Part 4290 — Rural Business Investment Company (“Rbic”) Program
Subpart A — Introduction to Part 4290
- § 4290.10— Description of the Rural Business Investment Company Program.
- § 4290.15— Leveraged and Non-leveraged Rural Business Investment Companies.
- § 4290.20— Legal basis and applicability of this part 4290.
- § 4290.30— Amendments to Act and regulations.
- § 4290.40— How to read this part 4290.
- § 4290.45— Responsibility for implementing this part 4290.
Subpart B — Definition of Terms Used in Part 4290
Subpart C — Qualifications for the RBIC Program
- § 4290.100— Business form.
- § 4290.110— Qualified management.
- § 4290.120— Plan to invest in Rural Areas.
- § 4290.130— Identified Rural Areas.
- § 4290.140— Approval of initial Management Expenses.
- § 4290.150— Management and ownership diversity requirement.
- § 4290.160— Special rules for Partnership RBICs and LLC RBICs.
- § 4290.165— Obligations of Control Persons.
- § 4290.200— Adequate capital for RBICs.
- § 4290.210— Minimum capital requirements for RBICs.
- § 4290.230— Private Capital for RBICs.
- § 4290.240— Limitations on non-cash capital contributions in Private Capital.
Subpart D — Application and Approval Process for RBIC Licensing
Subpart E — Evaluation and Selection of RBICs
Subpart F — Changes in Ownership, Structure, or Control
- § 4290.400— Changes in ownership of 10 percent or more of RBIC but no change of Control.
- § 4290.410— Changes in Control of RBIC (through change in ownership or otherwise).
- § 4290.420— Prohibition on exercise of ownership or Control rights in RBIC before approval.
- § 4290.430— Notification of transactions that may change ownership or Control.
- § 4290.440— Standards governing prior approval for a proposed transfer of Control.
- § 4290.450— Notification of pledge of RBIC's shares.
- § 4290.460— Restrictions on Common Control or ownership of two (or more) RBICs.
- § 4290.470— Prior approval of merger, consolidation, or reorganization of RBIC.
- § 4290.480— Prior approval of changes to RBIC's business plan.
Subpart G — Managing the Operations of a RBIC
- § 4290.500— Lawful operations under the Act.
- § 4290.502— Representations to the public.
- § 4290.503— RBIC's adoption of an approved valuation policy.
- § 4290.504— Equipment of USDA or SBA officials.
- § 4290.506— Safeguarding the RBIC's assets/Internal controls.
- § 4290.507— Violations based on false filings and nonperformance of agreements with the Agency or SBA.
- § 4290.508— Compliance with non-discrimination laws and regulations applicable to federally-assisted programs.
- § 4290.509— Employment of USDA or SBA officials.
- § 4290.510— Approval of RBIC's Investment Adviser/Manager.
- § 4290.520— Management Expenses of a RBIC.
- § 4290.530— Restrictions on investments of idle funds by RBICs.
- § 4290.550— Prior approval of secured third-party debt of RBICs.
- § 4290.585— Voluntary decrease in RBIC's Regulatory Capital.
Subpart H — Recordkeeping, Reporting, and Examination Requirements for RBICs
- § 4290.600— General requirement for RBIC to maintain and preserve records.
- § 4290.610— Required certifications for Loans and Investments.
- § 4290.620— Requirements to obtain information from Portfolio Concerns.
- § 4290.630— Requirement for RBICs to file financial statements and supplementary information with the Agency.
- § 4290.640— Requirement to file portfolio financing reports with the Agency.
- § 4290.650— Requirement to report portfolio valuations to the Agency
- § 4290.660— Other items required to be filed by RBIC with the Agency.
- § 4290.680— Reporting changes in RBIC not subject to prior approval.
- § 4290.690— Examinations.
- § 4290.691— Responsibilities of RBIC during examination.
- § 4290.692— Examination fees.
Subpart I — Financing of Enterprises by RBICs
- § 4290.700— Requirements concerning types of enterprises to receive financing.
- § 4290.720— Enterprises that may be ineligible for Financing.
- § 4290.730— Financings which constitute conflicts of interest.
- § 4290.740— Portfolio diversification (“overline” limitation).
