rural-development · Rural Utilities Service · Rule · Published 2004-06-08 · Effective 2004-06-08 · 69 FR 32200
Document
Document number
04-12731
Federal Register citation
69 FR 32200
CFR reference
7 CFR 4290
Type
Rule
Action
Interim final rule with request for comments.
Category
rural-development
Sub-agency
Rural Utilities Service
Publication date
2004-06-08
Effective date
2004-06-08
Abstract
In this interim final rule with comment period, the U.S. Department of Agriculture (USDA) is adding a new part 4290 to implement the Rural Business Investment Program (RBIP) which is designed to promote economic development and create wealth and job opportunities among individuals living in rural areas and help to meet the equity capital investment needs primarily of smaller enterprises located in such areas. Under the RBIP, for-profit Rural Business Investment Companies (RBIC) will make venture capital investments in rural areas with the objectives of fostering economic development in such areas and returning maximum profits to the RBIC's investors. These regulations set forth the criteria which the USDA will use to select and license RBICs, guarantee its debentures, and make grants to RBICs.