§2009cc–1 — Title 7 Agriculture | U.S. Code

Summary

Set up a program to grow the economy, create wealth, and make jobs in rural places by encouraging investment money for small businesses that are mainly in those areas. The Secretary can run the program by making deals with rural business investment companies (RBICs), guaranteeing RBICs’ debentures so they can invest in small rural firms, and giving grants to RBICs and others to help those small businesses with operations.

Title 7, §2009cc–1

Agriculture — Source: USLM XML via OLRC

The purposes of the Rural Business Investment Program established under this subchapter are—

(1)to promote economic development and the creation of wealth and job opportunities in rural areas and among individuals living in those areas by encouraging developmental capital investments in smaller enterprises primarily located in rural areas; and

(2)to establish a developmental capital program, with the mission of addressing the unmet equity investment needs of small enterprises located in rural areas, by authorizing the Secretary—

(A)to enter into participation agreements with rural business investment companies;

(B)to guarantee debentures of rural business investment companies to enable each rural business investment company to make developmental capital investments in smaller enterprises in rural areas; and

(C)to make grants to rural business investment companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by rural business investment companies.

Notes & Related Subsidiaries

Editorial Notes

Amendments

Par. (1). Pub. L. 115–334, § 6426(b)(1), struck out “venture” before “capital investments”. Par. (2). Pub. L. 115–334, § 6426(b)(2)(A), struck out “venture” before “capital program” in introductory provisions. Par. (2)(B). Pub. L. 115–334, § 6426(b)(2)(B), struck out “venture” before “capital investments”.

§2009cc–1 Purposes

Summary

Title 7, §2009cc–1

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata