New Markets Venture Capital refunding

For the past seven years, I've led a venture capital fund that is one of only six in the US to receive the license and funding from the SBA to operate a New Markets Venture Capital (NMVC) fund. The NMVC program was a Clinton administration initiative designed to drive capital into underserved communities in this country. Six funds were licensed, with more planned, but the Bush administration took away funding (after the 2000/2001 first round) and so, at present, there are only six NMVCs in the US. What's cool about this program is that it attempts to spread the catalytic impact of venture capital to parts of the country that haven't had the benefit of this source of funding. A Federal Reserve Bank of Boston newsletter pointed out that "fully two thirds of US venture capital investment takes place in five concentrated geographic areas (Silicon Valley, New England-primarily metro Boston, metro New York, Texas, and Los Angeles/Orange County), and the economic areas of the Silicon Valley and metro Boston accountfor nearly one-half of all investment." So, this SBA program was trying to address this disparity. Based on my experience running this program, I can say that--while a challenging to uncover opportunities in these markets--I believe that there are hidden gems throughout these so-called underserved markets. On March 12th, two of the original advocates (a democratic congress woman from WI and a republican congress man from KY) for the NMVC program proposed reauthorization and refunding. Seems like the current administration's priorities in light of the current market environment suggests (to me, in any event) that this is going to get a good hearing. If so, I'll be chasing that program for my new fund-in-formation, Clear Venture Partners, which will be targeting New England growth opportunities