Section 870-RICR-30-00-8.17 - RepaymentA. If the number of Jobs Created or Jobs Retained by the Eligible Businesses that received Qualified Investments from the Small Business Development Fund, calculated pursuant to complete and accurate reports filed by the Small Business Development Fund and approved by the Corporation is:1. Less than sixty percent (60%) of the amount projected in the approved Small Business Development Fund's Business Plan filed as part of its application for Certification under the Act and these Rules, then the State shall receive thirty percent (30%) of any distribution or payment to an equity or debt holder in an approved Small Business Development Fund made after its exit from the Program in excess of eligible distributions; or2. Greater than sixty percent (60%) but less than one hundred percent (100%) of the amount projected in the approved Small Business Development Fund's Business Plan filed as part of its application for Certification under the Act and these Rules, then the State shall receive fifteen percent (15%) of any distribution or payment to an equity or debt holder in an approved Small Business Development Fund made after its exit from the Program in excess of Eligible Distributions.B. The Small Business Development Fund determined to be in breach under § 8.17(A) of this Part due to a failure to meet the Job Creation or Job Retention requirements as set forth in an approved Business Plan, the Small Business Development Fund shall make payment within ten (10) days of the amounts demanded by the Corporation arising from such breach. If the Small Business Development Fund fails to make such payment the Corporation shall be entitled to payment from the Bond or other approved surety, plus all fees, costs and expenses associated with any efforts by the Corporation to obtain payment of such amounts including reasonable attorney's or consultant's fees.C. At the time a Small Business Development Fund files a Request to Exit, the Small Business Development Fund shall calculate the aggregate internal rate of return of its Qualified Investments. If the Small Business Development Fund's aggregate internal rate of return on its Qualified Investments at exit exceeds ten percent (10%), then, after Eligible Distributions, the State shall receive ten percent (10%) of any distribution or payment in excess of the aggregate ten percent (10%) internal rate of return to an equity or debt holder in an approved Small Business Development Fund.870 R.I. Code R. 870-RICR-30-00-8.17
Adopted effective 9/27/2019
Amended effective 3/24/2020