1.This Act may be cited as
the SBA Reauthorization and
Improvement Act of 2008
.
2.The table of contents
for this Act is as follows:
Sec. 1. Short
title.
Sec. 2. Table of contents.
Sec. 3. Definitions.
TITLE I—Small business lending
Sec. 101. Authorization of appropriations.
Subtitle A—Microloan programs
Sec. 121. Conforming technical change in average smaller loan
size.
Sec. 122. Inclusion of persons with disabilities.
Sec. 123. Microloan program improvements.
Sec. 124. Prime reauthorization and transfer to the Small
Business Act.
Sec. 125. Report to congress on the microloan
program.
Subtitle B—Intermediary lending pilot program
Sec. 141. Findings.
Sec. 142. Small business intermediary lending pilot
program.
Subtitle C—7(a) loan
program
Sec. 161. Preferred lenders program.
Sec. 162. Maximum loan amount.
Sec. 163. Maximum 504 and 7(a) loan eligibility.
Sec. 164. Loan pooling.
Sec. 165. Alternative size standard.
Sec. 166. Alternative variable interest rate.
Sec. 167. Minority small business development.
Sec. 168. Lowering of fees.
Sec. 169. International trade loans.
Sec. 170. Rural lending outreach program.
Subtitle D—Certified development companies; 504 loan
program
Sec. 181. Development company loan programs.
Sec. 182. Loan liquidations.
Sec. 183. Additional equity injections.
Sec. 184. Uniform leasing policy.
Sec. 185. Businesses in low-income communities.
Sec. 186. Combinations of certain goals.
Sec. 187. Refinancing under the local development business loan
program.
Sec. 188. Technical correction.
Sec. 189. Definitions for the Small Business Investment Act of
1958.
Sec. 190. Repeal of sunset on reserve requirements for premier
certified lenders.
Sec. 191. Certified development companies.
Sec. 192. Conforming amendments.
Sec. 193. Closing costs.
Sec. 194. Definition of rural.
Sec. 195. Regulations and effective date.
Sec. 196. Limitation on time for final approval of
companies.
Sec. 197. Child care lending pilot program.
Sec. 198. Debenture repayment.
Sec. 199. Real estate appraisals.
TITLE II—Small business venture capital
Subtitle A—Small business investment company
program
Sec. 221. Reauthorization.
Sec. 222. Leverage.
Sec. 223. Investments in smaller enterprises.
Sec. 224. Maximum investment in a company.
Subtitle B—New Markets Venture Capital Program
Sec. 241. Diversification of New Markets Venture Capital
Program.
Sec. 242. Establishment of Office of New Markets Venture
Capital.
Sec. 243. Low-income geographic areas.
Sec. 244. Applications for New Markets Venture Capital
Program.
Sec. 245. Operational assistance grants.
Sec. 246. Authorization.
TITLE III—Small business entrepreneurial development
Subtitle A—Reauthorization
Sec. 301. Reauthorization.
Subtitle B—Women’s small business ownership
programs
Sec. 311. Office of Women’s Business Ownership.
Sec. 312. Women’s Business Center Program.
Sec. 313. National Women’s Business Council.
Sec. 314. Interagency Committee on Women’s Business
Enterprise.
Sec. 315. Preserving the independence of the National Women’s
Business Council.
Sec. 316. Study and report on women's business
centers.
Subtitle C—International trade
Sec. 321. Small Business Administration Associate Administrator
for International Trade.
Sec. 322. Office of International Trade.
Subtitle D—Native American Small Business Development
Program
Sec. 331. Short title.
Sec. 332. Native American Small Business Development
Program.
Sec. 333. Pilot programs.
Subtitle E—National Small Business Regulatory
Assistance
Sec. 341. Short title.
Sec. 342. Purpose.
Sec. 343. Small Business Regulatory Assistance Pilot
Program.
Sec. 344. Rulemaking.
Subtitle F—Other provisions
Sec. 351. Minority Entrepreneurship and Innovation Pilot
Program.
Sec. 352. Institutions of higher education.
Sec. 353. Health insurance options information for small
business concerns.
Sec. 354. National Small Business Development Center Advisory
Board.
Sec. 355. Office of Native American Affairs pilot
program.
Sec. 356. Privacy requirements for SCORE chapters.
Sec. 357. National small business summit.
Sec. 358. SCORE program.
TITLE IV—Lender oversight
Sec. 401. Findings.
Sec. 402. Definitions.
Sec. 403. Authority.
Sec. 404. Portfolio quality evaluation standards.
Sec. 405. Default rate.
Sec. 406. Computer modeling.
Sec. 407. Economic performance evaluation
measurements.
Sec. 408. Privacy.
Sec. 409. Executive compensation.
Sec. 410. Study and report on examination and review
fees.
3.In this Act—
(1)the terms
Administration and Administrator mean the Small
Business Administration and the Administrator thereof, respectively;
(2)the term
504 Loan Program means the program to provide financing to small
business concerns by guarantees of loans under title V of the Small Business
Investment Act of 1958 (15 U.S.C. 695 et seq.), which are funded by debentures
guaranteed by the Administrator;
(3)the term
low-income geographic area has the meaning given that term in
section 351 of the Small Business Investment Act of 1958 (15 U.S.C. 689), as
amended by this Act;
(4)the term
New Markets Venture Capital company has the meaning given that
term in section 351 of the Small Business Investment Act of 1958 (15 U.S.C.
689);
(5)the term
New Markets Venture Capital Program means the program under part B
of title III of the Small Business Investment Act of 1958 (15 U.S.C. 689 et
seq.); and
(6)the term
small business concern has the same meaning as in section 3 of the
Small Business Act (15 U.S.C. 632).
