New Markets Initiative Act of 1999

[AI summary unavailable — showing source text] New Markets Initiative Act of 1999 - Title I: New Markets Venture Capital Program - Amends the Small Business Investment Act of 1958 to direct the Small Business Administration (SBA) to establish a New Markets Venture Capital Program, under which the SBA may: (1) enter into a participation agreement with each new market venture capital company (company) for encouraging venture capital investment in smaller enterprises located in urban and rural areas; (2) guarantee debentures issued by each company; and (3) make technical assistance grants to each company. Makes eligible as a participating company in the Program one which: (1) is a newly formed for-profit entity or newly formed for-profit subsidiary of an existing company; and (2) has a management team with experience in community development financing or venture capital financing. Outlines application requirements and SBA selection criteria, requiring the SBA to ensure that companies are chosen so that investments under the Program will be made nationwide. Outlines conditions to be met by each company before final approval, including: (1) a capital investment requirement of at least $5 million from investors who meet SBA-establish…