15 U.S.C. § 689i — Federal Financing Bank

Page 1119 TITLE 15—COMMERCE AND TRADE § 689j 1 So in original. The article probably should not appear. 2 So in original. Probably should be ‘‘than’’. ties, as authorized by this part, to provide operational assistance to smaller enterprises financed, or expected to be financed, by such companies or other entities. (2) Terms Grants made under this subsection shall be made over a multiyear period not to exceed 10 years, under such other terms as the Adminis- trator may require. (3) Grants to specialized small business invest- ment companies (A) Authority In accordance with this section, the Ad- ministrator may make grants to specialized small business investment companies to pro- vide operational assistance to smaller enter- prises financed, or expected to be financed, by such companies after the effective date of the New Markets Venture Capital Program Act of 2000. (B) Use of funds The proceeds of a grant made under this paragraph may be used by the company re- ceiving such grant only to provide oper- ational assistance in connection with an eq- uity investment (made with capital raised after the effective date of the New Markets Venture Capital Program Act of 2000) in a business located in a low-income geographic area. (C) Submission of plans A specialized small business investment company shall be eligible for a grant under this section only if the company submits to the Administrator, in such form and manner as the Administrator may require, a plan for use of the grant. (4) Grant amount (A) New Markets Venture Capital companies The amount of a grant made under this subsection to a New Markets Venture Cap- ital company shall be equal to the resources (in cash or in kind) raised by the company under section 689c(d)(2) of this title. (B) Other entities The amount of a grant made under this subsection to any entity other than a New Markets Venture Capital company shall be equal to the resources (in cash or in kind) raised by the entity in accordance with the requirements applicable to New Market Ven- ture Capital companies set forth in section 689c(d)(2) of this title. (5) Pro rata reductions If the amount made available to carry out this section is insufficient for the Adminis- trator to provide grants in the amounts pro- vided for in paragraph (4), the Administrator shall make pro rata reductions in the amounts otherwise payable to each company and entity under such paragraph. (b) Supplemental grants (1) In general The Administrator may make supplemental grants to New Markets Venture Capital com- panies and to other entities, as authorized by this part under such terms as the Adminis- trator may require, to provide additional oper- ational assistance to smaller enterprises fi- nanced, or expected to be financed, by the companies. (2) Matching requirement The Administrator may require, as a condi- tion of any supplemental grant made under this subsection, that the company or entity receiving the grant provide from resources (in a 1 cash or in kind), other then 2 those provided by the Administrator, a matching contribu- tion equal to the amount of the supplemental grant. (c) Limitation None of the assistance made available under this section may be used for any overhead or general and administrative expense of a New Markets Venture Capital company or a special- ized small business investment company. (Pub. L. 85–699, title III, § 358, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–660.) Editorial Notes REFERENCES IN TEXT The effective date of the New Markets Venture Cap- ital Program Act of 2000, referred to in subsec. (a)(3)(A), (B), probably means the date of enactment of section 1 of H.R. 5663, as enacted by Pub. L. 106–554, § 1(a)(8), which was approved Dec. 21, 2000. § 689h. Bank participation (a) In general Except as provided in subsection (b), any na- tional bank, any member bank of the Federal Reserve System, and (to the extent permitted under applicable State law) any insured bank that is not a member of such system, may invest in any New Markets Venture Capital company, or in any entity established to invest solely in New Markets Venture Capital companies. (b) Limitation No bank described in subsection (a) may make investments described in such subsection that are greater than 5 percent of the capital and sur- plus of the bank. (Pub. L. 85–699, title III, § 359, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.) § 689i. Federal Financing Bank Section 687k of this title shall not apply to any debenture issued by a New Markets Venture Capital company under this part. (Pub. L. 85–699, title III, § 360, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.) § 689j. Reporting requirement Each New Markets Venture Capital company that participates in the program established