{"data":{"id":"us-dc/d.c.-code-2-281.03","jurisdiction":"us-dc","citation":"D.C. Code § 2-281.03","heading":"Fund Manager selection.","body":"(a)\nThe Mayor shall solicit applications, in a form determined by the Mayor, for the position of Fund Manager from private financial organizations. The application shall contain a description of:\n(1)\nThe applicant's qualifications, which shall include 5 or more years of demonstrable experience investing in:\n(A)\nSmall businesses;\n(B)\nBusinesses owned by economically disadvantaged individuals;\n(C)\nBusinesses owned by individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities;\n(D)\nBusinesses that otherwise meet the definition of, or are similar to, an equity impact enterprise; or\n(E)\nDistrict-based businesses.\n(2)\nHow the applicant will structure the Fund and investment criteria to achieve the goals and objectives of the Fund;\n(3)\nThe ability and plans of the applicant to provide or raise sufficient funds to provide matching contributions for the Fund;\n(4)\nThe ability of the applicant to maintain a sufficient fund balance to administer the Fund;\n(5)\nThe type of businesses to be targeted for priority investment from the Fund;\n(6)\nA demonstrable ability to offer a variety of financing vehicles, including equity financing, revenue-based financing, royalty financing, and debt financing;\n(7)\nThe investment strategies the applicant will employ to achieve the goals and objectives of the Fund; and\n(8)\nOther criteria that the Mayor considers necessary or appropriate.\n\n(b)\nA Fund Manager shall be selected from among the applicants for the position based on a scoring rubric established by the Mayor; provided, that:\n(1)\nA preference be given to applicants that:\n(A)\nHave experience working with entrepreneurs in the District; and\n(B)\n(i)\nAre at least 51% owned, operated, or controlled by economically disadvantaged individuals or individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities; or\n(ii)\nAre an equity impact enterprise; and\n(2)\nIf the applicant manages an existing investment fund, the existing fund not exceed $50,000,000 in total investments.","path":["Title 2. Government Administration.","Chapter 2B. Equitable Impact Assistance for Local Businesses."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/2-281.03","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"a9eb814204358f6dac617ccf72a45620f78d3de30ff2c6a310f2bce54a4e0dc5","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-2-281.02","next":"us-dc/d.c.-code-2-281.04"},"notice":"GroundRules: Original legal text. Not legal advice."}