Rural Business Investment Program in Michigan

PROGRAM STATUS:

Open

What does this program do?
This program provides a Rural Business Investment Company (RBIC) license to newly formed developmental capital organizations to help meet the equity capital investment needs in rural communities.

Are you a business looking for developmental capital?
This program works with for profit developmental capital funds.  Here is a list of Certified RBICs.  

Are you a fund manager looking to establish a RBIC?
Please read the following carefully:

Who may apply for this program?
Eligible applicants for the RBIC license include newly formed:

  • For-profit entities, or
  • 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

What is an eligible area?
There are no restrictions on the location of eligible applicants for RBIC licenses. The goal of each RBIC is to help fill the need for business and development capital in rural areas.

How may funds be used?

  • A minimum of 75 percent of funds must be made in rural areas with a population of 50,000 or less.
  • A minimum of 50 percent of funds must be invested in smaller enterprises. 
  • A maximum of 10 percent of RBIC investments may be made in urban areas. 

How do we get started?
Applications for this program are accepted on an annual basis. A Notice of Solicitation of Applications (NOSA) will be listed on our NOSA page.

Who can answer questions?
David Chesnick can assist with planning, application and servicing. He can be reached at (202) 690-0433 or David.Chesnick@usda.gov.

What governs this program?

  • Code of Federal Regulations, 7 CFR Part 4290
  • This program is authorized by the Food, Conservation and Energy Act of 2008 (2008 Farm Bill)

Why does USDA Rural Development do this?
Access to capital is vital to businesses and often is scarce in rural areas.

NOTE: Because citations and other information may be subject to change, please always consult the program instructions listed in the section above titled "What Governs this Program?" You may also contact our National Program Office for assistance.

NOTE: Please contact David Chesnick, (202) 690-0433 in our National Program Office before attempting to fill out any forms or applications. This will save you valuable time in completing your application.

Preliminary Actions Required

To complete an application for this program, you must be pre-registered with the System for Award Management (SAM) and have a Data Universal Number System (DUNS) number. Neither of these applications cost money, but they can take time so be sure to get this taken care of right away. If you are already registered with these systems, you do not need to do it again.

RBIC Application

If you are interested in applying as a non-leveraged RBIC, please first read the RBIP Rules in 7 C.F.R. Part 4290  and the Application Procedure (pdf).

There are no other additional requirements at the national level. If there are additional state-specific requirements they will be listed above.

There are currently no events scheduled.

USDA RD State Office
3001 Coolidge Rd.
Suite 200
East Lansing, MI 48823
517-324-5190 | Fax 855-813-7741

Jason Allen
State Director

Public Information Coordinator
Alec Lloyd
517-324-5204

Community Programs Staff
517-324-5156

Single Family Housing Staff
517-324-5210

Business Programs Staff
517-324-5157

Multi-Family Housing Staff
517-324-5142

Gladstone Area Office
2003 Minneapolis Ave.
Gladstone, MI 49783
906-428-1060 Ext. 4

Sault Ste. Marie Office
2847 Ashmun
Sault Ste. Marie, MI 49783
906-632-9611 Ext. 4

Traverse City Area Office
1501 Cass St., Suite A
Traverse City, MI 49684
231-941-0951 Ext. 4

West Branch Office
240 W. Wright St.
West Branch, MI 48661
989-345-5470 Ext. 4

Caro Area Office
1075 Cleaver Rd.
Caro, MI 48723
989-673-8173 Ext. 6

Grand Rapids Area Office
3260 Eagle Park Dr., Suite 107
Grand Rapids, MI 49525
616-942-4111 Ext. 6

Paw Paw Office
1035 East Michigan Ave., Suite A
Paw Paw, MI 49079
269-657-7055 Ext. 4

Mason Area Office
525 N. Okemos St., Suite B
Mason, MI 48854
517-676-4644 Ext. 4

Flint Office
1525 North Elms Rd.
Flint, MI 48532
810-230-8766 Ext. 4