Section 7-1671.08c - [Not funded.] Equity, grants, and loans to social equity applicants and medical cannabis certified business enterprises.(a) DSLBD shall establish grant and loan programs for the purposes of providing financial assistance and technical assistance to social equity applicants and medical cannabis certified business enterprises. (b) DSLBD shall have the authority to: (1) Provide equity, grants, and loans from monies in the Medical Cannabis Social Equity Fund established in section 9 b to assist social equity applicants and medical cannabis certified business enterprises in gaining entry to, and successfully operating in, the Program;(2) Enter into agreements that set forth the terms and conditions of the financial assistance, accept funds or grants, and cooperate with private entities to carry out the purposes of this section;(3) Fix, determine, charge, and collect any premiums, fees, charges, costs, and expenses, including application fees, commitment fees, program fees, financing charges, or publication fees in connection with its activities under this section;(4) Provide staff, administration, and related support required to administer this section;(5) Establish application, notification, contract, and other forms, procedures or rules; and(6) Utilize vendors or contractors to carry out the purposes of this section.(c) Grants made pursuant to this section shall be awarded competitively. (d)(1) Loans made pursuant to this section shall be in such principal amount and form and contain such terms and provisions with respect to security, insurance, reporting, delinquency, charges, default remedies, and other matters as DSLBD shall determine appropriate to protect the public interest.(2) All funds received from repayment of loans shall be deposited into the Medical Cannabis Social Equity Fund established pursuant to section 9 b.(e) No later than one year after establishing any equity, grant, or loan program pursuant to this section, and annually thereafter, DSLBD shall submit a report to the Mayor and Council on the outcomes of that program. The report shall include:(1) The number of persons or businesses receiving financial assistance under this section;(2) The amount of financial assistance awarded in the aggregate, in addition to the number and amount of loans made that are outstanding and the number and amount of grants awarded;(3) The names of the for-profit and nonprofit vendors, partners, consultants, and advisors engaged by DSLBD to implement this section;(4) The location of the project engaged in by the person or business; and(5) If applicable, the economic benefits created due to this financial assistance, such as jobs created.Added by D.C. Law 24-332,§ 3, 70 DCR 001582, eff. 3/22/2023.