(a) There is established as a special fund the Ward 7 and Ward 8 Entrepreneur Grant Fund ("Fund"), which shall be administered by the Department of Small and Local Business Development ("Department") in accordance with subsections (c) and (d) of this section.
(b) In Fiscal Year 2018, $300,000 from local appropriations shall be deposited into the Fund.
(c)(1) Money in the Fund shall be used to provide grants to support the establishment or expansion of small businesses in Ward 7 and Ward 8.
(2) No single grant shall exceed $10,000.
(d)(1) To qualify for a grant, the proposed or existing small business shall have:
(A) A location in Ward 7 or Ward 8;
(B) Fewer than 5 full-time employees;
(C) Ward 7 or Ward 8 residents representing more than 50% of the ownership of the proposed or existing small business; and
(D) A clear and deliverable business plan demonstrating the proposed use of the grant.
(2) A grant shall support startup or expansion efforts, including product or service development, market research, customer development, licensing, prototyping, providing engineering design, leasing equipment, providing professional services, such as accounting, tax, and legal services or capital-asset management, or such other activity that the Department determines is consistent with the purposes of this section.
(e) The money deposited into the Fund shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.
(f) The Mayor, pursuant to subchapter I of Chapter 5 of Title 2, may issue rules to implement the provisions of this section.
For temporary (90-day) creation of this section, see § 2132 of the Fiscal Year 2018 Budget Support Congressional Review Emergency Act of 2017, effective October 24, 2017 (D.C. Act 22-167; 64 DCR 10802).