PUBLIC LAW 106-554—APPENDIX H 114 STAT. 2763A-655 "(C) was licensed under section 301(d), as in effect before September 30, 1996. "(8) STATE. — The term 'State' means such of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any other commonwealth, territory, or possession of the United States. "SEC. 352. PURPOSES. "The purposes of the New Markets Venture Capital Program established under this part are— "(1) to promote economic development and the creation of wealth and job opportunities in low-income geographic areas and among individuals living in such areas by encouraging developmental venture capital investments in smaller enterprises primarily located in such areas; and "(2) to establish a developmental venture capital program, with the mission of addressing the unmet equity investment needs of small enterprises located in low-income geographic areas, to be administered by the Administrator— "(A) to enter into participation agreements with New Markets Venture Capital companies; "(B) to guarantee debentures of New Markets Venture Capital companies to enable each such company to make developmental venture capital investments in smaller enterprises in low-income geographic areas; and "(C) to make grants to New Markets Venture Capital companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by such companies. " SEC. 353. ESTABLISHMENT. "In accordance with this part, the Administrator shall establish a New Markets Venture Capital Program, under which the Administrator may— "(1) enter into participation agreements with companies granted final approval under section 354(e) for the purposes set forth in section 352; ^ "(2) guarantee the debentures issued by New Markets Venture Capital companies as provided in section 355; and "(3) make grants to New Markets Venture Capital companies, and to other entities, under section 358. "SEC. 354. SELECTION OF NEW MARKETS VENTURE CAPITAL COMPA- NIES. "(a) ELIGIBILITY. —^A company shall be eligible to apply to participate, as a New Markets Venture Capital company, in the program established under this part if— "(1) the company is a newly formed for-profit entity or a newly formed for-profit subsidiary of an existing entity; "(2) the company has a management team with experience in community development financing or relevant venture capital financing; and "(3) the company has a primary objective of economic development of low-income geographic areas. "(b) APPLICATION.—To participate, as a New Markets Venture Capital company, in the program established under this part a
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