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

# §690d. Debentures

- (a) **In general—** The [Administrator](/usc/15/662.md?p=2) may guarantee the timely payment of [principal](/usc/15/694a.md?p=6) and interest, as scheduled, on debentures issued by any [Renewable Fuel Capital Investment company](/usc/15/690.md?p=4).
- (b) **Terms and conditions—** The [Administrator](/usc/15/662.md?p=2) may make guarantees under this section on such terms and conditions as it determines appropriate, except that—
  - (1) the term of any debenture guaranteed under this section shall not exceed 15 years; and
  - (2) a debenture guaranteed under this section—
    - (A) shall carry no front-end or annual fees;
    - (B) shall be issued at a discount;
    - (C) shall require no interest payments during the 5-year period beginning on the date the debenture is issued;
    - (D) shall be prepayable without penalty after the end of the 1-year period beginning on the date the debenture is issued; and
    - (E) shall require semiannual interest payments after the period described in [subparagraph (C)](#b-2-C).
- (c) **Full faith and credit of the United States—** The full faith and credit of the United States is pledged to pay all amounts that may be required to be paid under any guarantee under this part.
- (d) **Maximum guarantee—**
  - (1) **In general—** Under this section, the [Administrator](/usc/15/662.md?p=2) may guarantee the debentures issued by a [Renewable Fuel Capital Investment company](/usc/15/690.md?p=4) only to the extent that the total face amount of outstanding guaranteed debentures of such [company](/usc/15/662.md?p=3) does not exceed 150 percent of the [private capital](/usc/15/662.md?p=9) of the [company](/usc/15/662.md?p=3), as determined by the [Administrator](/usc/15/662.md?p=2).
  - (2) **Treatment of certain Federal funds—** For the purposes of [paragraph (1)](#d-1), [private capital](/usc/15/662.md?p=9) shall include capital that is considered to be Federal funds, if such capital is contributed by an investor other than a department or agency of the Federal Government.

## Source credit

(Pub. L. 85–699, title III, § 385, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1778.)