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Hal Rogers of Kentucky reintroduced the SEED Act Bill that spawned the NMVC Program in 2000.
Having managed one of the six licensed entities since its inception, I've found NMVC to be a challenging and effective program.
As described by SBA, a NMVC company is a privately managed, newly formed, for-profit investment company established for the purpose of providing capital and operational assistance to smaller businesses located in specific rural and urban areas.
Several conditionally approved NMVC companies already exist, with their formal approval contingent on their ability to raise required amounts of regulatory capital and grant matching resources, as well as meeting other technical requirements for participation.
In addition, the agreement would authorize SBA to make $30 million in grants to match private commitments for operating assistance to the NMVC's portfolio companies.
The budget includes $150 million in targeted venture capital funding for the New Markets Venture Capital (NMVC) Program, compared to $40 million in funding appropriated in this year's budget.
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