<enum>I</enum><header>Small business
lending</header>
<section id="ID00C2D10799A64A0D90BBE835D0018427"><enum>101.</enum><header>Authorization
of appropriations</header><text display-inline="no-display-inline">Section 20
of the Small Business Act (15 U.S.C. 631 note) is amended—</text>
<paragraph id="IDC3392F6A5B574E79B35DC66A461F9C04"><enum>(1)</enum><text>by redesignating
subsection (j) as subsection (f); and</text>
</paragraph><paragraph id="ID7B68D59F355F4B80A15F538F56A20808"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID191E2BCB290F44D8B3347A3F99DAA80D" style="OLC">
<subsection id="IDA82351026D364CCFA8A837621A9DF1C6"><enum>(g)</enum><header>Microloan</header><text>For
each of fiscal years 2008 through 2010, the Administration is authorized to
make, as provided in section 7(m)—</text>
<paragraph id="IDADDD8AB925244A419D6F8046BCB6BB9F"><enum>(1)</enum><text>$80,000,000 in
technical assistance grants;</text>
</paragraph><paragraph id="ID99FFD1AB52ED49439FED7008B7587162"><enum>(2)</enum><text>$110,000,000 in
direct loans; and</text>
</paragraph><paragraph id="ID89D96CFE0BFE4D85940E90F65D0F1524"><enum>(3)</enum><text>$50,000,000 in
deferred participation loans.</text>
</paragraph></subsection><subsection id="ID3C834432B6B843A2A82E2E538C288751"><enum>(h)</enum><header>General
business loans</header><text>The Administration is authorized to make, as
provided in section 7(a)—</text>
<paragraph id="IDF2B81425E8664C5FBEA72790AA592E56"><enum>(1)</enum><text>$19,000,000,000
in general business loans in fiscal year 2008;</text>
</paragraph><paragraph id="ID802E0DDE3763439E8D14E148005AC61B"><enum>(2)</enum><text>$20,000,000,000
in general business loans in fiscal year 2009; and</text>
</paragraph><paragraph id="IDF660A31C3B3C49AEB445C98559F2A1D5"><enum>(3)</enum><text>$21,000,000,000
in general business loans in fiscal year 2010.</text>
</paragraph></subsection><subsection id="IDE4FD4C25FF414137A1FB720AC20873FF"><enum>(i)</enum><header>Certified
development company financings</header><text>The Administration is authorized
to make, as provided in section 7(a)(13) and as provided in section 504 of the
Small Business Investment Act of 1958 (15 U.S.C. 697a)—</text>
<paragraph id="ID4042251CC7EF4A3FBC78616E2E2DA33A"><enum>(1)</enum><text>$8,500,000,000 in
certified development company financings in fiscal year 2008;</text>
</paragraph><paragraph id="ID193C5E76FE0742BB953EB6489B7E4A3E"><enum>(2)</enum><text>$9,000,000,000 in
certified development company financings in fiscal year 2009; and</text>
</paragraph><paragraph id="ID1082E03F69C34A83B3CA9D125CD145F3"><enum>(3)</enum><text>$9,500,000,000 in
certified development company financings in fiscal year 2010.</text>
</paragraph></subsection><subsection id="IDD96EBAEA2CA247159F0B77BC3C2FBE54"><enum>(j)</enum><header>Department of
defense</header><text>For each of fiscal years 2008 through 2010, the
Administration is authorized to make $500,000,000 in loans as provided in
section 7(a)(21).</text>
</subsection><subsection id="ID9BCA32E40E0C4816BFF5C5B1C7B7A1CF"><enum>(k)</enum><header>Prime
program</header>
<paragraph id="IDC2DCD5F7AD7B4D58BD3B028B54CBB308"><enum>(1)</enum><header>In
general</header><text>There are authorized to be appropriated to the
Administrator $15,000,000 for each of fiscal years 2008 through 2010 to carry
out section 37, which shall remain available until expended.</text>
</paragraph><paragraph id="ID9BFCE72EC7544BEAAEDF9CB15062E992"><enum>(2)</enum><header>Certain
programs</header><text>In addition to the amount authorized under paragraph
(1), there are authorized to be appropriated to the Administrator $2,000,000
each of fiscal years 2008 through 2010 to carry out section 37(c)(4), which
shall remain available until expended.</text>
</paragraph></subsection><subsection id="IDD11EEC894774403E8A1F440CAD78EE60"><enum>(l)</enum><header>Additional
authorizations and limitations</header>
<paragraph id="ID70B7C50393444804B780A977245BCA22"><enum>(1)</enum><header>In
general</header><text>There are authorized to be appropriated to the
Administration for each of fiscal years 2008 through 2010 such sums as may be
necessary to carry out the provisions of this Act not elsewhere provided for,
including administrative expenses and necessary loan capital for disaster loans
pursuant to section 7(b), and to carry out the Small Business Investment Act of
1958, including salaries and expenses of the Administration.</text>
</paragraph><paragraph id="ID1D5AF62A0B9A4B49901F96E2B7BE22A3"><enum>(2)</enum><header>Limitations</header><text>Notwithstanding
any other provision of this section, for each of fiscal years 2008 through
2010—</text>
<subparagraph id="ID19C1683A9C4F472CA19DA5D4AE760C40"><enum>(A)</enum><text>no funds are
authorized to be used as loan capital for the loan program authorized by
section 7(a)(21) in any such fiscal year, except by transfer from another
Federal department or agency to the Administration, unless the program level
authorized for general business loans under subsection (h) is fully funded for
that fiscal year; and</text>
</subparagraph><subparagraph id="ID415F4ED72756474D9DC186284BD43477"><enum>(B)</enum><text>the
Administration may not approve loans on its own behalf or on behalf of any
other Federal department or agency, by contract or otherwise, under terms and
conditions other than those specifically authorized under this Act or the Small
Business Investment Act of 1958, except that it may approve loans under section
7(a)(21) of this Act in gross amounts of not more than
$2,000,000.</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><subtitle id="IDB0993122C77F473E896B6950C9EDD9D2"><enum>A</enum><header>Microloan
programs</header>
<section id="ID738FC63340B64550A58F3FC6548F0730"><enum>121.</enum><header>Conforming
technical change in average smaller loan size</header><text display-inline="no-display-inline">Section 7(m) of the Small Business Act (15
U.S.C. 636(m)) is amended—</text>
<paragraph id="ID35B3D31E9C9E4C85B0A77CC21D420485"><enum>(1)</enum><text>in paragraph
(3)(F)(iii), by striking <quote>$7,500</quote> and inserting
