New Markets Venture Capital (NMVC) Program
The New Markets Venture Capital (NMVC) Program, administered by the Small Business Administration, was designed to provide $100 million in capital ($150 million of debenture guarantees allocated on a discounted basis) and $30 million in operational assistance grants to 10 to 20 New Markets Venture Capital companies. Six NMVC companies were given final approval in the first round of the program.
The SBA expected to run a second round of the program for an additional designation of NMVC companies in the first quarter of 2003 until funding for the program was eliminated in the FY2003 Omnibus Appropriations Bill. CDVCA has since been working to ensure the program continues to function effectively for existing NMVC companies and to reauthorize funding for the program.
Click here for an overview of the NMVC Program at the SBA website.
Click here for an overview of the NMVC Program by the Congressional Research Service.