small_business

Applicants (or Affiliates of the Applicant) must:<br />1. Be a licensed rural business investment company under the Consolidated Farm and Rural Development Act or a small business investment company under the Small Business Investment Act.<br />2. Have invested at least $100 million in nonpublic companies located in rural areas of the Commonwealth or other states.<br />3. Have at least one principal who has been an officer or employee of the Applicant for at least four years prior to the date of application under this Program<br />4. Be registered to do business in the commonwealth and subject to Bank and Trust Company Shares Tax, Title Insurance Company Shares Tax, Insurance Premiums Tax (excluding unauthorized, domestic/foreign marine), Mutual Thrift Tax, Surplus Lines Tax, and Retaliatory Tax<br />Have at least one principal who has been an officer or employee of the applicant for at least four years prior to the date of application under this program<br /><br />Subject to the investment authority cap, the Department will make allocations of investment authority for approved applications in the order in which the applications are received. Applications received on the same day are treated as if they were received simultaneously. Applications are deemed to be received based on the date/time stamp generated by the Department.<br />*If applying as an affiliate of the applicant, the affiliate must be an entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another entity. For the purposes of this part, an entity is “controlled by” another entity if the controlling person holds, directly or indirectly, the majority voting or ownership interest in the controlled entity or has control over the day-today operations of the controlled entity by contract or by law.Designated Rural Growth Funds are authorized to receive both capital contributions and credit-eligible capital contributions. The Department may not approve more than $30M in credit-eligible contributions. The contributions will be utilized by the designated Rural Growth Fund’s to make Rural Growth Investments into qualified Rural Businesses.<br /><br />To qualify for a tax credit, credit-eligible capital contributions made by a Business Firm to a Rural Growth Fund must be used by the Rural Growth Fund for rural growth investments in a rural business. Business Firms that make a credit-eligible capital contribution to a designated Rural Growth Fund are eligible to receive a tax credit equal to the credit-eligible capital contribution.<br />Information regarding the tax credit application process can be found in the Program Guidelines.<br />$500 non-refundable application fee