<quote>$10,000</quote>; and</text>
</paragraph><paragraph id="ID3AF2AD834FCC4040AAC3041F88806750"><enum>(2)</enum><text>in paragraph
(6)(C), by striking <quote>$7,500</quote> each place that term appears and
inserting <quote>$10,000</quote>.</text>
</paragraph></section><section id="ID2D26EEE4EA584F6EB7259DFED4ABAA6D"><enum>122.</enum><header>Inclusion of
persons with disabilities</header><text display-inline="no-display-inline">Section 7(m)(1)(A)(i) of the Small Business
Act (15 U.S.C. 636(m)(1)(A)(i)) is amended by inserting <quote>persons with
disabilities,</quote> before <quote>and minority</quote>.</text>
</section><section id="IDEFD47750067C4EDBBD829B071A205AFE"><enum>123.</enum><header>Microloan
program improvements</header>
<subsection id="IDE9072B9A03F447F18F3883ECD675C51B"><enum>(a)</enum><header>Intermediary
eligibility requirements</header><text>Section 7(m)(2) of the Small Business
Act (15 U.S.C. 636(m)(2)) is amended—</text>
<paragraph id="ID29CFA09F159E4646800925A0CFDE40E9"><enum>(1)</enum><text>in subparagraph
(A), by striking <quote>in paragraph (10); and</quote> and inserting <quote>of
the term <term>intermediary</term> under paragraph (11);</quote>; and</text>
</paragraph><paragraph id="ID593C503FE8E64166B2F8D94E9B229F3C"><enum>(2)</enum><text>in subparagraph
(B)—</text>
<subparagraph id="IDBD1BCD392ADD48DAA05497126FBA4942"><enum>(A)</enum><text>by striking
<quote>(B) has at least</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="IDF75AC7D40E8442B0B24714D631278E0C" style="OLC">
<subparagraph id="ID6E0E1096D81249B6BBC253EBD28F1CE3"><enum>(B)</enum><text>has—</text>
<clause id="IDA51ED60B13EF4EADB320886E52387EF2"><enum>(i)</enum><text>at
least</text>
</clause></subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID6FE12B2FF82B439697A290F6A52E6E28"><enum>(B)</enum><text>by striking the
period at the end and inserting the
following:</text>
<quoted-block display-inline="yes-display-inline" id="IDF0CCE48C0CDD47B896817D7255D751F5" style="OLC">
<text>; or</text><item id="ID7346E971E9AC4572B0356FDA8585F22E" indent="up2"><enum>(ii)</enum><text>a full-time employee who has not less
than 3 years experience making microloans to startup, newly established, or
growing small business concerns; and</text>
</item><subparagraph id="ID9C1CF210336B47FDBC72439CEC0199B4"><enum>(C)</enum><text>has at least 1
year experience providing, as an integral part of its microloan program,
intensive marketing, management, and technical assistance to its
borrowers.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="ID1BC2CCB982CC45F4BD22DBF5C4E7BA1C"><enum>(b)</enum><header>Limitation on
third party technical assistance</header><text>Section 7(m)(4)(E)(ii) of the
Small Business Act (15 U.S.C. 636(m)(4)(E)(ii)) is amended—</text>
<paragraph id="ID038FBBA3D65446F0AFD8A7CEE39231D8"><enum>(1)</enum><text>in the clause
heading, by striking <quote><header-in-text level="clause">Technical
assistance</header-in-text></quote> and inserting <quote><header-in-text level="clause">Third party technical assistance</header-in-text></quote>;
and</text>
</paragraph><paragraph id="ID91242D0EFEC94EE9AED1CDB335DA709A"><enum>(2)</enum><text>by striking
<quote>25 percent</quote> and inserting <quote>30 percent</quote>.</text>
</paragraph></subsection><subsection id="ID0BB85D1223494839AD922417E8303495"><enum>(c)</enum><header>Increased
flexibility for providing technical assistance to potential
borrowers</header><text>Section 7(m)(4)(E)(i) of the Small Business Act (15
U.S.C. 636(m)(4)(E)(i)) is amended by striking <quote>25 percent</quote> and
inserting <quote>30 percent</quote>.</text>
</subsection></section><section id="ID845541D43C7A47C3B6B27ADD7DFF41E3"><enum>124.</enum><header>Prime
reauthorization and transfer to the Small Business Act</header>
<subsection id="IDBEF0DAF8393D4858AF2B55E6AE7AD4CC"><enum>(a)</enum><header>Program
reauthorization</header><text>The Small Business Act (15 U.S.C. 631 et seq.) is
amended—</text>
<paragraph id="IDE0A2A709774F4ADFB5CED7CB7B7972DD"><enum>(1)</enum><text>by redesignating
section 37 as section 40; and</text>
</paragraph><paragraph id="ID1B397A181B2043A39591E046482B6CCF"><enum>(2)</enum><text>by inserting
after section 36 the following:</text>
<quoted-block display-inline="no-display-inline" id="ID1E3461AA90C4469EA6EA429928B00A25" style="OLC">
<section id="IDA145FE42069748CE844057425326F26D"><enum>37.</enum><header>Program for
investment in microentrepreneurs</header>
<subsection id="IDD0DF37A313BE4A9F84B45987D1E25705"><enum>(a)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="IDF3F79CF7D12B43E2938A963D42DBC36D"><enum>(1)</enum><header>Capacity
building services</header><text>The term <term>capacity building
services</term> means services provided to an organization that is, or that is
in the process of becoming, a microenterprise development organization or
program, for the purpose of enhancing its ability to provide training and
services to disadvantaged entrepreneurs.</text>
</paragraph><paragraph id="ID145082F6D8094CD2A92520510F7BD42E"><enum>(2)</enum><header>Collaborative</header><text>The
term <term>collaborative</term> means 2 or more nonprofit entities that agree
to act jointly as a qualified organization under this section.</text>
</paragraph><paragraph id="IDF193CEBE96F04ADE9B25DEA7A347663E"><enum>(3)</enum><header>Disadvantaged
entrepreneur</header><text>The term <term>disadvantaged entrepreneur</term>
means a microentrepreneur that—</text>
<subparagraph id="IDCB43E35E559F4112B0231E96672685B3"><enum>(A)</enum><text>is a low-income
person;</text>
</subparagraph><subparagraph id="IDBED5CE86CBBD4B96852F686D4291FAA8"><enum>(B)</enum><text>is a very
low-income person; or</text>
</subparagraph><subparagraph id="ID19284A28FD634B15A58C5B442F2C166E"><enum>(C)</enum><text>lacks adequate
access to capital or other resources essential for business success, or is
economically disadvantaged, as determined by the Administrator.</text>
</subparagraph></paragraph><paragraph id="ID39B7E144D0B64FA988F95DFA1385FC3E"><enum>(4)</enum><header>Disadvantaged
native american entrepreneur</header><text>The term <term>disadvantaged Native
