Page:United States Statutes at Large Volume 110 Part 4.djvu/897

 PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009-734 pursuant to paragraph (14)(A), such participation by the Administration shall not exceed 90 percent.". TITLE II—AMENDMENTS TO SMALL BUSINESS INVESTMENT ACT SEC. 201. REFERENCES. Except as otherwise expressly provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.). SEC. 202. MODIFICATIONS TO DEVELOPMENT COMPANY DEBENTURE PROGRAM. (a) DECREASED LOAN TO VALUE RATIOS.—Section 502(3) (15 U.S.C. 696(3)) is amended to read as follows: " (3) CRITERIA FOR ASSISTANCE. — "(A) IN GENERAL.— Any development company assisted under this section or section 503 of this title must meet the criteria established by the Administration, including the extent of participation to be required or amount of paid-in capital to be used in each instance as is determined to be reasonable by the Administration. " (B) COMMUNITY INJECTION FUNDS. — "(i) SOURCES OF FUNDS.—Community injection funds may be derived, in whole or in part, from— "(I) State or local governments; "(II) banks or other financial institutions; "(III) foundations or other not-for-profit institutions; or "(IV) the small business concern (or its owners, stockholders, or affiliates) receiving assistance through a body authorized by this title, "(ii) FUNDING FROM INSTITUTIONS.—Not less than 50 percent of the total cost of any project financed pursuant to clauses (i), (ii), or (iii) of subparagraph (C) shall come from the institutions described in subclauses (I), (II), and (III) of clause (i). " (C) FUNDING FROM A SMALL BUSINESS CONCERN.— The small business concern (or its owners, stockholders, or affiliates) receiving assistance through a body authorized by this title shall provide— "(i) at least 15 percent of the total cost of the project financed, if the small business concern has been in operation for a period of 2 years or less; "(ii) at least 15 percent of the total cost of the project financed if the project involves the construction of a limited or single purpose building or structure; "(iii) at least 20 percent of the total cost of the project financed if the project involves both of the conditions set forth in clauses (i) and (ii); or "(iv) at least 10 percent of the total cost of the project financed, in all other circumstances, at the discretion of the development company.". 29-194O-96 -29:QL3Part4

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