---
kind: "section"
citation: "15 U.S.C. § 689a"
title: "15"
title_heading: "Commerce and Trade"
number: "689a"
heading: "Purposes"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/689a"
units:
  - "Chapter 14B — Small Business Investment Program"
  - "Subchapter III — Investment Division Programs"
  - "Part B — New Markets Venture Capital Program"
---

# §689a. Purposes


The purposes of the New Markets [Venture Capital](/usc/15/690.md?p=6) Program established under this part are—

- (1) to promote economic development and the creation of wealth and job opportunities in [low-income geographic areas](/usc/15/689.md?p=3) and among individuals living in such areas by encouraging [developmental venture capital](/usc/15/689.md?p=1) investments in [smaller enterprises](/usc/15/662.md?p=12) primarily located in such areas; and
- (2) to establish a [developmental venture capital](/usc/15/689.md?p=1) program, with the mission of addressing the unmet equity investment needs of small enterprises located in [low-income geographic areas](/usc/15/689.md?p=3), to be administered by the [Administrator](/usc/15/662.md?p=2)—
  - (A) to enter into [participation agreements](/usc/15/689.md?p=6) with [New Markets Venture Capital companies](/usc/15/689.md?p=4);
  - (B) to guarantee debentures of [New Markets Venture Capital companies](/usc/15/689.md?p=4) to enable each such [company](/usc/15/662.md?p=3) to make [developmental venture capital](/usc/15/689.md?p=1) investments in [smaller enterprises](/usc/15/662.md?p=12) in [low-income geographic areas](/usc/15/689.md?p=3); and
  - (C) to make grants to [New Markets Venture Capital companies](/usc/15/689.md?p=4), and to other entities, for the purpose of providing [operational assistance](/usc/15/689.md?p=5) to [smaller enterprises](/usc/15/662.md?p=12) financed, or expected to be financed, by such [companies](/usc/15/662.md?p=3).

## Source credit

(Pub. L. 85–699, title III, § 352, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–655.)