- § 4290.760— How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern.
- § 4290.800— Financings in the form of Equity Securities.
- § 4290.810— Financings in the form of Loans.
- § 4290.815— Financings in the form of Debt Securities.
- § 4290.820— Financings in the form of guarantees.
- § 4290.825— Purchasing securities from an underwriter or other third party.
- § 4290.830— Minimum term of Financing.
- § 4290.835— Exceptions to minimum term of Financing.
- § 4290.840— Maximum term of Financing.
- § 4290.845— Maximum rate of amortization on Loans and Debt Securities.
- § 4290.850— Restrictions on redemption of Equity Securities.
- § 4290.860— Financing fees and expense reimbursements a RBIC may receive from an Enterprise.
- § 4290.880— Assets acquired in liquidation of Portfolio securities.
- § 4290.885— Disposition of assets to RBIC's Associates or to competitors of Portfolio Concerns.
- § 4290.900— Management fees for services provided to an Enterprise by RBIC or its Associate.
Subpart J — Financial Assistance for RBICs (Leverage)
- § 4290.1100— Type of Leverage and application procedures.
- § 4290.1120— General eligibility requirements for Leverage.
- § 4290.1130— Leverage fees payable by RBIC.
- § 4290.1140— RBIC's acceptance of remedies under § 4290.1810.
- § 4290.1150— Maximum amount of Leverage for a RBIC.
- § 4290.1200— Leverage commitment to a RBIC—application procedure, amount, and term.
- § 4290.1220— Requirement for RBIC to file financial statements at the time of request for a draw.
- § 4290.1230— Draw-downs by RBIC under Leverage commitment.
- § 4290.1240— Funding of RBIC's draw request through sale to third-party.
- § 4290.1500— Restrictions on distributions to RBIC investors while RBIC has outstanding Leverage.
- § 4290.1600— Agency's authority to issue and guarantee Trust Certificates.
- § 4290.1610— Effect of prepayment or early redemption of Leverage on a Trust Certificate.
- § 4290.1620— Functions of agents, including Central Registration Agent, Selling Agent and Fiscal Agent.
- § 4290.1630— Regulation of Brokers and Dealers and disclosure to purchasers of Leverage or Trust Certificates.
- § 4290.1640— Agency's access to records of the CRA, Brokers, Dealers and Pool or Trust assemblers.
- § 4290.1700— Agency's transfer of interest in a RBIC's Leverage security.
- § 4290.1710— Agency's authority to collect or compromise claims.
- § 4290.1720— Characteristics of Agency's guarantee.
Subpart K — RBIC's Noncompliance With Terms of Leverage
Subpart L — Ending Operations as a RBIC
Subpart M — Miscellaneous
- § 4290.1910— Non-waiver of rights or terms of Leverage security.
- § 4290.1920— RBIC's application for exemption from a regulation in this part 4290.
- § 4290.1930— Effect of changes in this part 4290 on transactions previously consummated.
- § 4290.1940— Integration of this part with other regulations applicable to USDA's programs.
Subpart N — Requirements for Operational Assistance Grants to RBICs
Subpart O — Additional Requirements for Non-Leveraged Licensees and Exceptions to Regulations
- § 4290.3000— Non-leveraged RBICs—General.
- § 4290.3003— Responsibilities for implementing Non-leveraged RBICs.
- § 4290.3005— Qualifications for the Non-leveraged RBIC Program.
- § 4290.3010— Application and Approval Process for RBIC licensing without Leverage.
- § 4290.3015— Evaluation and selection of Non-leveraged RBICs.
- § 4290.3020— Changes in Ownership, Structure, or Control.
- § 4290.3025— Managing the Operations of a RBIC.
- § 4290.3030— Financing of Enterprises by RBICs.
- § 4290.3035— Recordkeeping, Reporting, and Examination Requirements for RBICs.
- § 4290.3040— Financial Assistance for RBICs.
- § 4290.3041— Events of default and the Agency's remedies for RBIC's noncompliance with terms of licensure.
- § 4290.3045— Computation of RBIC's Capital Impairment.
- § 4290.3050— Operational Assistance Grants for RBICs.