3.0.0 2872 2023-01-11T13:22:26Z 2023-01-11T13:22:26Z House H HR 2011-09-08 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. VELAZQUEZ:H.R. 2872.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3The Congress shall have Power *** To regulate Commerce withforeign Nations, and among the several States, and with theIndian Tribes.[Page H6010]]]> hssm00 Small Business Committee House Standing Referred to 2011-09-08T14:01:20Z 2011-09-08 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2011-09-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-09-08 Introduced in House IntroReferral 1000 9 Library of Congress V000081 Rep. Velazquez, Nydia M. [D-NY-12] NYDIA VELAZQUEZ D NY M. 12 N Commerce Business investment and capital Executive agency funding and structure Financial services and investments Government lending and loan guarantees Manufacturing Public contracts and procurement Securities Small Business Administration Small business Unemployment Urban and suburban affairs and development Commerce 00 2011-09-08 Introduced in House 2011-11-02T14:27:03Z Job Creation and Urban Revitalization Act of 2011 - Amends the Small Business Investment Act of 1958 to expand the new markets venture capital program (currently, a program under which venture capital companies provide equity capital investments and operational assistance to small businesses in low-income geographic areas) to areas of high unemployment. Allows the operational assistance that companies provide to small businesses in such high-unemployment areas to include retooling, updating, or replacing of machinery or equipment.

Makes the Small Business Administration (SBA) definition of "low-income geographic area" under the program the same as the definition of "low-income community" under the Internal Revenue Code, except that, without regard to such meaning, the term shall include an area of high unemployment.

Requires the SBA Administrator, in conditionally approving companies to participate in the program, to select at least one company from each SBA geographic region.

Directs the Administrator to allow conditionally-approved companies two years (currently, a period of time not to exceed two years) to satisfy capital and other requirements for final approval.

Exempts from a requirement that conditionally-approved companies have certain binding capital commitments in order to provide operational assistance, companies primarily serving small businesses in areas of: (1) high unemployment, or (2) urban manufacturing revitalization.

Authorizes the Administrator to approve a company to serve, throughout all states, solely small businesses in urban manufacturing revitalization areas.

Reduces to $3 million the minimum capital requirements for final approval of conditionally-approved companies engaged primarily in development of and investment in small businesses located in areas of high unemployment. Reduces to $2 million such capital requirements for conditionally-approved companies so engaged primarily with small businesses in urban manufacturing revitalization areas. (Current law would otherwise require any conditionally-approved company to raise at least $5 million.)

Revises the formula for operational assistance grants.

Authorizes such grants to conditionally-approved companies (up to $50,000 per company), provided that repayment is made if such companies do not receive final approval.

]]> Job Creation and Urban Revitalization Act of 2011 Display Title Job Creation and Urban Revitalization Act of 2011 Official Title as Introduced To amend the Small Business Investment Act of 1958 to improve the New Markets Venture Capital Program, and for other purposes. Introduced in House IH Short Titles as Introduced Job Creation and Urban Revitalization Act of 2011 Introduced in House 2011-09-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2872ih/xml/BILLS-112hr2872ih.xml 2011-09-08 Referred to the House Committee on Small Business. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.