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Securing Equity for the Economic Development of Low Income Areas Act of 2005

Introduced: November 10, 2005 Introduced by: Moore, Gwen Democratic · Wisconsin See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 10, 2005

Referred to the House Committee on Small Business.

Nov 10, 2005

Sponsor introductory remarks on measure. (CR E2334-2335)

Nov 10, 2005

Introduced in House

Plain-English summary Congressional Research Service

Securing Equity for the Economic Development of Low Income Areas Act of 2005 - 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 (currently, 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.

What's happening now November 10, 2005

Referred to the House Committee on Small Business.

Committees of jurisdiction 1