New Markets Venture Capital

 

To promote economic development and the creation of wealth and job opportunities in low-income geographic areas and among individuals living in such areas, through developmental venture capital investments in smaller enterprises located in such areas.

Deleted 02/05/2016 (Archived.) 59.051 Agency: Small Business Administration GUARANTEED/INSURED LOANS; PROJECT GRANTS Not Applicable. Small Business Investment Act of 1958, III U.S.C 351-368. No new funding will be requested for this program. Not applicable. No Credentials or documentation are required. This program is excluded from coverage under OMB Circular No. A-87. Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Not applicable. Not applicable. Contact the headquarters or regional office, as appropriate, for application deadlines. Additional details available on SBA's website at sba.gov. Additional information available on SBA's website at www.sba.gov. Additional information available on SBA's website at www.sba.gov. Equity venture capital finance experience, community development finance experience, Federal grant administration experience and technical assistance experience. Recipients are SBA approved New Markets Venture Capital Companies (NMVCCs) that use funds from debentures guaranteed by SBA to make equity capital investments in smaller enterprises located in low-income geographic areas. Recipients use OA grant funds to provide management and technical assistance to smaller enterprises in which they intend or make such investments. Recipients must not use grant funds for their own general and administrative expenses. Term of guaranteed debenture is up to 10 years, with no payments required in years 1 to 5, interest only payments due semi- annually in years 6 to 10, and a balloon repayment of principal due at maturity. Cost is approximately 100 basis points over comparable U.S. Treasury Securities. Prepayment is allowed without penalty after year 1. Additional information available on SBA's website at www.sba.gov. Additional information available on SBA's website at www.sba.gov. Additional information available on SBA's website at www.sba.gov. Additional information available on SBA's website at www.sba.gov. Additional information available on SBA's website at www.sba.gov. In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133. SBA will require an annual financial report performed by an independent public accountant and an annual examination performed by SBA's internal examiners. Appropriate records as needed for requirements of 111 and 112. Statutory formulas are not applicable to this program.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program. Additional information available on SBA's website at www.sba.gov. See the following for information on how assistance is awarded/released: Additional information available on SBA's website at www.sba.gov. See Regional Agency Offices. SBA Executive Secretariat 409 3rd. Street, SW, Washington, District of Columbia 20416 Email: SBAExecSec@sba.gov Phone: 1-800-827-5722 http://www.sba.gov/INV/NMVC 73-0100-0-1-376; 73-1154-0-1-376. (Salaries) FY 08 $281,000; FY 09 est $293,000; and FY 10 est $324,000 Additional information available on SBA's website at sba.gov. 13 CFR Part 108. Not Applicable.