Small Business Venture Capital Act of 2007

Small Business Venture Capital Act of 2007 - Title I: Small Business Investment Company Program - (Sec. 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).

(Sec. 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.

(Sec. 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.

(Sec. 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.

(Sec. 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 - (Sec. 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.

(Sec. 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.

(Sec. 203) Modifies the definition of low-income geographic area to reflect the new markets tax credit under the Internal Revenue Code.

(Sec. 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.

(Sec. 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.

(Sec. 206) Reauthorizes the NMVC program for FY2007-FY2010. Reduces from $30 million to $20 million the authorization for operational assistance grants.