Agricultural Research Commercialization Act of 1988

Summary

Agricultural Research Commercialization Act of 1988 - Establishes the Agricultural Research Commercialization Corporation (Corporation) in the Department of Agriculture to facilitate the commercialization of new industrial products and processes using traditional and new agricultural and forestry crops. Directs the Corporation to establish between ten and 12 regional centers. Provides for the appointment of regional advisory councils whose primary duty shall be project application review. Sets forth center activities, including: (1) identification of new products and of areas for new product commercialization; (2) coordination of research and development programs; (3) provision of technical assistance; (4) dissemination of information; and (5) coordination of private sector, university, and government needs and activities. Sets forth Corporation operating and administrative provisions, including financial disclosure and public access to Corporation information requirements. Directs the Corporation to provide grants, loans, and loan guarantees to eligible projects. States that the Corporation shall not receive proprietary or patent rights to any project proposal in return for such financial assistance. Sets forth financial assistance criteria. Requires a successful venture to repay the regional center the amount of financial assistance received for such project. Exempts unsuccessful ventures from such repayment, except that they must transfer any loan collateral to the Corporation. Establishes a revolving fund for the Corporation. Authorizes the establishment of regional revolving funds. Authorizes FY 1989 through 1999 appropriations. Authorizes a trust fund for the Corporation.

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1 official file

• Introduced in Senate

  summary · EN · 19 May 1988

  Open at official source

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