Page:United States Statutes at Large Volume 118.djvu/3474

 118 STAT. 3444 PUBLIC LAW 108–447—DEC. 8, 2004 has the meaning given that term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a).’’; (3) in subparagraph (B), by striking ‘‘annual’’ and inserting ‘‘yearly’’; and (4) by adding at the end the following: ‘‘(C) LOWERING OF BORROWER FEES.—If the Administra tion determines that fees paid by lenders and by small business borrowers for guarantees under this subsection may be reduced, consistent with reducing to zero the cost to the Administration of making such guarantees— ‘‘(i) the Administration shall first consider reducing fees paid by small business borrowers under clauses (i) through (iii) of paragraph (18)(A), to the maximum extent possible; and ‘‘(ii) fees paid by small business borrowers shall not be increased above the levels in effect on the date of enactment of this subparagraph.’’. SEC. 103. INCREASE IN GUARANTEE AMOUNT AND INSTITUTION OF ASSOCIATED FEE. (a) INCREASE IN AMOUNT PERMITTED TO BE OUTSTANDING AND COMMITTED.—Section 7(a)(3)(A) of the Small Business Act (15 U.S.C. 636(a)(3)(A)) is amended by striking ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall take effect on the date of enactment of this Act. SEC. 104. DEBENTURE SIZE. Section 502(2) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)) is amended to read as follows: ‘‘(2) MAXIMUM AMOUNT.— ‘‘(A) IN GENERAL.—Loans made by the Administration under this section shall be limited to— ‘‘(i) $1,500,000 for each small business concern if the loan proceeds will not be directed toward a goal or project described in subparagraph (B) or (C); ‘‘(ii) $2,000,000 for each small business concern if the loan proceeds will be directed toward 1 or more of the public policy goals described under section 501(d)(3); and ‘‘(iii) $4,000,000 for each project of a small manu facturer. ‘‘(B) DEFINITION.—As used in this paragraph, the term ‘small manufacturer’ means a small business concern— ‘‘(i) the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System; and ‘‘(ii) all of the production facilities of which are located in the United States.’’. SEC. 105. JOB REQUIREMENTS. Section 501 of the Small Business Investment Act of 1958 (15 U.S.C. 695) is amended by adding at the end the following: ‘‘(e)(1) A project meets the objective set forth in subsection (d)(1) if the project creates or retains one job for every $50,000 guaranteed by the Administration, except that the amount is $100,000 in the case of a project of a small manufacturer. 15 USC 636 note.

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