Bill > B26-0464

This bill establishes a Small and Local Business Credit Enhancement Program within the Department of Small and Local Business Development to help small and local businesses secure commercial leases by providing rent guarantees and other credit enhancement services. The program requires businesses to maintain a Small and Local Business Underwriting Registry by submitting detailed financial documentation, including tax returns, personal financial statements, and business plans, which will be evaluated for creditworthiness. If approved, businesses can receive rent guarantees that progressively decrease over three years: 100% of rent in the first year, 50% in the second year, and 25% in the third year. Property owners must certify that they would not have leased to the business without the guarantee, and the rent payment cannot exceed 110% of the average commercial rent per square foot in that census tract. The Department will publish annual average commercial rent data for each census tract and maintain the flexibility to provide additional credit enhancement services. The bill aims to support small and local businesses by reducing financial barriers to securing commercial space and helping them establish and grow their operations in the District of Columbia.

Business and Industry

https://lims.dccouncil.gov/Legislation/B26-0464