Us Code § 690h - Operational assistance grants
Full text of Us Code United States Code § 690h — Operational assistance grants, with citation guidance and answers to common questions.
§ 690h. Operational assistance grants
(a) In general
(1) Authority
The Administrator may make grants to Renewable Fuel Capital Investment companies to provide operational assistance to smaller enterprises financed, or expected to be financed, by such companies or other entities.
(2) Terms
A grant under this subsection shall be made over a multiyear period not to exceed 10 years, under such other terms as the Administrator may require.
(3) Grant amount
The amount of a grant made under this subsection to a Renewable Fuel Capital Investment company shall be equal to the lesser of—
(A) 10 percent of the resources (in cash or in-kind) raised by the company under section 690c(d)(2) of this title; or
(B) $1,000,000.
(4) Pro rata reductions
If the amount made available to carry out this section is insufficient for the Administrator to provide grants in the amounts provided for in paragraph (3), the Administrator shall make pro rata reductions in the amounts otherwise payable to each company and entity under such paragraph.
(5) Grants to conditionally approved companies
(A) In general
Subject to subparagraphs (B) and (C), upon the request of a company conditionally approved under section 690c(c) of this title, the Administrator shall make a grant to the company under this subsection.
(B) Repayment by companies not approved
If a company receives a grant under this paragraph and does not enter into a participation agreement for final approval, the company shall, subject to controlling Federal law, repay the amount of the grant to the Administrator.
(C) Deduction of grant to approved company
If a company receives a grant under this paragraph and receives final approval under section 690c(e) of this title, the Administrator shall deduct the amount of the grant from the total grant amount the company receives for operational assistance.
(D) Amount of grant
No company may receive a grant of more than $100,000 under this paragraph.
(b) Supplemental grants
(1) In general
The Administrator may make supplemental grants to Renewable Fuel Capital Investment companies and to other entities, as authorized by this part, under such terms as the Administrator may require, to provide additional operational assistance to smaller enterprises financed, or expected to be financed, by the companies.
(2) Matching requirement
The Administrator may require, as a condition of any supplemental grant made under this subsection, that the company or entity receiving the grant provide from resources (in a 1 cash or in kind), other then 2 those provided by the Administrator, a matching contribution equal to the amount of the supplemental grant.
(c) Limitation
None of the assistance made available under this section may be used for any overhead or general and administrative expense of a Renewable Fuel Capital Investment company.
(Pub. L. 85–699, title III, §389, as added Pub. L. 110–140, title XII, §1207, Dec. 19, 2007, 121 Stat. 1781.)
About This Section
15 U.S.C. § 690h is part of Title 15 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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