Title 15 — Commerce and TradeRelease 119-73not60

§689a Purposes

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

Last updated Apr 3, 2026|Official source

Summary

Encourage economic growth and create jobs in low-income areas by bringing venture capital into small local businesses. The Administrator runs a New Markets Venture Capital program to fill gaps in equity funding. The program must sign participation agreements with New Markets Venture Capital companies, guarantee their loans so they can invest, and give grants to those companies and others 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 3, 2026

Release point: 119-73not60