Page:United States Statutes at Large Volume 116 Part 1.djvu/418

 116 STAT. 392 PUBLIC LAW 107-171—MAY 13, 2002 "(1) a business plan describing how the company intends to make successful developmental venture capital investments in identified rural areas; "(2) information regarding the community development finance or relevant venture capital qualifications and general reputation of the management of the company; "(3) a description of how the company intends to work with community-based organizations and local entities (including local economic development companies, local lenders, and local investors) and to seek to address the unmet equity capital needs of the communities served; "(4) a proposal describing how the company intends to use the grant funds provided under this subtitle to provide operational assistance to smaller enterprises financed by the company, including information regarding whether the company intends to use licensed professionals, as necessary, on the staff of the company or from an outside entity; "(5) with respect to binding commitments to be made to the company under this subtitle, an estimate of the ratio of cash to in-kind contributions; "(6) a description of the criteria to be used to evaluate whether and to what extent the company meets the purposes of the program established under this subtitle; "(7) information regarding the management and financial strength of any parent firm, affiliated firm, or any other firm essential to the success of the business plan of the company; and "(8) such other information as the Secretary may require. Deadline. "(c) STATUS. —Not later than 90 days after the initial receipt Reports. by the Secretary of an application under this section, the Secretary shall provide to the applicant a written report describing the status of the application and any requirements remaining for completion of the application. "(d) MATTERS CONSIDERED. —In reviewing and processing any application under this section, the Secretary— "(1) shall determine whether— "(A) the applicant meets the requirements of subsection (e); and "(B) the management of the applicant is qualified and has the knowledge, experience, and capability necessary to comply with this subtitle; "(2) shall take into consideration— "(A) the need for and availability of financing for rural business concerns in the geographic area in which the applicant is to commence business; "(B) the general business reputation of the owners and management of the applicant; and "(C) the probability of successful operations of the applicant, including adequate profitability and financial soundness; and "(3) shall not take into consideration any projected shortage or unavailability of grant funds or leverage. " (e) APPROVAL; LICENSE. — "(1) IN GENERAL. —Except as provided in paragraph (2), the Secretary may approve an applicant to operate as a rural business investment company under this subtitle and license the applicant as a rural business investment company, if—

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