The Small Business Administration maintains and strengthens the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters.
Not applicable.
Uses and Use Restrictions
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.
Eligibility Requirements
Applicant Eligibility
No new funding will be requested for this program.
Beneficiary Eligibility
Not applicable.
Credentials/Documentation
Not applicable.
Aplication and Award Process
Preapplication Coordination
None.
This program is excluded from coverage under E.O.
12372.
Application Procedures
Not applicable.
Award Procedures
Not applicable.
Deadlines
Not applicable.
Authorization
Small Business Investment Act of 1958, as amended, Title III, Part B, Sections 351-368; 15 U.S.C. 689 - 689q.
Range of Approval/Disapproval Time
Not applicable.
Appeals
Not applicable.
Renewals
Not applicable.
Assistance Considerations
Formula and Matching Requirements
Not applicable.
Length and Time Phasing of Assistance
Not applicable.
Post Assistance Requirements
Reports
SBA will request financial information including, but not limited to, financial statements, economic impact and community development information, and portfolio financing reports and valuations.
SBA will require both annual and quarterly reports.
Audits
SBA will require an annual financial report performed by an independent public accountant and an annual examination performed by SBA's internal examiners.
Records
Appropriate records as needed for requirements of 111 and 112.
Financial Information
Account Identification
Guarantees (Loans) 73-1154-0-1-376;
Operational Assistance grants (Grants) 73-0100-0-1-376.
Obigations
Administrative: FY 07 $210,000; FY 08 $242,000; FY 09 $251,000.
Range and Average of Financial Assistance
Not applicable.
Regulations, Guidelines, and Literature
13 CFR Part 108.
Information Contacts
Regional or Local Office
None.
Headquarters Office
SBA, Investment Division, New Markets Venture Capital Program, 409 3rd Street, N.W., Suite 6300, Washington, DC 20416. Telephone: (202) 205-6510.
Criteria for Selecting Proposals
Equity venture capital finance experience, community development finance experience, Federal grant administration experience and technical assistance experience.
MVYouth, a newly formed Vineyard philanthropy group with a mission to support Island youth, will pledge $4 million over the next four years to a diverse set of youth causes.