Title 15 — Commerce and TradeRelease 119-73

§689a Purposes

Title 15 › Chapter CHAPTER 14B— - SMALL BUSINESS INVESTMENT PROGRAM › Subchapter SUBCHAPTER III— - INVESTMENT DIVISION PROGRAMS › Part Part B— - New Markets Venture Capital Program › § 689a

Last updated Apr 6, 2026|Official source

Summary

Creates the New Markets Venture Capital Program to grow businesses, jobs, and wealth in low-income areas by encouraging venture-capital investment in small, local companies. Its mission is to fill unmet equity needs of those small businesses. The program administrator must sign participation deals with New Markets Venture Capital companies, guarantee their debentures so they can invest, and award grants to help the small firms operate.

Full Legal Text

Title 15, §689a

Commerce and Trade — Source: USLM XML via OLRC

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.

Reference

Citations & Metadata

Citation

15 U.S.C. § 689a

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73