§2009cc–7 Operational assistance grants

Summary

The Secretary can give grants to rural business investment companies and other approved groups to help them provide operational help to small businesses they fund or expect to fund. Grants are paid over several years, up to 10 years, under rules the Secretary sets. The money can only be used for operational help linked to an equity or planned equity investment in a business in a rural area. A rural business investment company must send the Secretary a plan for how it will use the grant. A grant to a rural business investment company is the smaller of 10 percent of the private capital it raised or $1,000,000. A grant to another approved entity equals the cash or in‑kind resources that entity raised, following the same rules that apply to rural business investment companies under this subchapter.