S. 1831 · 111th Congress
Small Business Venture Capital Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KerrySponsorNo cosponsors.
Small Business Venture Capital Act of 2009 - Amends the Small Business Act to reauthorize for FY2010-FY2013 the venture capital program under the Small Business Investment Act of 1958 (a program under which small business investment companies (SBICs) provide capital financing to small businesses).
What it does: CRS summary · Introduced in Senate · Oct 21, 2009
Small Business Venture Capital Act of 2009 - Amends the Small Business Act to reauthorize for FY2010-FY2013 the venture capital program under the Small Business Investment Act of 1958 (a program under which small business investment companies (SBICs) provide capital financing to small businesses).
Increases the maximum amounts of outstanding leverage made available to SBICs that invest in women-owned or minority businesses.
Allows SBICs who were licensed as participating securities SBICs prior to October 1, 2004, to obtain leverage based on Small Business Administration (SBA)-approved commitments rather than paid-in capital.
Increases from 20% to 30% of total available private capital the maximum authorized SBIC investment in a single business (absent specific SBA approval).
Requires the SBA Administrator, in selecting investment companies to participate in the New Markets Venture Capital program (NMVC program) (investment in small businesses in low-income areas), to select at least one company from each SBA geographic region.
Requires the Administrator to have as a goal to enter into at least one NMVC program agreement with a company engaged primarily in the development of and investment in small manufacturers.
Establishes in the Investment Division of the SBA the Office of New Markets Venture Capital.
Modifies the definition of low-income geographic area to reflect the new markets tax credit under the Internal Revenue Code.
Requires the Administrator to prescribe standard documents for an application for final approval of a company under the NMVC program.
Allows NMVC companies to receive operational assistance grants. Requires the Administrator to grant each conditionally-approved NMVC company up to two years to raise the $5 million in private capital required for participation.
Reauthorizes the NMVC program for FY2010-FY2013. Reduces the authorization for operational assistance grants.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Venture Capital Act of 2009
Latest action (Oct 21, 2009): Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: Senate · Introduced: Oct 21, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.