What are the qualifications to apply for designation as a NMVCC?
In order to be eligible to apply for designation as an NMVCC, an applicant must: Be a new for-profit entity formed after December 21, 2000. It may be organized as a partnership, a limited liability company, or a corporation. It may be a newly formed subsidiary of an existing for-profit, non-profit, or governmental entity. Have a management team with demonstrated experience in community development finance and/or relevant venture capital finance. Have a primary mission of economic development of one or more LI areas. Have specific LI areas identified in which it intends to direct its activities. Have management and ownership diversity. Commit to raising investment capital (minimum $5 million) from sources other than an agency of the Federal government. Commit to raising grant matching resources equal to at least 30 percent of its capital from sources other than SBA.
