Rural Investment Fund Act of 1989

Summary

Rural Investment Fund Act of 1989 - Establishes the Rural Partnerships Investment Board (Board) to provide qualifying nonprofit private entities, State and local agencies, and Indian tribes and organizations with lines of credit to form revolving loan funds for rural business development. Establishes in the Treasury the Rural Business Investment Fund to provide funds for the Board. Limits lines of credit to $750,000, except for specified State agencies which may receive up to $1,250,000. Requires qualifying entities to provide matching funds. Requires funding in at least 45 States. Limits total funds to any one State to $10,000,000. Authorizes FY 1990 through 1992 appropriations. Prohibits the use of funds to relocate or refinance businesses. Requires each qualifying entity to establish a local revolving fund. Authorizes the use of such funds to: (1) provide debt or equity capital or loan guarantees; (2) pay for training or technical assistance; (3) provide for return of capital to non-Federal investors in the fund; and (4) cover operating or capital expenses or other charges. Requires banks or other financial institutions to provide at least a 50 percent match of each investment or loan made to a business applicant. Limits: (1) annual assistance to a business applicant to $500,000; and (2) eligible businesses to those with fewer than 100 employees. Requires the revocation of a line of credit and refund for specified false statements or violations of this Act. Sets forth civil penalties for failure to file reports required under this Act.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 17 May 1989

  Open at official source

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