American entrepreneur</term> means a disadvantaged entrepreneur who is also a
member of an Indian Tribe.</text>
</paragraph><paragraph id="ID105B1CEC57EF4C6DA2C28AEF5F232BCB"><enum>(5)</enum><header>Indian
tribe</header><text>The term <term>Indian tribe</term> has the meaning given
that term in section 4(a) of the Indian Self-Determination and Education
Assistance Act.</text>
</paragraph><paragraph id="ID134D58FC67D14CDC9A853C8C08D3635D"><enum>(6)</enum><header>Intermediary</header><text>The
term <term>intermediary</term> means a private, nonprofit entity that seeks to
serve microenterprise development organizations and programs, as authorized
under subsection (d).</text>
</paragraph><paragraph id="IDF479B93F5ACF4F49A16EB611C9437993"><enum>(7)</enum><header>Low-income
person</header><text>The term <term>low-income person</term> means having an
income, adjusted for family size, of not more than—</text>
<subparagraph id="IDE44F1BE77E9B4D6C9B144951A02863A6"><enum>(A)</enum><text>for metropolitan
areas, 80 percent of the area median income; and</text>
</subparagraph><subparagraph id="IDE35ADBCE24C94DE388C25C30C094ABA2"><enum>(B)</enum><text>for
nonmetropolitan areas, the greater of—</text>
<clause id="ID2185FEC14C5F41CC9D1F00926903A22B"><enum>(i)</enum><text>80 percent of the
area median income; or</text>
</clause><clause id="ID882A96F000AB40A68AB7E7FC9EE86B23"><enum>(ii)</enum><text>80 percent of
the statewide nonmetropolitan area median income.</text>
</clause></subparagraph></paragraph><paragraph id="ID659C0F0777534058A17F90615885463B"><enum>(8)</enum><header>Microentrepreneur</header><text>The
term <term>microentrepreneur</term> means the owner or developer of a
microenterprise.</text>
</paragraph><paragraph id="ID00ED4B3BE5FB4B7B95D16C5AC60B0B29"><enum>(9)</enum><header>Microenterprise</header><text>The
term <term>microenterprise</term> means a sole proprietorship, partnership, or
corporation that—</text>
<subparagraph id="IDFB619672918543E79A3A21F2A8E1ACF7"><enum>(A)</enum><text>has fewer than 5
employees; and</text>
</subparagraph><subparagraph id="IDFA723008057842328E221191790EFC10"><enum>(B)</enum><text>generally lacks
access to conventional loans, equity, or other banking services.</text>
</subparagraph></paragraph><paragraph id="ID89D2000F87414271934404A5318A4BF4"><enum>(10)</enum><header>Microenterprise
development organization or program</header><text>The term
<term>microenterprise development organization or program</term> means a
nonprofit entity, or a program administered by such an entity, including
community development corporations or other nonprofit development organizations
and social service organizations, that provides services to disadvantaged
entrepreneurs.</text>
</paragraph><paragraph id="IDEC101A4FA2EE437C80EC867F840D7CEE"><enum>(11)</enum><header>Training and
technical assistance</header><text>The term <term>training and technical
assistance</term> means services and support provided to disadvantaged
entrepreneurs, such as assistance for the purpose of enhancing business
planning, marketing, management, financial management skills, and assistance
for the purpose of accessing financial services.</text>
</paragraph><paragraph id="ID2B6AED40B8AE4422ABB6DA3B4679C915"><enum>(12)</enum><header>Very
low-income person</header><text>The term <term>very low-income person</term>
means having an income, adjusted for family size, of not more than 150 percent
of the poverty line (as defined in section 673(2) of the Community Services
Block Grant Act (42 U.S.C. 9902(2)), including any revision required by that
section).</text>
</paragraph></subsection><subsection id="IDBE6C3A02A3274FDE9F9B0F2C515AAF7B"><enum>(b)</enum><header>Establishment
of program</header><text>The Administrator shall establish a microenterprise
technical assistance and capacity building grant program to provide assistance
from the Administration in the form of grants to qualified organizations in
accordance with this section.</text>
</subsection><subsection id="ID082404095F874D89BC8F47324EDD3BAA"><enum>(c)</enum><header>Uses of
assistance</header><text>A qualified organization shall use grants made under
this section—</text>
<paragraph id="ID5DCAE043D86247C49B7DD9FBBD906D17"><enum>(1)</enum><text>to provide
training and technical assistance to disadvantaged entrepreneurs;</text>
</paragraph><paragraph id="ID8C2D61C470B947918E113216C49C352E"><enum>(2)</enum><text>to provide
training and capacity building services to microenterprise development
organizations and programs and groups of such organizations to assist such
organizations and programs in developing microenterprise training and
services;</text>
</paragraph><paragraph id="ID70B4FB55DB2B488C82140A00FFA04C3F"><enum>(3)</enum><text>to aid in
researching and developing the best practices in the field of microenterprise
and technical assistance programs for disadvantaged entrepreneurs;</text>
</paragraph><paragraph id="IDE84900B092C6469398661763AAD29E30"><enum>(4)</enum><text>to provide
training and technical assistance to disadvantaged Native American
entrepreneurs and prospective entrepreneurs; and</text>
</paragraph><paragraph id="ID5AA52DFA0BDA4803919C5A61B182DE11"><enum>(5)</enum><text>for such other
activities as the Administrator determines are consistent with the purposes of
this section.</text>
</paragraph></subsection><subsection id="ID821398B45F714906B0D5E0107AD9943B"><enum>(d)</enum><header>Qualified
organizations</header><text>For purposes of eligibility for assistance under
this section, a qualified organization shall be—</text>
<paragraph id="ID8B1555346F0D49878BDE4D3450C1BDDE"><enum>(1)</enum><text>a nonprofit
microenterprise development organization or program (or a group or
collaborative thereof) that has a demonstrated record of delivering
microenterprise services to disadvantaged entrepreneurs;</text>
</paragraph><paragraph id="IDE4655159A3E64DD9A2881CD5A31516F3"><enum>(2)</enum><text>an
intermediary;</text>
</paragraph><paragraph id="ID7768D31C67F04C5A89AEE7096E14AA79"><enum>(3)</enum><text>a microenterprise
development organization or program that is accountable to a local community,
