Job Creation and Urban Revitalization Act of 2011

Job Creation and Urban Revitalization Act of 2011 - Amends the Small Business Investment Act of 1958 to expand the new markets venture capital program (currently, a program under which venture capital companies provide equity capital investments and operational assistance to small businesses in low-income geographic areas) to areas of high unemployment. Allows the operational assistance that companies provide to small businesses in such high-unemployment areas to include retooling, updating, or replacing of machinery or equipment.

Makes the Small Business Administration (SBA) definition of "low-income geographic area" under the program the same as the definition of "low-income community" under the Internal Revenue Code, except that, without regard to such meaning, the term shall include an area of high unemployment.

Requires the SBA Administrator, in conditionally approving companies to participate in the program, to select at least one company from each SBA geographic region.

Directs the Administrator to allow conditionally-approved companies two years (currently, a period of time not to exceed two years) to satisfy capital and other requirements for final approval.

Exempts from a requirement that conditionally-approved companies have certain binding capital commitments in order to provide operational assistance, companies primarily serving small businesses in areas of: (1) high unemployment, or (2) urban manufacturing revitalization.

Authorizes the Administrator to approve a company to serve, throughout all states, solely small businesses in urban manufacturing revitalization areas.

Reduces to $3 million the minimum capital requirements for final approval of conditionally-approved companies engaged primarily in development of and investment in small businesses located in areas of high unemployment. Reduces to $2 million such capital requirements for conditionally-approved companies so engaged primarily with small businesses in urban manufacturing revitalization areas. (Current law would otherwise require any conditionally-approved company to raise at least $5 million.)

Revises the formula for operational assistance grants.

Authorizes such grants to conditionally-approved companies (up to $50,000 per company), provided that repayment is made if such companies do not receive final approval.