(a) General Rule. Unless otherwise specified in a Federal Register notice, you must have Regulatory Capital of at least $10,000,000, or such lesser amount (but not less than $5,000,000) and Leverageable Capital of at least $500,000, to become a RBIC.
(b) Exception. (1) The Secretary in his or her sole discretion and based on a showing of special circumstances and good cause may license an Applicant with Regulatory Capital of at least $2,500,000, but only if the Applicant:
(1) The Secretary in his or her sole discretion and based on a showing of special circumstances and good cause may license an Applicant with Regulatory Capital of at least $2,500,000, but only if the Applicant:
(i) Has satisfied all eligibility criteria for licensing as a RBIC as described in Sec. 4290.390(a) of this part, except the capital requirement specified in paragraph (a)(1) of that section, as determined solely by the Secretary;
(ii) Has a viable business plan reasonably projecting profitable operations; and
(iii) Has a reasonable timetable for achieving Regulatory Capital of at least $10,000,000.
(2) A RBIC licensed under this exception is not eligible to receive Leverage until it has complied with paragraph (a) of this section.
(c) Time frame. Each RBIC shall have a period of 2 years to meet the capital requirements set forth in this section. [69 FR 32202, June 8, 2004, as amended at 76 FR 80222, Dec. 23, 2011]