Page:United States Statutes at Large Volume 114 Part 5.djvu/701
PUBLIC LAW 106-554—APPENDIX H 114 STAT. 2763A-661 "(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 Venture Capital companies set forth in section 354(d)(2). "(5) PRO RATA REDUCTIONS. — If the amount made available to carry out this section is insufficient for the Administrator to provide grants in the amounts provided 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 companies and to other entities, as authorized by this part under such terms as the Administrator may require, to provide additional operational assistance to smaller enterprises financed, or expected to be financed, by the companies. "(2) MATCHING REQUIREMENT.— The Administrator may require, as a condition of any supplemental grant made under this subsection, that the company or entity receiving the grant provide from resources (in a cash or in kind), other then those provided by the Administrator, a matching contribution 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 specialized small business investment company. "SEC. 359. BANK PARTICIPATION. "(a) IN GENERAL.—Except as provided in subsection (b), any national 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 surplus of the bank. "SEC. 360. FEDERAL FINANCING BANK "Section 318 shall not apply to any debenture issued by a New Markets Venture Capital company under this part. "SEC. 361. REPORTING REQUIREMENT. "Each New Markets Venture Capital company that participates in the program established under this part shall provide to the Administrator such information as the Administrator may require, including— "(1) information related to the measurement criteria that the company proposed in its program application; and "(2) in each case in which the company under this part makes an investment in, or a loan or grant to, a business that is not located in a low-income geographic area, a report on the number and percentage of employees of the business who reside in such areas.