working in conjunction with a State or local government or Indian tribe;
or</text>
</paragraph><paragraph id="ID6A2CB01F3DD44B938C64B7EA6E14D8FA"><enum>(4)</enum><text>an Indian tribe
acting on its own, if the Indian tribe certifies that no private organization
or program referred to in this subsection exists within its
jurisdiction.</text>
</paragraph></subsection><subsection id="ID583DE3D313ED461CBC25586242EF041F"><enum>(e)</enum><header>Allocation of
assistance; subgrants</header>
<paragraph id="ID8F44E31A697B4E1AB6CD961ACBCA161D"><enum>(1)</enum><header>Allocation of
assistance</header>
<subparagraph id="IDB01DAA15D35A4632B49440E0F82900BB"><enum>(A)</enum><header>In
general</header><text>The Administrator shall allocate assistance from the
Administration under this section to ensure that—</text>
<clause id="ID80EB5EFD97424C78A5D69386AB190A89"><enum>(i)</enum><text>activities
described in subsection (c)(1) are funded using not less than 75 percent of
amounts made available for such assistance; and</text>
</clause><clause id="IDBE1D4F44153744B786F6D0411D5F1425"><enum>(ii)</enum><text>activities
described in subsection (c)(2) are funded using not less than 15 percent of
amounts made available for such assistance.</text>
</clause></subparagraph><subparagraph id="ID8721C801ADE942DEAE5D3246B1D7C3B3"><enum>(B)</enum><header>Limit on
individual assistance</header><text>No single person may receive more than 10
percent of the total funds appropriated under this section in a single fiscal
year.</text>
</subparagraph></paragraph><paragraph id="IDD4689E6CBF414DBE869FB997A561EE32"><enum>(2)</enum><header>Targeted
assistance</header><text>The Administrator shall ensure that not less than 50
percent of the grants made under this section are used to benefit very
low-income persons, including those residing on Indian reservations.</text>
</paragraph><paragraph id="ID19272A57DE464C67B87F7644BC73B869"><enum>(3)</enum><header>Subgrants
authorized</header>
<subparagraph id="ID912EB62BE61046C3881D95B4EA95DA34"><enum>(A)</enum><header>In
general</header><text>A qualified organization receiving assistance under this
section may provide grants using that assistance to qualified small and
emerging microenterprise organizations and programs, subject to such rules and
regulations as the Administrator determines to be appropriate.</text>
</subparagraph><subparagraph id="ID3FEC82B803094DC5962923F74F52B3F6"><enum>(B)</enum><header>Limit on
administrative expenses</header><text>Not more than 7.5 percent of assistance
received by a qualified organization under this section may be used for
administrative expenses in connection with the making of subgrants under
subparagraph (A).</text>
</subparagraph></paragraph><paragraph id="ID6B404589784345CFBA6D4DC240271ED0"><enum>(4)</enum><header>Diversity</header><text>In
making grants under this section, the Administrator shall ensure that grant
recipients include both large and small microenterprise organizations, serving
urban, rural, and Indian tribal communities serving diverse populations.</text>
</paragraph><paragraph id="ID21F27D985EA4449FA4C27F9D8F61E87D"><enum>(5)</enum><header>Prohibition on
preferential consideration of certain administration program
participants</header><text>In making grants under this section, the
Administrator shall ensure that any application made by a qualified
organization that is a participant in the program established under section
7(m) does not receive preferential consideration over applications from other
qualified organizations that are not participants in such program.</text>
</paragraph></subsection><subsection id="ID199D22CC7B32404A88E49E2FCA527EF3"><enum>(f)</enum><header>Matching
requirements</header>
<paragraph id="ID31F39D0D5ACC4B6DA80FD3B289EA95A1"><enum>(1)</enum><header>In
general</header><text>Financial assistance under this section shall be matched
with funds from sources other than the Federal Government on the basis of not
less than 50 percent of each dollar provided by the Administration.</text>
</paragraph><paragraph id="ID477D86E0C4744F8689986B78688D5E64"><enum>(2)</enum><header>Sources of
matching funds</header><text>Fees, grants, gifts, funds from loan sources, and
in-kind resources of a grant recipient from public or private sources may be
used to comply with the matching requirement in paragraph (1).</text>
</paragraph><paragraph id="ID7882061989004428B689D7E6656A05F4"><enum>(3)</enum><header>Exception</header>
<subparagraph id="ID6E89171463DF46AFB85FA990C0723207"><enum>(A)</enum><header>In
general</header><text>In the case of an applicant for assistance under this
section with severe constraints on available sources of matching funds, the
Administrator may reduce or eliminate the matching requirements of paragraph
(1).</text>
</subparagraph><subparagraph id="IDAE18BAEE9FDE4831A9F02445436D2939"><enum>(B)</enum><header>Limitation</header><text>Not
more than 10 percent of the total funds made available from the Administration
in any fiscal year to carry out this section may be excepted from the matching
requirements of paragraph (1), as authorized by subparagraph (A) of this
paragraph.</text>
</subparagraph></paragraph></subsection><subsection id="ID669ECC783F6949E680DA9BD553A503AB"><enum>(g)</enum><header>Applications
for assistance</header><text>An application for assistance under this section
shall be submitted in such form and in accordance with such procedures as the
Administrator shall establish.</text>
</subsection><subsection id="IDF8AAA6162FC241DCB6FE3CA1BBD0D6C6"><enum>(h)</enum><header>Recordkeeping
and reporting</header>
<paragraph id="ID6EA27A2487ED4D0C896CC1C5FCEABDD3"><enum>(1)</enum><header>In
general</header><text>Each organization that receives assistance from the
Administration under this section shall—</text>
<subparagraph id="ID5E8946484D144B8081C9A5DD9193AC19"><enum>(A)</enum><text>submit to the
Administration not less than once in every 18-month period, financial
statements audited by an independent certified public accountant;</text>
</subparagraph><subparagraph id="ID2019D0190DF14C40B6D249976207B9A5"><enum>(B)</enum><text>submit an annual
