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15 U.S. Code § 689c. Selection of New Markets Venture Capital companies
(a) EligibilityA 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) ApplicationTo participate, as a New Markets Venture Capital company, in the program established under this part a company meeting the eligibility requirements set forth in subsection (a) shall submit an application to the Administrator that includes—
(1)
a business plan describing how the company intends to make successful developmental venture capital investments in identified low-income geographic areas;
(2)
information regarding the community development finance or relevant venture capital qualifications and general reputation of the company’s management;