---
kind: "section"
citation: "15 U.S.C. § 690c"
title: "15"
title_heading: "Commerce and Trade"
number: "690c"
heading: "Selection of Renewable Fuel Capital Investment companies"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/690c"
units:
  - "Chapter 14B — Small Business Investment Program"
  - "Subchapter III — Investment Division Programs"
  - "Part C — Renewable Fuel Capital Investment Pilot Program"
---

# §690c. Selection of Renewable Fuel Capital Investment companies

- (a) **Eligibility—** A [company](/usc/15/662.md?p=3) is eligible to apply to be designated as a [Renewable Fuel Capital Investment company](/usc/15/690.md?p=4) if the [company](/usc/15/662.md?p=3)—
  - (1) is a newly formed for-profit entity or a newly formed for-profit subsidiary of an existing entity;
  - (2) has a management team with experience in alternative energy financing or relevant [venture capital](/usc/15/690.md?p=6) financing; and
  - (3) has a primary objective of investment in [smaller enterprises](/usc/15/662.md?p=12) that research, manufacture, develop, produce, or bring to market goods, products, or services that generate or support the production of [renewable energy](/usc/15/690.md?p=3).
- (b) **Application—** A [company](/usc/15/662.md?p=3) desiring to be designated as a [Renewable Fuel Capital Investment company](/usc/15/690.md?p=4) shall submit an application to the [Administrator](/usc/15/662.md?p=2) that includes—
  - (1) a business plan describing how the [company](/usc/15/662.md?p=3) intends to make successful [venture capital](/usc/15/690.md?p=6) investments in [smaller enterprises](/usc/15/662.md?p=12) primarily engaged in the research, manufacture, development, production, or bringing to market of goods, products, or services that generate or support the production of [renewable energy](/usc/15/690.md?p=3);
  - (2) information regarding the relevant [venture capital](/usc/15/690.md?p=6) qualifications and general reputation of the management of the [company](/usc/15/662.md?p=3);
  - (3) a description of how the [company](/usc/15/662.md?p=3) intends to seek to address the unmet capital needs of the [smaller enterprises](/usc/15/662.md?p=12) served;
  - (4) a proposal describing how the [company](/usc/15/662.md?p=3) intends to use the grant funds provided under this part to provide [operational assistance](/usc/15/689.md?p=5) to [smaller enterprises](/usc/15/662.md?p=12) financed by the [company](/usc/15/662.md?p=3), including information regarding whether the [company](/usc/15/662.md?p=3) has employees with appropriate professional [licenses](/usc/15/662.md?p=7) or will contract with another entity when the services of such an individual are necessary;
  - (5) with respect to binding commitments to be made to the [company](/usc/15/662.md?p=3) under this part, an estimate of the ratio of cash to in-kind contributions;
  - (6) a description of whether and to what extent the [company](/usc/15/662.md?p=3) meets the criteria under [subsection (c)(2)](#c-2) and the objectives of the program established under this part;
  - (7) information regarding the management and financial strength of any parent firm, affiliated firm, or any other firm essential to the success of the business plan of the [company](/usc/15/662.md?p=3); and
  - (8) such other information as the [Administrator](/usc/15/662.md?p=2) may require.
- (c) **Conditional approval—**
  - (1) **In general—** From among [companies](/usc/15/662.md?p=3) submitting applications under [subsection (b)](#b), the [Administrator](/usc/15/662.md?p=2) shall conditionally approve [companies](/usc/15/662.md?p=3) to operate as [Renewable Fuel Capital Investment companies](/usc/15/690.md?p=4).
  - (2) **Selection criteria—** In conditionally approving [companies](/usc/15/662.md?p=3) under [paragraph (1)](#c-1), the [Administrator](/usc/15/662.md?p=2) shall consider—
    - (A) the likelihood that the [company](/usc/15/662.md?p=3) will meet the goal of its business plan;
    - (B) the experience and background of the management team of the [company](/usc/15/662.md?p=3);
    - (C) the need for [venture capital](/usc/15/690.md?p=6) investments in the geographic areas in which the [company](/usc/15/662.md?p=3) intends to invest;
    - (D) the extent to which the [company](/usc/15/662.md?p=3) will concentrate its activities on serving the geographic areas in which it intends to invest;
    - (E) the likelihood that the [company](/usc/15/662.md?p=3) will be able to satisfy the conditions under [subsection (d)](#d);