report to the Administration on its activities; and</text>
</subparagraph><subparagraph id="ID0421B3CCD59E453AA9EEB964362020D4"><enum>(C)</enum><text>keep such records
as may be necessary to disclose the manner in which any assistance under this
section is used.</text>
</subparagraph></paragraph><paragraph id="IDF6AEBD4EBA474F4680CBD21B35213339"><enum>(2)</enum><header>Access</header><text>The
Administration shall have access upon request, for the purposes of determining
compliance with this section, to any records of any organization that receives
assistance from the Administration under this section.</text>
</paragraph><paragraph id="IDA0BA53AEF35942589D2CCDA31AF8090E"><enum>(3)</enum><header>Data
collection</header><text>Each organization that receives assistance from the
Administration under this section shall collect information relating to, as
applicable—</text>
<subparagraph id="IDDEB84D6FC58344A88FDBB39AF5070FC9"><enum>(A)</enum><text>the number of
individuals counseled or trained;</text>
</subparagraph><subparagraph id="IDA0B5EC73B60C489FA45EE409919FEE94"><enum>(B)</enum><text>the number of
hours of counseling provided;</text>
</subparagraph><subparagraph id="ID0C3E301DDF20414799C5BD022975D192"><enum>(C)</enum><text>the number of
startup small business concerns formed;</text>
</subparagraph><subparagraph id="IDF1EE9524D6AD462C894C0E3C005CF122"><enum>(D)</enum><text>the number of
small business concerns expanded;</text>
</subparagraph><subparagraph id="IDD7F1ABFEA54E47BDAC7901C527C4FFDD"><enum>(E)</enum><text>the number of
low-income individuals counseled or trained; and</text>
</subparagraph><subparagraph id="ID0FCEF3E5B5C1499781FA97405B5AE24A"><enum>(F)</enum><text>the number of
very low-income individuals counseled or
trained.</text>
</subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="IDD248524E31144AE183902437232683C5"><enum>(b)</enum><header>Conforming
repeal</header><text>Subtitle C of title I of the Riegle Community Development
and Regulatory Improvement Act of 1994 (15 U.S.C. 6901 note) is
repealed.</text>
</subsection><subsection id="ID6F1B793EA00D44B0B6C43CA479C64EB3"><enum>(c)</enum><header>References</header><text>All
references in Federal law, other than subsection (d) of this section, to the
<quote>Program for Investment in Microentrepreneurs Act of 1999</quote> or the
<quote>PRIME Act</quote> shall be deemed to be references to section 37 of the
Small Business Act, as added by this section.</text>
</subsection><subsection id="IDD884E3A9368C436292D755161D0C8D2D"><enum>(d)</enum><header>Rule of
construction</header><text>Nothing in this section or the amendments made by
this section shall affect any grant or assistance provided under the Program
for Investment in Microentrepreneurs Act of 1999, before the date of enactment
of this Act, and any such grant or assistance shall be subject to the Program
for Investment in Microentrepreneurs Act of 1999, as in effect on the day
before the date of enactment of this Act.</text>
</subsection></section><section id="ID481E0125C14E4A9AB35816203566B0D7"><enum>125.</enum><header>Report to
congress on the microloan program</header><text display-inline="no-display-inline">Section 7(m)(10) of the Small Business Act
(15 U.S.C. 638(m)(10)) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="ID13850D9840814CAAB44C05D1C83BE12C" style="OLC">
<paragraph id="ID2BB6BA1B458F4807803DB4A4301A8A84"><enum>(10)</enum><header>Report to
congress on the microloan program</header>
<subparagraph id="ID699DFA4381F84F8C9F75BA58808A9553"><enum>(A)</enum><header>In
general</header><text>Not later than 6 months after the date of enactment of
the <short-title>SBA Reauthorization and Improvement Act
of 2008</short-title>, the Comptroller General of the United States shall
submit to the Committee on Small Business and Entrepreneurship of the Senate
and the Committee on Small Business of the House of Representatives, a report
which includes—</text>
<clause id="ID72DB763CCCC74A4495375443542397BB"><enum>(i)</enum><text>an analysis of
the effectiveness of the Microloan Program and the microloan technical
assistance program;</text>
</clause><clause id="ID30BF59EE3C04465FB178E1FF9368D4DB"><enum>(ii)</enum><text>a description of
the loan portfolio of each intermediary, including the extent to which it
provides microloans to small business concerns in rural areas;</text>
</clause><clause id="ID272716AA8C744B048E90BF650D3B8627"><enum>(iii)</enum><text>the numbers and
amounts of microloans made by the intermediaries to small business concern
borrowers;</text>
</clause><clause id="IDA3D34A068C29467F8AF83A145F68CDBC"><enum>(iv)</enum><text>an accurate
measure of the cost of the microloan and microloan technical assistance
programs; and</text>
</clause><clause id="IDDAC32E5FC5EB4509B801A3BAE6B11FCF"><enum>(v)</enum><text>any
recommendations for legislative changes that would improve the program
operations.</text>
</clause></subparagraph><subparagraph id="ID21EC86F87EFC4CB1B2F93F2B3B7662D1"><enum>(B)</enum><header>Considerations
and consultations</header><text>In developing the report required by
subparagraph (A), the Comptroller General shall consult with the microloan
intermediaries, the Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House of Representatives, and
other appropriate industry members, and shall allow for industry
comment.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><subtitle id="IDE8DD4BBDE0A64630A4198778E742DC2E"><enum>B</enum><header>Intermediary
lending pilot program</header>
<section id="ID0AD0E8DD9EAF446CBD0FFC25223A63CA"><enum>141.</enum><header>Findings</header><text display-inline="no-display-inline">Congress finds the following:</text>
<paragraph id="IDBB0A8B1B122940178FD8E77AFD5E72A8"><enum>(1)</enum><text>Small and
emerging businesses, particularly startups and businesses that lack sufficient
or conventional collateral, continue to face barriers accessing midsized loans
in amounts between $35,000 and $200,000, with affordable terms and
conditions.</text>
</paragraph><paragraph id="ID153FC7127F574AC298B8C015EF6E9F13"><enum>(2)</enum><text>Consolidation in
