S. 1662 (110th): Small Business Venture Capital Act of 2007

Introduced:
Jun 19, 2007 (110th Congress, 2007–2009)
Status:
Died (Reported by Committee)
Sponsor
John Kerry
Senator from Massachusetts
Party
Democrat
Text
Read Text »
Last Updated
Oct 16, 2007
Length
18 pages
Related Bills
S. 1670 (107th) was a previous version of this bill.

Referred to Committee
Last Action: Nov 09, 2001

S. 1831 (111th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Oct 21, 2009

 
Status

This bill was introduced on June 26, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 19, 2007
Referred to Committee Jun 19, 2007
Reported by Committee Jun 26, 2007
 
Full Title

A bill to amend the Small Business Investment Act of 1958 to reauthorize the venture capital program, and for other purposes.

Summary

No summaries available.

Cosponsors
1 cosponsors (1R) (show)
Committees

Senate Small Business and Entrepreneurship

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


10/16/2007--Reported to Senate amended.
Small Business Venture Capital Act of 2007 -
Title I - Small Business Investment Company Program
Section 101 -
Amends the Small Business Act to reauthorize for FY2007-FY2010 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).
Section 102 -
Amends the latter Act to increase the maximum amounts of outstanding leverage made available to: (1) any one SBIC; (2) two or more SBICs that are commonly controlled; and (3) SBICs that invest in women-owned or minority businesses or in businesses in low-income areas.
Section 103 -
Requires each SBIC, as a condition of an application for leverage, to certify that not less than 25% of the aggregate dollar amount of its financings will be provided to smaller enterprises.
Section 104 -
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.
Section 105 -
Increases from 20% to 30% of total available private capital the maximum authorized SBIC investment in a single business (absent specific SBA approval).
Title II - New Markets Venture Capital Program
Section 201 -
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 have as a goal to select at least one company from each SBA geographic region.
Requires the Administrator, to the extent practicable, 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.
Section 202 -
Establishes in the Investment Division of the SBA the Office of New Markets Venture Capital. Requires the head of such Office to: (1) administer the NMVC program; (2) advise the Administrator on recommended changes; (3) work to expand the number of small businesses participating in the program; and (4) encourage investment in small manufacturing.
Section 203 -
Modifies the definition of low-income geographic area to reflect the new markets tax credit under the Internal Revenue Code.
Section 204 -
Requires the Administrator, within one year after the enactment of this Act, to prescribe standard documents for an application for final approval of a company under the NMVC program.
Section 205 -
Allows NMVC companies to receive operational assistance grants of the lesser of 10% of the private capital raised by the company or $1 million. 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.
Section 206 -
Reauthorizes the NMVC program for FY2007-FY2010. Reduces from $30 million to $20 million the authorization for operational assistance grants.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of S. 1662 (110th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus