1. (1) Application Period. Applications for certification will open on November 1, 2025, and will remain open until the maximum amount of investment authority permitted by section 288.062, F.S., is reached.

2. (2) Application. Applicants must complete and submit Form COM-73-001, Application for Certification as a Rural Fund (effective date 04/2026), which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19142"http://flrules.org/Gateway/reference.asp?No=Ref-19142, and accompanying documents. Applications must be submitted electronically to RCIP@commerce.fl.gov or via the application portal identified on the Department’s website. An application is received on the date, hour and minute recorded by the Department’s server of record, Eastern Time (U.S.). Accompanying documents include:

   1. (a) The investment authority sought by the applicant.
   2. (b) A copy of the applicant’s license as a rural business investment company under 7 U.S.C. § 2009cc or as a small business investment under 15 U.S.C. § 681, and a certificate submitted on Form COM-73-002, Investment License Certification Statement (effective date 04/2026), which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19143"http://flrules.org/Gateway/reference.asp?No=Ref-19143, and executed by an executive officer of the applicant attesting that such license remains in effect and has not been revoked.

   3. (c) Evidence that, as of the date the application is submitted, the applicant has invested through itself, or together and with its affiliates that at least $100 million in nonpublic companies located in counties within the United States with a population of less than 75,000 as of the United States Decennial Census of 2020.

      1. The applicant must provide proof of the $100 million investment amount by providing bank statements reflecting outgoing funds tied to the investment, audited financial statements of the applicant showing the $100 million investment, or purchase/loan agreement with the investment amounts clearly stated.

      2. The applicant must provide the name of the nonpublic companies, the amount of investment provided to each nonpublic company, and the county and state in which the nonpublic companies have their principal business operations in.

      3. The applicant must provide an attestation via a notarized affidavit submitted on Form COM-73-003 (effective date 04/2026), Affidavit of Investment, which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19144"http://flrules.org/Gateway/reference.asp?No=Ref-19144, signed by an executive officer of the applicant that the applicant has invested at least $100 million in nonpublic companies located in counties within the United States with a population of less than 75,000 as of the United States Decennial Census of 2020.

   4. (d) An estimate of the total number of new annual jobs that will be created and total jobs retained over the life of the program in the state because of the applicant’s proposed eligible investments.
   5. (e) A business plan that includes a revenue impact assessment projecting state and local tax revenues to be generated, as well as state expenditures to be reduced, by the applicant’s proposed eligible investments, which is prepared by a nationally recognized third-party independent economic forecasting firm using a dynamic economic forecasting model that analyzes the applicant’s business plan over the 10 years after the date the application is submitted to the Department. The revenue impact assessment must result in a positive fiscal impact to the state over the 10-year period. The assessment must verify that the positive economic impact will exceed the cumulative amount of the applicant’s requested tax credit. The assessment must include accounting for the costs for existing state tax incentives utilized by potentially eligible businesses. The business plan must also include information on how the applicant will ensure that at least 70 percent of the eligible investments will be made to rural communities.
   6. (f) Organization chart showing the ownership structure and relationship for the rural fund, its affiliates, and its investors.
   7. (g) Affidavit submitted using Form COM-73-004 (effective date 04/2026), Foreign Entity Compliance, which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19145"http://flrules.org/Gateway/reference.asp?No=Ref-19145, and signed by an executive officer of the applicant under penalty of perjury attesting that the applicant is not a foreign entity in accordance with section 288.0071, F.S.
   8. (h) Names of the executive officers of the applicant and the affiliates of the applicant.
   9. (i) If the applicant has or will have employees working in the State, a copy of the applicant’s signed E-Verify Memorandum of Understanding with the U.S Department of Homeland Security.
   10. (j) A signed application certification statement submitted using Form COM-73-005 (effective date 04/2026), Application for Certification Statement, which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19147"http://flrules.org/Gateway/reference.asp?No=Ref-19147, and signed by an executive officer of the applicant.
   11. (k) Any other information requested by the Department.
3. (3) Complete Application. An application will be deemed complete when the Department determines that all required information and documentation has been provided to the Department. The Department may request additional information from the applicant. The applicant will have 10 calendar days to submit additional information requested by the Department. An application will be deemed incomplete if the additional information requested is not provided within 10 calendar days of the Department’s request. The 60-day review period will not commence until the Department receives all information necessary to constitute a completed application. If the Department requests additional information after the 60-day period has begun, the running of the 60-day period is tolled from the date of the Department’s request until the applicant provides the requested information. The Department’s failure to act within the 60-day period does not constitute approval of the application.
4. (4) Amendments. An application cannot be amended once it has been submitted to the Department other than for the Department’s request for additional information. An applicant may withdraw and resubmit its application if the applicant needs to amend its application. An applicant must notify the Department in writing of its intent to withdraw its application.
5. (5) Upon receipt of an application for certification of a rural fund, the Department shall review the application for completeness and compliance with section 288.062(3), F.S., and subsection (2) of this rule.
6. (6) Failure to complete and submit any of the documents listed in subsection (2) of this rule will result in the application being deemed incomplete.
7. (7) Within 60 days after receipt of a completed application, the Department shall approve or deny the application.

Rulemaking Authority 288.062(13) FS. Law Implemented 288.062 FS. History–New 4-22-26.