§ 689a. Purposes

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The purposes of the New Markets Venture Capital Program established under this part are—

(1)to promote economic development and the creation of wealth and job opportunities in low-income geographic areas and among individuals living in such areas by encouraging developmental venture capital investments in smaller enterprises primarily located in such areas; and

(2)to establish a developmental venture capital program, with the mission of addressing the unmet equity investment needs of small enterprises located in low-income geographic areas, to be administered by the Administrator—

(A)to enter into participation agreements with New Markets Venture Capital companies;

(B)to guarantee debentures of New Markets Venture Capital companies to enable each such company to make developmental venture capital investments in smaller enterprises in low-income geographic areas; and

(C)to make grants to New Markets Venture Capital companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by such companies.

(Pub. L. 85–699, title III, § 352, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–655.)

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Cited by 2 sections

U.S. Code

§ 689b
Establishment

statute-compilations

Sec. 352
PURPOSES

3 references not yet in our index

Pub. L. 85–699, title III, § 352
Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)]
114 Stat. 2763

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§ 689a

Purposes

Stat. Comp.×1

U.S.C.×1

Pub. L.Pub. L. 85–699, title III, § 352

Pub. L.Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)]

Stat.114 Stat. 2763

Cites 3Cited by 2 across 2 sources