The District's Office of Business and Economic Development (OBED) administers a revolving loan fund that helps small businesses in need of investment capital. The Local Development Corporation administers the federal Small Business Administration's loan guarantee program for plant and equipment. OBED also assists business in applying for federal urban development action grant funds. Federal community development block grant funds are available as well. By District law, 35% of all construction and procurement contracts by District government agencies must go to minority-owned business enterprises.