H.R.1491 - Securing Equity for the Economic Development of Low Income Areas Act of 2009111th Congress (2009-2010)
Summary: H.R.1491 — 111th Congress (2009-2010)
Introduced in House (03/12/2009)
Securing Equity for the Economic Development of Low Income Areas Act of 2009 - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA), in selecting companies to participate in the New Markets Venture Capital Program (Program), to select at least one company from each geographic region of the SBA. Requires (current law authorizes) the Administrator to make grants to such companies to be used for loans to new-market small businesses, and to guarantee debentures issued by such companies.
Establishes the Office of New Markets Venture Capital, headed by a Director, to administer the Program.
Revises the definition of "low income geographic area" for Program eligibility purposes.
Requires a study by the SBA's Chief Counsel for Advocacy on the availability of equity capital in low-income urban and rural areas.
Authorizes operational assistance grants to conditionally approved companies.