the banking industry has resulted in a decrease in the number of small, locally
controlled banks with not more than $100,000,000 in assets and has changed the
method by which banks make small business credit decisions with—</text>
<subparagraph id="ID712B4145F7AC4162AD3B3C2220FCF6D2"><enum>(A)</enum><text>credit scoring
techniques replacing relationship-based lending, which often works to the
disadvantage of small or start-up businesses that do not conform with a bank's
standardized credit formulas; and</text>
</subparagraph><subparagraph id="ID60418A90F27E428CBBF3BED9EC18D52A"><enum>(B)</enum><text>less flexible
terms and conditions, which are often necessary for small and emerging
businesses.</text>
</subparagraph></paragraph><paragraph id="ID7294569BD9CB42D4B4E836072A722692"><enum>(3)</enum><text>In the
environment described in paragraphs (1) and (2), nonprofit intermediary
lenders, including community development corporations, provide financial
resources that supplement the small business lending and investments of a bank
by—</text>
<subparagraph id="ID9EA3A5B8C9FE4048B641DABA5F42D2BC"><enum>(A)</enum><text>providing
riskier, up front, or subordinated capital;</text>
</subparagraph><subparagraph id="ID7894C57543784E24B0A12AC2FBA69929"><enum>(B)</enum><text>offering flexible
terms and underwriting procedures; and</text>
</subparagraph><subparagraph id="ID568E450746324474B162331D9E7C004E"><enum>(C)</enum><text>providing
technical assistance to businesses in order to reduce the transaction costs and
risk exposure of banks.</text>
</subparagraph></paragraph><paragraph id="IDF6482A6DF9184EB1B299EF8D4B8E390F"><enum>(4)</enum><text>Several Federal
programs, including the Microloan Program under section 7(m) of the Small
Business Act (15 U.S.C. 636(m)) and the Intermediary Relending Program of the
Department of Agriculture, have demonstrated the effectiveness of working
through nonprofit intermediaries to address the needs of small business
concerns that are unable to access capital through conventional sources.</text>
</paragraph><paragraph id="ID8C94E64863BD4665986E197FD4B55C76"><enum>(5)</enum><text>More than 1,000
nonprofit intermediary lenders in the United States are—</text>
<subparagraph id="ID04AE2F632110425BBE026FF45DEDEAFF"><enum>(A)</enum><text>successfully
providing financial and technical assistance to small and emerging
businesses;</text>
</subparagraph><subparagraph id="ID83813560DA6D4AADBBEB86871D0D0956"><enum>(B)</enum><text>working with
banks and other lenders to leverage additional capital for their business
borrowers; and</text>
</subparagraph><subparagraph id="ID07AD8F89F79F48FCACB8832AC5CACEDA"><enum>(C)</enum><text>creating
employment opportunities for low-income individuals through their lending and
business development activities.</text>
</subparagraph></paragraph></section><section id="ID02FF96FA2A3C4F1B8B9739B28DA684BE"><enum>142.</enum><header>Small business
intermediary lending pilot program</header>
<subsection id="IDC231C99729B04618BACEEC0BFB7EB83E"><enum>(a)</enum><header>In
general</header><text>Section 7 of the Small Business Act (15 U.S.C. 636) is
amended by inserting after subsection (k) the following:</text>
<quoted-block display-inline="no-display-inline" id="ID4237B4D424AE4BDB93AC06A71D558F9E" style="OLC">
<subsection id="ID3AEB84C33F734D1690A02C31C1CB1912"><enum>(l)</enum><header>Small business
intermediary lending program</header>
<paragraph id="ID4E48BAD36B4E48C8A8EE3284D549A844"><enum>(1)</enum><header>Definitions</header><text>In
this subsection—</text>
<subparagraph id="IDE508E9CB9FA34D57B71FF339B7D3775C"><enum>(A)</enum><text>the term
<term>intermediary</term> means a private, nonprofit entity that seeks to
borrow, or has borrowed, funds from the Administration to provide midsize loans
to small business concerns under this subsection, including—</text>
<clause id="IDA4463F001F1E457A8CE6FF2FA0035D27"><enum>(i)</enum><text>a
private, nonprofit community development corporation;</text>
</clause><clause id="ID24971AF01DEF42D3A798B668669B2A2D"><enum>(ii)</enum><text>a consortium of
private, nonprofit organizations or nonprofit community development
corporations;</text>
</clause><clause id="IDAA8F95226F0841BC9CAA57DD121CEB39"><enum>(iii)</enum><text>a
quasi-governmental economic development entity (such as a planning and
development district), other than a State, county, or municipal government;
and</text>
</clause><clause id="IDA3B538AA027F4DC49CA48312095DDA60"><enum>(iv)</enum><text>an agency of or
nonprofit entity established by a Native American Tribal Government; and</text>
</clause></subparagraph><subparagraph id="ID7A214FC662D742309E53336885A8A14E"><enum>(B)</enum><text>the term
<term>midsize loan</term> means a fixed rate loan of not less than $35,000 and
not more than $200,000, made by an intermediary to a startup, newly
established, or growing small business concern.</text>
</subparagraph></paragraph><paragraph id="IDE5B4CEC26C39492E8DDEFCCF951A556F"><enum>(2)</enum><header>Establishment</header><text>There
is established a 3-year pilot program to be know as the <quote>Small Business
Intermediary Lending Pilot Program</quote> (referred to in this subsection as
the <quote>Program</quote>), under which the Administrator may provide direct
loans to eligible intermediaries, for the purpose of making fixed interest rate
midsize loans to startup, newly established, and growing small business
concerns.</text>
</paragraph><paragraph id="ID35E6777C943F49E49B4AEB24D1D0C8C3"><enum>(3)</enum><header>Purposes</header><text>The
purposes of the Program are—</text>
<subparagraph id="ID7D16D41ED13E483A8E9D48D4ACC548DC"><enum>(A)</enum><text>to assist small
business concerns in those areas suffering from a lack of credit due to poor
economic conditions;</text>
</subparagraph><subparagraph id="ID7F6373BF050645C59D971C213BD19E30"><enum>(B)</enum><text>to create
employment opportunities for low-income individuals;</text>
</subparagraph><subparagraph id="ID53B5DD238154484B9D58411D9AE1BFA4"><enum>(C)</enum><text>to establish a
