870 R.I. Code R. 870-RICR-30-00-8.7

Current through December 3, 2024

Section 870-RICR-30-00-8.7 - Application

A. Each Application made by an Applicant shall be in the format prescribed by the Corporation and shall include, among other things, the following:

1. The name, address and principal contact for the Applicant;

2. State and Federal tax identification numbers;

3. A Certificate of Good Standing for the Applicant dated within thirty days of the date of submission of the Application to the Corporation;

4. A Letter of Good Standing for the Applicant and each Small Business Fund Investor seeking an allocation of tax credits dated within thirty days of the date of submission of the Application to the Corporation;

5. A copy of the Applicant's or an Affiliate's license as a Rural Business Investment Company, 7 U.S.C. § 2009cc, or as a Small Business Investment Company, 15 U.S.C. § 681;

6. A certificate executed under oath before a notary public by an executive officer of the Applicant within three days of the submission of the Application attesting that the rural business investment company license or small business investment company license submitted with the Application remains in effect and has not been revoked;

7. Copies of the applications submitted to the respective federal agency in relation to the licenses supplied in conformance with § 8.7(A)(5) of this Part;

8. Evidence that the Applicant or Affiliates of the Applicant have invested at least one hundred million dollars ($100,000,000) in Nonpublic Companies, which shall include the following:

a. The name, address and federal tax identification number of each Affiliate included in the entities that provided the investments totaling $100,000,000;

b. The name, address and telephone number of each manager of a listed Affiliate;

c. A list of each investment made by each listed Affiliate over the past fifteen years including, the date, the amount, the form of investment (loan/equity) and to whom the investment was made with an identification of the business name, its principal officers, partners or managers, address and telephone number;

d. The number of Jobs Created, Jobs Retained and the economic impact for each investment listed in § 8.7(A)(8)(c) of this Part; and

e. The audited financial statements for the Applicant and for each Affiliate for the past ten years.

9. A complete Business Plan;

10. Criminal background checks for all executives and managers of the Applicant;

11. A list of not less than ten dates for which responsible personnel shall be available for an interview with Corporation staff. All dates must be no less than thirty (30) and no more than sixty (60) days from the date of the submission of the Application;

12. Evidence of compliance with the 2020 Global Investment Performance Standards (GIPS) published by the CFA Institute except to the extent such standards are in direct conflict with the Applicant's or an Affiliate of the applicant's license as a rural business investment company under 7 U.S.C. § 2009cc, or as a small business investment company under 15 U.S.C. § 681. Satisfactory demonstration of a conflict is required and alternative showing of adherence to high standards is required. Alternatively, evidence of compliance with GIPS may take the form of a non-GIPS investment performance letter by an independent third-party compliance firm that includes documentation of deviations from GIPS standards, if any;

13. Payment of all fees and costs required under § 8.8 of this Part; and

14. Such other information as the Corporation deems appropriate or necessary in connection with the Application.

870 R.I. Code R. 870-RICR-30-00-8.7

Adopted effective 9/27/2019
Amended effective 3/24/2020