Rural Business Investment Program
Active
- Assistance listing
- 10.860
- Agency
-
Rural Business Cooperative Services
Washington Office, Department of Agriculture
- Grant awards
- Not on record
Program facts
- Also known as
- RBIP or RBIC Program
- Treasury account
-
- 12-1907-0-1-452
- More information
Program details come from SAM.gov Assistance Listings. Updated .
About this program
The Department of Agriculture's Rural Housing Service administers the Rural Business Investment Program (CFDA 10.860), which funds the designation and operation of Rural Business Investment Companies (RBICs) that provide equity capital and related services to smaller enterprises in rural areas, with applications accepted on a rolling basis following publication of a Notice of Solicitation of Funds Availability in the Federal Register.
The program operates through a certification model rather than direct project grants. USDA selects applicants for RBIC designation, then grants selected applicants up to two years to raise private capital. Those that successfully deploy private resources and meet other USDA conditions receive certification to operate as an RBIC and access program support. Eligible applicants must be newly formed for-profit entities or subsidiaries with qualified management teams experienced in community development or venture capital financing; they commit to investing in rural enterprises with emphasis on smaller businesses that create wealth and job opportunities. Investee enterprises must be for-profit or nonprofit organizations (including Indian tribe-controlled businesses on reservations) that primarily operate in rural areas as determined by USDA.
The source material does not include a grant award portfolio block with recent disbursement history, award cadence, or concentration data among funding agencies. No recent grant awards, award values, recipient names, or recent grant opportunities are documented in the provided source. The program description indicates applications are accepted continuously once a NOFA is published, but no current NOFA posting date or next anticipated solicitation window is specified in the source.
Applicants have appeal rights through USDA's National Appeals Division under 7 CFR 4290.1940(i). The regulatory framework governing eligibility, certification conditions, and operational requirements is contained in 7 CFR Part 4290, Subpart C.
Objective and description
- Objective
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.
Eligibility
- Applicant eligibility
An applicant is eligible to apply for an RBIC license if it meets the criteria in Subpart C of 7 CFR part 4290, which include but are not limited to: (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 qualified 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.
- Beneficiary eligibility
Individual businesses or enterprises must satisfy established criteria, including but not limited to being: (A) a public, private, or cooperative for-profit or nonprofit organization; (B) a for-profit or nonprofit business controlled by an Indian tribe on a Federal or State reservation or other federally recognized Indian tribal group; or (C) any other person or entity; that primarily operates in a rural area, as determined by the Secretary.
- Credentials and documentation
Evidence of legal capacity, economic feasibility and financial responsibility relative to the activity for which assistance is requested.
- Uses of assistance
USDA certifies newly formed for-profit entities as Rural Business Investment Company's (RBIC)s . Recipients use funds from private investors to make equity capital investments mostly in smaller enterprises located primarily in rural areas.
- Length and time phasing of assistance
The RBIC's must raise their private capital within 2 years of conditional certification.
How to apply
- Application procedure
Applicants may submit applications only after USDA publishes a Notice of Solicitation of Funds Availability (NOFA) in the Federal Register and invites applications. Application information and associated forms are available from the SBA Investment Division.
- Award procedure
Applicants for RBIC designation will be selected for approval as an RBIC. Selected applicants then will have a certain period of time, specified by USDA but no more than 2 years, to raise its private capital. Those selected applicants that raise such resources by the applicable deadline and that meet other conditions established by USDA will receive a certification to operate as an RBIC.
- Deadlines
Applications can be submitted at any time.
- Appeals
Applicant(s) have the right to request review by USDA's National Appeals Division, per 7 CFR 4290.1940(i).
Quick answers
What is Assistance Listing 10.860?
Assistance Listing 10.860 is Rural Business Investment Program, a federal grant program run by Rural Business Cooperative Services (Washington Office).
What is the CFDA number for Rural Business Investment Program?
Its CFDA number is 10.860: Assistance Listing numbers were called CFDA numbers before 2018.
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