15 U.S.C. § 689: Definitions

The term “developmental venture capital” means capital in the form of equity capital investments in businesses made with a primary objective of fostering economic development in low-income geographic areas. For the purposes of this paragraph, the term “equity capital” has the same meaning given such term in section 683(g)(4) of this title . for metropolitan areas, 80 percent of the area median income; and 80 percent of the area median income; or 80 percent of the statewide nonmetropolitan area median income. the poverty rate for that census tract is not less than 20 percent; that is located within a metropolitan area, 50 percent or more of the households in that census tract have an income equal to less than 60 percent of the area median gross income; or that is not located within a metropolitan area, the median household income for such tract does not exceed 80 percent of the statewide median household income; or as determined by the Administrator based on objective criteria, a substantial population of low-income individuals reside, an inadequate access to investment capital exists, or other indications of economic distress exist in that census tract; or a HUBZone (as defined in section 632(p) 2 of this title and the implementing regulations issued under that section); 2 See References in Text note below. an urban empowerment zone or urban enterprise community (as designated by the Secretary of Housing and Urban Development); or a rural empowerment zone or rural enterprise community (as designated by the Secretary of Agriculture). has been granted final approval by the Administrator under section 689c(e) of this title ; and has entered into a participation agreement with the Administrator. The term “operational assistance” means management, marketing, and other technical assistance that assists a small business concern with business development. details the company’s operating plan and investment criteria; and requires the company to make investments in smaller enterprises at least 80 percent of which are located in low-income geographic areas. invests solely in small business concerns that contribute to a well-balanced national economy by facilitating ownership in such concerns by persons whose participation in the free enterprise system is hampered because of social or economic disadvantages; is organized or chartered under State business or nonprofit corporations statutes, or formed as a limited partnership; and was licensed under section 681(d) of this title , as in effect before September 30, 1996 . The term “State” means such 3 of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any other commonwealth, territory, or possession of the United States. 3 So in original. Probably should be “each”.