A bill to amend the Small Business Investment Act of 1958 to reauthorize the New Markets Venture Capital Program, and for other purposes.
Securing Equity for the Economic Development of Low Income Areas Act of 2007 or SEED Act - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to select at least one company from each SBA geographic region when selecting companies to participate as New Markets Venture Capital companies.
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.
Revises the formula for the amount of operational assistance grants for new markets venture capital companies.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 422.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S7905)
Read twice and referred to the Committee on Small Business and Entrepreneurship. (text of measure as introduced: CR S7906)
Committee on Small Business and Entrepreneurship. Measure incorporated into measure S.1662 ordered to be reported.
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