Page:United States Statutes at Large Volume 108 Part 5.djvu/694

 note. 108 STAT. 4184 PUBLIC LAW 103-403—OCT. 22, 1994 15 USC 697d (b) REGULATIONS.— Not later than 120 days after the date of "°*®- enactment of this Act, the Administration shall promulgate final regulations to carry out this section. l5 USC 697d (c) REPORT.— Not later than 1 year after the effective date ^°*®- of regulations promulgated under subsection (b), and biennially thereafter, the Administration shall report to the Committees on Small Business of the Senate and the House of Representatives on the implementation of this section. Such report shall include data on the number of development companies designated as accredited lenders, their debenture guarantee volume, their loss rates, the average processing time on their guarantee applications, and such other information as the Administration deems appropriate. SEC. 213. INTEREST RATE ON CERTIFIED DEVELOPMENT COMPANY LOANS. Section 112(c) of the Small Business Administration Reauthorization and Amendment Act of 1988 (102 Stat. 2996) is amended— 15 USC 697. (1) in paragraph (1), by striking "(1) IN GENERAL.—Section 503" and inserting "Section 503"; and 15 USC 697d (2) by striking paragraph (2). SEC. 214. CERTIFICATIONS OF ELIGmiLITY FOR SBIC AND SSBIC FINANCING. Section 308 of the Small Business Investment Act of 1958 (15 U.S.C. 687) is amended by adding at the end the following new subsection: "(h) CERTIFICATIONS OF ELIGIBILITY.— "(1) CERTIFICATION BY SMALL BUSINESS CONCERN.— Prior to receiving financial assistance from a company licensed pursuant to subsection (c) or (d) of section 301, a small business concern shall certify in writing that it meets the eligibility requirements of the Small Business Investment Company Program or the Specialized Small Business Investment Company Program, as applicable. "(2) CERTIFICATION BY COMPANY.— Prior to providing financial assistance to a small business concern under this Act, a company licensed pursuant to subsection (c) or (d) of section 301 shall certify in writing that it has reviewed the application for assistance of the small business concern and that all documentation and other information supports the eligibility of the applicant. "(3) RETENTION OF CERTIFICATIONS. —Certificates made pursuant to paragraphs (1) and (2) shall be retained by the company licensed pursuant to subsection (c) or (d) of section 301 for the duration of the financial assistance.", SEC. 215. PARTICIPATING SECURITIES FOR SMALLER SBICS. Section 303(g) of the Small Business Investment Act of 1958 (15 U.S.C. 683(g)) is amended by adding at the end the following new paragraph: "(13) PARTICIPATING SECURITIES FOR SMALLER SMALL BUSI- NESS INVESTMENT COMPANIES. — "(A) IN GENERAL.— Subject to the provisions of subparagraph (B), of the amount of the annual program level of participating securities approved in appropriations Acts, 50 percent shall be reserved for funding small business investment companies with private capital of not more than $20,000,000.

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