Page:United States Statutes at Large Volume 104 Part 5.djvu/664

 104 STAT. 3986 PUBLIC LAW 101-624—NOV. 28, 1990 place of business of such individual, travel expenses as authorized under section 5703 of title 5, United States Code; and (13) exercise other powers as set forth in this chapter, and such other incidental powers as are necessary to carry out its powers, duties, and functions in accordance with this chapter. Credit. SEC. 2313. ESTABLISHMENT OF INVESTMENT FUND. Business and ,\xi industry. (a) ESTABLISHMENT. — 7 USC 26o7c. (1) IN GENERAL.— T here is established in the Treasury of the United States a fund for the use of the Board in carrying out the provisions of this chapter, that shall be known as the "Rural Business Investment Fund". (2) AVAILABILITY.— The Fund established under paragraph (1) shall be available to the Board to provide lines of credit for revolving funds to be operated by approved eligible entities to serve local businesses in rural areas. (b) USE.— (1) LINES OF CREDIT.— Amounts in the fund established by subsection (a) shall be used by the Board to provide lines of credit in amounts determined appropriate by the Board, but in no event shall any such line of credit exceed $750,000 annually (up to a total amount of $2,250,000) to an approved eligible entity. Each line of credit shall be made available over a period of time established by the Board for each such entity, but in no event shall any such period of time extend beyond the date on which the Investment Board is terminated under section 2314(n). (2) EXCEPTION.— Notwithstanding paragraph (1), if the approved eligible entity is the agency of any State that is primarily responsible for the rural economic development programs within such State, the Board may provide a line of credit to such agency in an amount that shall not exceed $1,250,000 annually (up to a total amount of $3,750,000) in the manner described in paragraph (1). (3) AMOUNTS DRAWN FROM LINE.— Amounts drawn from each line of credit by each approved eligible entity shall be used solely as provided under this chapter and shall be drawn only as needed to provide loans, investments, or to carry out a guarantee. (c) APPLICATIONS OF ELIGIBLE ENTITIES FOR LINES OF CREDIT. — (1) FEDERAL REGISTER NOTICES. —The Board shall publish notices of solicitations for applications for lines of credit in the Federal Register and such notices shall contain— (A) the application procedures established by the Board; (B) the application requirements of paragraph (3); (C) the deadlines for submission of applications (which shall be not less than 150 days after the publication of the applicable notice); (D) a copy of all available response forms; (E) a summary of the functions of the Board regarding applications; and (F) other information determined appropriate by the Board. (2) SUBMISSION AND CONSIDERATION. —An eligible entity that desires to receive a line of credit under this chapter shall submit an application to the Board at such time, in such form, and containing such information and documentation, including a

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