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SBA | RIN: 3245-AE40 | Publication ID: Fall 1999 |
Title: ●New Markets Venture Capital Program | |
Abstract: The New Markets Venture Capital (NMVC) program will help spur economic development in some of America's under-invested communities through a public-private partnership encouraging venture capital investing and intensive technical assistance to small businesses in low- and moderate-income areas. | |
Agency: Small Business Administration(SBA) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: Not Yet Determined |
Statement of Need: This initiative provides equity-type capital to smaller businesses located in low- and moderate-income areas whose needs are more modest than the typical recipient of SBIC financing ($50,000 - $300,000, vs. $300,000 - $5 million for SBICs) and where significant technical assistance is an essential element of investment. |
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Summary of the Legal Basis: Not yet required by statute or court order. An NMVC bill is expected to be introduced in Congress in the fall of 1999. |
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Alternatives: SBA expects that Congress will construct a statute based on a Presidential initiative to create this program. The NMVC program will confer benefits and is not designed to address a risk for which there may be alternative solutions. |
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Anticipated Costs and Benefits: This rulemaking will require a small SBA staff to administer. No Federal agency other than SBA will incur costs. This program will benefit small businesses by providing equity-type capital and specialized technical assistance to previously underserved small businesses in low- and moderate-income areas. |
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Risks: This regulation addresses no risks to the public health and safety or to the environment. SBA does not anticipate substantial costs or risks associated with the proposed regulations. |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Small Entities Affected: Businesses | |
Included in the Regulatory Plan: Yes | |
Agency Contact: Saunders Miller Senior Policy Advisor Small Business Administration Suite 6300, 409 Third Street SW, Washington, DC 20416 Phone:202 205-3646 |