Rural Business Investment Program

 

To promote economic development and create wealth and job opportunities among individuals living in rural areas and help to meet the equity capital investment needs primarily of smaller enterprises located in such areas.

Deleted 10/11/2010 (Archived.) 10.860 Rural Business-Cooperative Service, Department of Agriculture B - Project Grants; E - Direct Loans; F - Guaranteed/Insured Loans Not applicable. The Consolidated Farm and Rural Development Act, as amended, Subtitle H, 7 U.S.C. 2009cc et seq. An applicant is eligible to apply for an RBIC license if it meets the criteria in Subpart C of 7 CFR part 4290, which include but are not limited to: (1) the company is a newly formed for-profit entity or a newly formed for-profit subsidiary of such an entity; (2) the company has a qualified management team with experience in community development financing or relevant venture capital financing; and (3) the company will invest in enterprises that will create wealth and job opportunities in rural areas, with an emphasis on smaller enterprises. Individual businesses or enterprises must satisfy established criteria, including but not limited to being: (A) a public, private, or cooperative for-profit or nonprofit organization; (B) a for-profit or nonprofit business controlled by an Indian tribe on a Federal or State reservation or other federally recognized Indian tribal group; or (C) any other person or entity; that primarily operates in a rural area, as determined by the Secretary. Evidence of legal capacity, economic feasibility and financial responsibility relative to the activity for which assistance is requested. This program is excluded from coverage under OMB Circular No. A-87. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Applicants may submit applications only after USDA publishes a Notice of Solicitation of Funds Availability (NOFA) in the Federal Register and invites applications. Application information and associated forms are available from the SBA Investment Division. Applicants for RBIC designation will be selected for approval as an RBIC. Selected applicants then will have a certain period of time, specified by USDA but no more than 2 years, to raise its private capital. Those selected applicants that raise such resources by the applicable deadline and that meet other conditions established by USDA will receive a certification to operate as an RBIC. Applications can be submitted at any time. Contact the headquarters or regional location, as appropriate for application deadlines Not applicable. Not applicable. Not applicable. Not applicable. USDA certifies newly formed for-profit entities as Rural Business Investment Company's (RBIC)s . Recipients use funds from private investors to make equity capital investments mostly in smaller enterprises located primarily in rural areas. Not applicable. Not applicable. Appropriate records as needed for requirements of 111 and 112. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. The RBIC's must raise their private capital within 2 years of conditional certification. This is a program that involves designations rather than funding. Consult your local telephone directory for the appropriate Rural Development State Office listed in Appendix IV of the Catalog. David Chesnick
1400 Independence Ave. S.W.
Room 5807-S, STOP-3225
Washington, DC 20250 USA
david.chesnick@usda.gov
Phone: 2026900433 https://www.rd.usda.gov/programs-services/business-programs/rural-business-investment-program 12-1907-0-1-452 (Direct Loans) FY 22 FY 23 FY 24 FY 21 FY 07 Estimate Not Available FY 08 Estimate Not Available FY 09 Estimate Not Available - This program is about a designation rather than funding. There are no funds associated with this program. Not applicable/available. 7 CFR Part 4290. Not applicable.