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Alabama - Apply for Rural Business Investment Program (RBIP)

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ProcedureEdit

Apply In-Person:

  1. The applicant has to reach out to U.S. Department of Agriculture (USDA) Rural Development for the application. Contact details are mentioned in “Office Locations & Contacts” of this page. Or here is the Contact Link
  2. An application form is also available at the following link
  3. The applicant should make sure to carry all the documents that are mentioned under the “Required Documents” section of this page (Both photocopies and originals).
  4. Applicant has to fill in all the necessary details in the form and attach the photocopies of the documents that are needed along with the application form before submitting.
  5. The fee of this process is mentioned under the “Fees” section of this page.
  6. Once the application is determined to be complete, USDA will conduct a further review of the management team and business plan.
  7. If the initial review is favorable, USDA will proceed to conduct an interview with the applicant.
  8. The notification will take between 12 – 13 weeks from the receipt of the initial application.
  9. The applicant will be advised of the results of the meeting within 60 days.


Apply Online

  1. Application is available in the following Link
  2. If the applicant is an existing user, they can login directly using their “UserID” and “Password”.
  3. If the applicant is a new user, they have to register first by clicking on the “Register” option.
  4. Applicant must provide all information necessary for application procedure online.
  5. Applicant should make sure to upload digital copies of documents (whichever is necessary) along with the application form.
  6. The fee of this process is mentioned under the “Fees” section of this page.
  7. Once the application is determined to be complete, USDA will conduct a further review of the management team and business plan.
  8. If the initial review is favorable, USDA will proceed to conduct an interview with the applicant.
  9. The notification will take between 12 – 13 weeks from the receipt of the initial application.
  10. The applicant will be advised of the results of the meeting within 60 days.



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Required DocumentsEdit

  • Application 4290-1 Form
  • 4290-1 Form
  • Articles of Incorporation (including any amendments).
  • Bylaws (including any amendments).
  • RS letter granting non-profit standing.
  • Current (within 12 months) Certificate of Good Standing issued by the appropriate Secretary of State.
  • Board Resolution authorizing entity to apply and administer the RBEG/RBOG including the name and title of the person authorized to sign grant documents.
  • List of Board Members.
  • Documentation of organization (dated established if other than city, county, or state government).
  • Latest Three (3) years financial statements including, balance sheets, income statements and current audited report if available.
  • Copy of an account statement
  • There are no other additional requirements at the national level. If there are additional state-specific requirements they will be listed in the following link under ”Other Requirement” Link



Office Locations & ContactsEdit

Location: Washington D.C
Address: USDA Rural Development
Rural Housing Service
1400 Independence Ave., SW, Rm 5014, STOP 0701
Washington, DC 20250-0701
Application assistant Phone: (202) 690-0433
Contact Link

State Office:
Contact Link

EligibilityEdit

  • The following individuals are eligible::
    • For-profit entities
    • Subsidiary of an entity


  • All applicants:
    • Must have relevant experience in venture capital or community development financing.
    • Must raise a minimum of $10 million in private equity capital.
    • May be structured as limited partnerships, limited liability companies or corporations.



FeesEdit

  • Licensing fee of $500 in the form of a check made payable to USDA.



ValidityEdit

  • Fundraising takes place over up to the next 24 months.



Documents to UseEdit



Sample DocumentsEdit

Please attach sample completed documents that would help other people.



Processing TimeEdit

  • The notification will take between 12 – 13 weeks from the receipt of the initial application.
  • The applicant will be advised of the results of the meeting within 60 days.



Related VideosEdit

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&>
from external websites.
Please remove the '&' inside the emptags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.



InstructionsEdit

  • Please contact Application assistance before submitting the application.
  • USDA sends applicant a notice that the Initial application has been received within 3-5 days of Receipt.
  • If information is missing, USDA will send a notice to the Applicant within 10 business days of review to provide the Applicant with an opportunity to submit the missing information.



Required InformationEdit

The information needed to be filled in the application form are listed below:

  • General Information.
  • Investing.
  • Operational Assistance (Oa) Grant.
  • Operations, Decision-Making And Investment Oversight.
  • Legal And Financial Provisions Of The Rbic.
  • Relevant Investment Experience.
  • Relevant Venture Capital Finance and Community Development Finance.
  • Individuals with lending experience.
  • Relevant Grant Management Experience.
  • Individuals with grants management experience.
  • Relevant Venture Capital Finance and Community Development Finance Experience.



Need for the DocumentEdit

  • This program promotes economic development and creates wealth and job opportunities among individuals living in rural areas and helps to meet the equity capital investment needs primarily of smaller enterprises located in such areas. USDA licenses newly formed for-profit entities as Rural Business Investment Companies (RBIC). RBICs then use the equity raised in capitalizing their funds to make venture capital investments mostly in smaller enterprises located primarily in rural areas.



Information which might helpEdit

  • Application Procedure Link
  • For more state view information select the state for “For state specific information drop down” at top right corner Link
  • For more information Link



Other uses of the Document/CertificateEdit

  • This program provides grant money to assist with economic development planning and/or the financing or expansion of rural businesses.



External LinksEdit

Place some external links which might help.



OthersEdit

More information which might help people.



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