Detailed Summary

Securing Equity for the Economic Development of Low Income Areas Act of 2007 or SEED Act - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to select at least one company from each SBA geographic region when selecting companies to participate as New Markets Venture Capital companies.

Establishes in the Investment Division of the SBA the Office of New Markets Venture Capital.

Modifies the definition of low-income geographic area to reflect the new markets tax credit under the Internal Revenue Code.

Revises the formula for the amount of operational assistance grants for new markets venture capital companies.

Status of the Legislation

Latest Major Action: 6/26/2007: Senate committee/subcommittee actions. Status: Committee on Small Business and Entrepreneurship. incorporated into measure S. 1662 ordered to be reported.

Points in Favor

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Points Against

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