§2007a. Definitions

As used in sections 2007a to 2007e of this title:

(1) Approved local business

The term "approved local business" means a local business that is approved to receive assistance from the revolving fund of an eligible entity as provided under the provisions of sections 2007a to 2007e of this title.

(2) Eligible entity

The term "eligible entity" means an entity-

(A) that is-

(i) a nonprofit private corporation or a public entity that is-

(I) the governing body of each public regional organization (such as the governing body of an economic development district) that is chartered or otherwise organized under State law for the purpose of promoting economic development;

(II) the agency of each State that is primarily responsible for rural economic development programs within the State;

(III) the governing body of a county or other political subdivision of a State;

(IV) the governing body of a town or township within a State; or

(V) an incorporated public organization or a nonprofit private community development corporation, or similar nonprofit private organization, that is chartered or otherwise organized under State law for the purpose of promoting economic development; or

(ii) an Indian tribe (as defined in section 450b(e) of title 25), an Indian organization or entity chartered under the Act of June 18, 1934 [25 U.S.C. 461 et seq.], commonly known as the "Indian Reorganization Act", or any tribal organization (as defined in section 450b(l) of title 25); and

(B) that-

(i) possesses the powers reasonably necessary to perform the functions and activities described in sections 2007a to 2007e of this title;

(ii) has a professional staff and management ability (including adequate accounting, legal, and business servicing abilities or experience); and

(iii) meets any other requirements established by the Board to carry out sections 2007a to 2007e of this title.

(3) Investment Board

The terms "Investment Board" and "Board" mean the Rural Partnerships Investment Board established in section 2007b(a) of this title.

(4) Local business

The term "local business" means-

(A) a business concern, located in a rural area, that-

(i) is incorporated or otherwise organized under State law so that financial records and accounts are maintained regarding the business concern separate and apart from records and accounts not related to that business concern; and

(ii) is independently or cooperatively (not including borrowers under the Rural Electrification Act of 1936 [7 U.S.C. 901 et seq.]) owned and operated as defined by the Board; or

(B) an individual who plans to organize and operate an entity of the type described in subparagraph (A),

that meets any additional requirements that are established by the Board to carry out the intent of sections 2007a to 2007e of this title.

(5) Rural area

The term "rural area" means all territory of a State that is not within the outer boundary of any city or town having a population of 20,000 or more based on the latest decennial census of the United States, and any neighboring urbanized area as defined by the Board.

(6) Rural Fund

The terms "Rural Fund" and "Fund" mean the Rural Business Investment Fund established under section 2007c(a) of this title.

(7) Secretary

The term "Secretary" means the Secretary of Agriculture, unless otherwise specified in sections 2007a to 2007e of this title.

(8) State

The term "State" means any State to which the Secretary has made sections 2007a to 2007e of this title applicable under section 2007(b)(1) of this title.

(Pub. L. 101 624, title XXIII, §2311, Nov. 28, 1990, 104 Stat. 3982; Pub. L. 102 237, title VII, §702(b), Dec. 13, 1991, 105 Stat. 1880.)

References in Text

Act of June 18, 1934, referred to in par. (2)(A)(ii), is act June 18, 1934, ch. 576, 48 Stat. 984 , as amended, popularly known as the Indian Reorganization Act, which enacted sections 461, 462, 463, 464, 465, 466 to 470, 471, 472, 473, 474, 475, 476 to 478, and 479 of Title 25, Indians. For complete classification of this Act to the Code, see Short Title note set out under section 461 of Title 25 and Tables.

The Rural Electrification Act of 1936, referred to in par. (4)(A)(ii), is act May 20, 1936, ch. 432, 49 Stat. 1363 , as amended, which is classified generally to chapter 31 (§901 et seq.) of this title. For complete classification of this Act to the Code, see section 901 of this title and Tables.

Codification

Section was enacted as part of the Rural Economic Development Act of 1990, and also as part of the Food, Agriculture, Conservation, and Trade Act of 1990, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter.

Amendments

1991-Par. (2)(A)(ii). Pub. L. 102 237, §702(b)(1), substituted "section 450b(e) of title 25" for "section 450b(b) of title 25" and "section 450b(l) of title 25" for "the section 450b(c) of title 25".

Par. (4). Pub. L. 102 237, §702(b)(2), substituted "sections 2007a to 2007e of this title" for "this Act" in concluding provisions.

Effective Date of 1991 Amendment

Amendment by Pub. L. 102 237 effective as if included in provision of Pub. L. 101 624 to which it relates, see section 1101(b)(7) of Pub. L. 102 237, set out as a note under section 1421 of this title.

Effective Date

Section effective Oct. 1, 1991, see section 2007(d) of this title.

Section Referred to in Other Sections

This section is referred to in sections 2007, 2007b, 2007c, 2007d, 2007e of this title.