    - (F) the extent to which the activities proposed by the [company](/usc/15/662.md?p=3) will expand economic opportunities in the geographic areas in which the [company](/usc/15/662.md?p=3) intends to invest;
    - (G) the strength of the proposal by the [company](/usc/15/662.md?p=3) to provide [operational assistance](/usc/15/689.md?p=5) under this part as the proposal relates to the ability of the [company](/usc/15/662.md?p=3) to meet applicable cash requirements and properly use in-kind contributions, including the use of resources for the services of licensed professionals, when necessary, whether provided by employees or contractors; and
    - (H) any other factor determined appropriate by the [Administrator](/usc/15/662.md?p=2).
  - (3) **Nationwide distribution—** From among [companies](/usc/15/662.md?p=3) submitting applications under [subsection (b)](#b), the [Administrator](/usc/15/662.md?p=2) shall consider the selection criteria under [paragraph (2)](#c-2) and shall, to the maximum extent practicable, approve at least one [company](/usc/15/662.md?p=3) from each geographic region of the [Administration](/usc/15/662.md?p=1).
- (d) **Requirements to be met for final approval—**
  - (1) **In general—** The [Administrator](/usc/15/662.md?p=2) shall grant each conditionally approved [company](/usc/15/662.md?p=3) 2 years to satisfy the requirements of this subsection.
  - (2) **Capital requirement—** Each conditionally approved [company](/usc/15/662.md?p=3) shall raise not less than $3,000,000 of [private capital](/usc/15/662.md?p=9) or binding capital commitments from 1 or more investors (which shall not be departments or agencies of the Federal Government) who meet criteria established by the [Administrator](/usc/15/662.md?p=2).
  - (3) **Nonadministration resources for operational assistance—**
    - (A) **In general—** In order to provide [operational assistance](/usc/15/689.md?p=5) to [smaller enterprises](/usc/15/662.md?p=12) expected to be financed by the [company](/usc/15/662.md?p=3), each conditionally approved [company](/usc/15/662.md?p=3) shall have binding commitments (for contribution in cash or in-kind)—
      - (i) from sources other than the [Administration](/usc/15/662.md?p=1) that meet criteria established by the [Administrator](/usc/15/662.md?p=2); and
      - (ii) payable or available over a multiyear period determined appropriate by the [Administrator](/usc/15/662.md?p=2) (not to exceed 10 years).
    - (B) **Exception—** The [Administrator](/usc/15/662.md?p=2) may, in the discretion of the [Administrator](/usc/15/662.md?p=2) and based upon a showing of special circumstances and good cause, consider an [applicant](/usc/15/7a.md?p=3) to have satisfied the requirements of [subparagraph (A)](#d-3-A) if the [applicant](/usc/15/7a.md?p=3) has—
      - (i) a viable plan that reasonably projects the capacity of the [applicant](/usc/15/7a.md?p=3) to raise the amount (in cash or in-kind) required under [subparagraph (A)](#d-3-A); and
      - (ii) binding commitments in an amount equal to not less than 20 percent of the total amount required under paragraph[^1] (A).
    - (C) **Limitation—** The total amount of a[^2] in-kind contributions by a [company](/usc/15/662.md?p=3) shall be not more than 50 percent of the total contributions by a [company](/usc/15/662.md?p=3).
- (e) **Final approval; designation—** The [Administrator](/usc/15/662.md?p=2) shall, with respect to each [applicant](/usc/15/7a.md?p=3) conditionally approved under [subsection (c)](#c)—
  - (1) grant final approval to the [applicant](/usc/15/7a.md?p=3) to operate as a [Renewable Fuel Capital Investment company](/usc/15/690.md?p=4) under this part and designate the [applicant](/usc/15/7a.md?p=3) as such a [company](/usc/15/662.md?p=3), if the [applicant](/usc/15/7a.md?p=3)—
    - (A) satisfies the requirements of [subsection (d)](#d) on or before the expiration of the time period described in that subsection; and
    - (B) enters into a [participation agreement](/usc/15/689.md?p=6) with the [Administrator](/usc/15/662.md?p=2); or
  - (2) if the [applicant](/usc/15/7a.md?p=3) fails to satisfy the requirements of [subsection (d)](#d) on or before the expiration of the time period described in [paragraph (1)](#e-1) of that subsection, revoke the conditional approval granted under that subsection.

## Footnotes

[^1]: So in original. Probably should be “subparagraph”.
[^2]: So in original. The article probably should not appear.

## Source credit

(Pub. L. 85–699, title III, § 384, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1776.)