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This grant guidance is a summary of the policies and procedures applicable to New Markets Venture Capital Companies that receive a grant under the New Markets Venture Capital ("NMVC") program ("Recipient"). At the time of final approval, NMVC Companies will be required to sign a grant agreement stating the terms and conditions of the grant award from SBA, and the terms of the grant agreement itself will control Recipient’s grant activities and funds.
A Recipient is required to use grant funds to provide directly, or indirectly through third parties and Affiliates, specific, no cost Operational Assistance ("OA") to Smaller Enterprises in which it has made or expects to make Equity Capital Investments ("actual or prospective portfolio concerns") with the primary objective of economic development of Low-Income Geographic Areas (“LI Areas”) (see 13 C.F.R. § 108.50 for definitions of terms). OA is management, marketing, and other technical assistance that assists a small business with its business development. Recipient will provide OA through the use of licensed professionals, when necessary. "Grant funds" include both the Federal funds obligated by SBA under the grant award for use by Recipient, and the non-Federal share of the grant award (Recipient's grant matching resources).