(a) EligibilityA company is eligible to apply to be designated as a Renewable Fuel Capital Investment company if the company—
is a newly formed for-profit entity or a newly formed for-profit subsidiary of an existing entity;
has a management team with experience in alternative energy financing or relevant venture capital financing; and
(b) ApplicationA company desiring to be designated as a Renewable Fuel Capital Investment company shall submit an application to the Administrator that includes—
a business plan describing how the company intends to make successful venture capital investments in smaller enterprises 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;
information regarding the relevant venture capital qualifications and general reputation of the management of the company;
a proposal describing how the company intends to use the grant funds provided under this part to provide operational assistance to smaller enterprises financed by the company, including information regarding whether the company has employees with appropriate professional licenses or will contract with another entity when the services of such an individual are necessary;
with respect to binding commitments to be made to the company under this part, an estimate of the ratio of cash to in-kind contributions;
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; and
such other information as the Administrator may require.
(c) Conditional approval
(1) In general
(2) Selection criteriaIn conditionally approving companies under paragraph (1), the Administrator shall consider—
the likelihood that the company will meet the goal of its business plan;
the experience and background of the management team of the company;
the need for venture capital investments in the geographic areas in which the company intends to invest;
the extent to which the company will concentrate its activities on serving the geographic areas in which it intends to invest;
the likelihood that the company will be able to satisfy the conditions under subsection (d);
the strength of the proposal by the company to provide operational assistance under this part as the proposal relates to the ability of the company 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
any other factor determined appropriate by the Administrator.
(d) Requirements to be met for final approval
(1) In general
(2) Capital requirement
(3) Nonadministration resources for operational assistance
(A) In generalIn order to provide operational assistance to smaller enterprises expected to be financed by the company, each conditionally approved company shall have binding commitments (for contribution in cash or in-kind)—
payable or available over a multiyear period determined appropriate by the Administrator (not to exceed 10 years).
(B) ExceptionThe Administrator may, in the discretion of the Administrator and based upon a showing of special circumstances and good cause, consider an applicant to have satisfied the requirements of subparagraph (A) if the applicant has—
a viable plan that reasonably projects the capacity of the applicant to raise the amount (in cash or in-kind) required under subparagraph (A); and
binding commitments in an amount equal to not less than 20 percent of the total amount required under paragraph  (A).
(e) Final approval; designationThe Administrator shall, with respect to each applicant conditionally approved under subsection (c)—
(1) grant final approval to the applicant to operate as a Renewable Fuel Capital Investment company under this part and designate the applicant as such a company, if the applicant—
satisfies the requirements of subsection (d) on or before the expiration of the time period described in that subsection; and
if the applicant fails to satisfy the requirements of subsection (d) on or before the expiration of the time period described in paragraph (1) of that subsection, revoke the conditional approval granted under that subsection.