Page:United States Statutes at Large Volume 104 Part 5.djvu/708

 104 STAT. 4030 PUBLIC LAW 101-624—NOV. 28, 1990 Grant programs. Loan programs. Telecommunications. Nonprofit organizations. 7 USC 950aa-l. "(6) promote local partnerships and other coordination between borrowers under this Act and community orggmizations, States, counties, or other entities, to improve rural development; "(7) review the advice and recommendations of the Rural Educational Opportunities Board as established under section 601(f); and "(8) administer a Rursil Business Incubator Fund (as established under section 502) that shall provide technical assistance, advice, loans, or capital to business incubator programs or for the creation or operation of small business incubators in rural areas. • SEC. 502. RURAL BUSINESS INCUBATOR FUND. "(a) ESTABLISHMENT AND USE. — "(1) ESTABLISHMENT.— There is established in the Treasury of the United States a revolving fund to be known as the Rural Business Incubator Fund (in this title referred to as the 'Incubator Fund') to be administered by the Administrator. "(2) USE. —The Incubator Fund shall be used to make grants and reduced interest loans to electric and telephone borrowers under this Act or to other nonprofit entities that meet the requirements of this section, to promote business incubator programs or for the creation or operation of business incubators in rural areas as defined in this Act, and the interest rate on such loans shall not exceed 5 percent. "(3) BUSINESS INCUBATOR. —Any business incubator that receives assistance under this title shall be a facility in which small businesses can share premises, support staff, computers, software, hardware, telecommunications terminal equipment, machinery, janitorial services, utilities, or other overhead expenses, and where such businesses can receive technical assistance, financial advice, business planning services, or other support. Business incubator programs that provide assistance of the type described in this paragraph shall be eligible for assistance under this title even if such programs do not involve the sharing of premises. "0>) APPLICATION FOR ASSISTANCE. — "(1) ELIGIBILITY TO SUBMIT. —Borrowers under this Act that operate business incubators or that desire to operate such incubators or business incubator programs, and that meet the requirements established by the Administrator for obtaining grants or reduced interest loans under this section, may submit applications for such grants or loans at such time, in such form, and containing such information as the Administrator shall require. Nonprofit entities that are not borrowers under title III shall be considered eligible borrowers for the purpose of this section if such entities are located in a State in which not more than one electric borrower is headquartered in such State. "(2) REQUIREMENTS.— Applications submitted under paragraph (1) shall, at a minimum— "(A) contain an assurance that any incubator established or operated pursuant to this section will be operated on a not-for-profit basis; and "(B) contain an assurance that the policy of such incubator is to encourage and assist businesses in graduating from the incubator and becoming viable business entities in the

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