American Small Business Innovation Act

[AI summary unavailable — showing source text] American Small Business Innovation Act - Amends the Small Business Investment Act of 1958 to require (under current law, authorizes) the Administrator of the Small Business Administration (SBA) to participate in the new markets venture capital program (a program under which investment companies provide capital financing to small businesses). Requires a report from the Administrator to Congress evaluating the success of the new markets venture capital program (program). Requires the Administrator, in selecting companies for program participation, to approve at least one company from each SBA geographic region. Requires each conditionally approved company engaged primarily in development of and investment in small manufacturers to raise at least $3 million in capital for such purposes from private investors. Directs the SBA's Chief Counsel for Advocacy to study the availability of equity capital in low-income urban and rural areas. Authorizes the Administrator to make grants to conditionally-approved companies for participation in the program. Revises the program's operational assistance grant formula. Reauthorizes appropriations to fund debenture guarantees and for operational assis…