§690h Operational assistance grants

Summary

The Administrator can give grants to Renewable Fuel Capital Investment companies to help small businesses they finance (or expect to finance) with their day-to-day operations. Grants can cover up to 10 years. Each grant is the smaller of either 10% of the company’s resources raised under section 690c(d)(2) or $1,000,000. If there isn’t enough money available, the Administrator will reduce all grants proportionally. If a company has conditional approval under section 690c(c) and asks, it can get a grant, but it must repay that money if it does not reach final approval or the Administrator will subtract the amount from any later operational-assistance grant. No company can get more than $100,000 under that request-based rule. The Administrator may also give extra supplemental grants to companies or other authorized groups for more operational help. The Administrator can require recipients to match a supplemental grant with their own cash or in-kind resources equal to the supplemental amount. None of the assistance may be used for the company’s overhead or general administrative costs.