Page:United States Statutes at Large Volume 116 Part 1.djvu/417

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 391 Business Administration for the industry in which the rural business concern is primarily engaged. "SEC. 384B. PURPOSES. 7 USC 2009cc-l. "The purposes of the Rural Business Investment Program established under this subtitle 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 venture capital investments in smaller enterprises primarily located in rural areas; and "(2) to establish a developmental venture 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 venture 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. "SEC. 384C. ESTABLISHMENT. 7 USC 2009cc-2. "In accordance with this subtitle, the Secretary shall establish ,,, a Rural Business Investment Program, under which the Secretary may— "(1) enter into participation agreements with companies granted final approval under section 384D(e) for the purposes set forth in section 384B; "(2) guarantee the debentures issued by rural business investment companies as provided in section 384E; and "(3) make grants to rural business investment companies, and to other entities, under section 384H. "SEC. 384D. SELECTION OF RURAL BUSINESS INVESTMENT COMPA- 7 USC 2009cc-3. NIES. "(a) ELIGIBILITY.— A company shall be eligible to apply to participate, as a rural business investment company, in the program established under this subtitle if— "(1) the company is a newly formed for-profit entity or a newly formed for-profit subsidiary of such an entity; "(2) the company has a management team with experience in community development financing or relevant venture capital financing; and "(3) the company will invest in enterprises that will create wealth and job opportunities in rural areas, with an emphasis on smaller enterprises. "(b) APPLICATION.—To participate, as a rural business investment company, in the program established under this subtitle, a company meeting the eligibility requirements of subsection (a) shall submit an application to the Secretary that includes— 99-194O-03 -14:QL3Part1

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