(1) “Eligible recipient” means a business certified, or eligible to be certified, as a small business enterprise pursuant to § 2-218.32 or a disadvantaged business enterprise pursuant to § 2-218.33.
(2) “Fund” means the Small Business Capital Access Fund.
(b) There is established as a nonlapsing fund the Small Business Capital Access Fund, which shall be used for the following purposes:
(1) To grant the local funds necessary to obtain federal matching funds to establish a procurement technical assistance program in the Department;
(2) To make a one-time grant in an amount of $50,000 to provide operating support to a newly formed business association in Ward 3; and
(3) To provide financial assistance, including grants, loans, and loan guarantees, to eligible recipients.
(c)(1) All funds 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, but shall be continually available for the uses and purposes set forth in subsection (b) of this section without regard to fiscal year limitation, subject to authorization by Congress.
(2) Any penalties assessed by the Department pursuant to § 2-218.48 and any civil penalties imposed pursuant to § 2-218.63(c) and any fees collected pursuant to § 2-218.49a(a-1) shall be collected by the Department and deposited into the Fund.
(d) Preference for financial assistance shall be given to:
(1) Eligible recipients that are certified as a small business enterprise pursuant to § 2-218.32, a disadvantaged business enterprise pursuant to § 2-218.33, a resident-owned business enterprise pursuant to § 2-218.35, or an equity impact enterprise as defined in § 2-218.02(8A); or
(2) Eligible recipients that serve, or whose principal office is located in:
(A) A DC Main Street corridor; or
(C) Another area identified by the Mayor for economic development or commercial revitalization.
(e) Within 90 days of September 18, 2007, the Mayor shall issue rules to implement the provisions of this section. The Mayor shall submit the proposed rules to the Council for a 45-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules, in whole or in part, by resolution, within the 45-day review period, the proposed rules shall be deemed approved.