§2009cc–7 Operational Assistance Grants

Summary

The Secretary may give grants to rural business investment companies and to other authorized groups to pay for hands-on help for small businesses they fund or expect to fund. Grants are paid over more than one year but not longer than 10 years, and they follow the rules the Secretary sets. A rural business investment company can only spend the money to support an equity or planned equity investment in a rural business and must give the Secretary a plan to get a grant. For an RBIC, a grant equals the lesser of 10 percent of the private capital it raised or $1,000,000. For other entities, the grant equals the cash or in-kind resources they raised under the same rules that apply to RBICs.