7 USC 2009cc-1 - Purposes

U.S Code last checked for updates: Nov 22, 2024

§ 2009cc–1.

Purposes

The purposes of the Rural Business Investment Program established under this subchapter 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 capital investments in smaller enterprises primarily located in rural areas; and

(2)

to establish a developmental 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 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.

(Pub. L. 87–128, title III, § 384B, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 391; amended Pub. L. 115–334, title VI, § 6426(b), Dec. 20, 2018, 132 Stat. 4770.)

cite as: 7 USC 2009cc-1