  and

(4) Meet any other criteria provided by this subchapter.

(c) To qualify for participation in the Capital Access Program, a line of credit shall:

(1) Be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this subchapter;  and

(2) Contain the same restrictions, to the extent possible, that are placed on a capital access loan that is not a line of credit.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1210. Minimum eligibility requirements for participating financial institutions, capital access loans, and lines of credit. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1210-04/

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