midsize loan program to be administered by the Administrator to provide loans
to eligible intermediaries to enable such intermediaries to provide midsize
loans, particularly loans in amounts averaging not more than $150,000, to
startup, newly established, or growing small business concerns for working
capital or the acquisition of materials, supplies, or equipment;</text>
</subparagraph><subparagraph id="ID5BF8489627054033966CC6EBA9D28112"><enum>(D)</enum><text>to test the
effectiveness of nonprofit intermediaries—</text>
<clause id="IDEE550666281F4D69A63DE018CF702E55"><enum>(i)</enum><text>as a delivery
system for a midsize loan program; and</text>
</clause><clause id="ID807F75AB1FD54CB9AE6A1D73CB0CA051"><enum>(ii)</enum><text>in addressing
the credit needs of small business concerns and leveraging other sources of
credit; and</text>
</clause></subparagraph><subparagraph id="ID993A6C42C6064049A255DD64A8D53D15"><enum>(E)</enum><text>to determine the
advisability and feasibility of implementing a midsize loan program
nationwide.</text>
</subparagraph></paragraph><paragraph id="IDB1CB7F699699457D918213FB81FF1EFE"><enum>(4)</enum><header>Eligibility for
participation</header><text>An intermediary shall be eligible to receive loans
under the Program if the intermediary has not less than 1 year of experience
making loans to startup, newly established, or growing small business
concerns.</text>
</paragraph><paragraph id="IDCF34DC8041A64074976B61608D66C2EF"><enum>(5)</enum><header>Loans to
intermediaries</header>
<subparagraph id="ID9F294EF53BD8455B8710CEEC14B0CB79"><enum>(A)</enum><header>Application</header><text>Each
intermediary desiring a loan under this subsection shall submit an application
to the Administrator that describes—</text>
<clause id="ID639F50AF55FC4469ABC789B341EB9D4F"><enum>(i)</enum><text>the type of small
business concerns to be assisted;</text>
</clause><clause id="ID5576B6C6C1914538ACA5B95EEABDF41B"><enum>(ii)</enum><text>the size and
range of loans to be made;</text>
</clause><clause id="IDFF6A28D1E201413FB2F9B9215061034D"><enum>(iii)</enum><text>the geographic
area to be served and its economic, poverty, and unemployment
characteristics;</text>
</clause><clause id="IDAC64D413AFA141C7A2D816C81D6C9D4A"><enum>(iv)</enum><text>the status of
small business concerns in the area to be served and an analysis of the
availability of credit; and</text>
</clause><clause id="ID6FE9D5623026454898D0262BC3AEB9C5"><enum>(v)</enum><text>the
qualifications of the applicant to carry out this subsection.</text>
</clause></subparagraph><subparagraph id="ID3193C41F270E409D8E8FE9CD39D18F1F"><enum>(B)</enum><header>Loan
limits</header><text>Notwithstanding subsection (a)(3), no loan may be made to
an intermediary under this subsection if the total amount outstanding and
committed to the intermediary from the business loan and investment fund
established by this Act would, as a result of such loan, exceed $1,000,000
during the participation of the intermediary in the Program.</text>
</subparagraph><subparagraph id="IDD572E7ADD84B42C8B0557B816476F1A8"><enum>(C)</enum><header>Loan
duration</header><text>Loans made by the Administrator under this subsection
shall be for a maximum term of 20 years.</text>
</subparagraph><subparagraph id="IDBAF23E9194BD4402ABECCEDEF7FF89CC"><enum>(D)</enum><header>Applicable
interest rates</header><text>Loans made by the Administrator to an intermediary
under the Program shall bear an annual interest rate equal to 1.00
percent.</text>
</subparagraph><subparagraph id="ID43AFC5C3A23C4884B8AD9DA2888BF5FB"><enum>(E)</enum><header>Fees;
collateral</header><text>The Administrator may not charge any fees or require
collateral with respect to any loan made to an intermediary under this
subsection.</text>
</subparagraph><subparagraph id="IDB8D9F94D36694C26A542F77BBCDD5955"><enum>(F)</enum><header>Leverage</header><text>Any
loan to a small business concern under this subsection shall not exceed 75
percent of the total cost of the project funded by such loan, with the
remaining funds being leveraged from other sources, including—</text>
<clause id="IDDE569C93B09943EF8D70E7FCEBD679FF"><enum>(i)</enum><text>banks or credit
unions;</text>
</clause><clause id="IDB50342D3C0064B73BA34F7A7892B3F64"><enum>(ii)</enum><text>community
development financial institutions; and</text>
</clause><clause id="ID24B10A7F672741D491CAB92ACCEEB84D"><enum>(iii)</enum><text>other sources
with funds available to the intermediary lender.</text>
</clause></subparagraph><subparagraph id="IDD8924321724C4DF199976E41F1E10F1B"><enum>(G)</enum><header>Delayed
payments</header><text>The Administrator shall not require the repayment of
principal or interest on a loan made to an intermediary under the Program
during the first 2 years of the loan.</text>
</subparagraph></paragraph><paragraph id="IDDF86C002112344DFBB91DB80ACE61BF7"><enum>(6)</enum><header>Program funding
for midsize loans</header>
<subparagraph id="ID06FEE0983CF14EB1941002FAE9EAE631"><enum>(A)</enum><header>Number of
participants</header><text>Under the Program, the Administrator may provide
loans, on a competitive basis, to not more than 20 intermediaries.</text>
</subparagraph><subparagraph id="ID231C1249E9E74122A72C47253853A570"><enum>(B)</enum><header>Equitable
distribution of intermediaries</header><text>The Administrator shall select and
provide funding under the Program to such intermediaries as will ensure
geographic diversity and representation of urban and rural communities.</text>
</subparagraph></paragraph><paragraph id="ID985A38AA8B8C4EAA9A3113A3A0B05203"><enum>(7)</enum><header>Report to
congress</header>
<subparagraph id="ID319A228717E943E8ABB8C8DEE6598BDB"><enum>(A)</enum><header>Annual
report</header><text>Not later than 12 months after the date of enactment of
the <short-title>SBA Reauthorization and Improvement Act
of 2008</short-title>, and annually thereafter, the Administrator shall submit
a report containing an evaluation of the effectiveness of the Program
to—</text>
<clause id="ID167784B55C464082AA2D01B18C393B53"><enum>(i)</enum><text>the Committee on
Small Business and Entrepreneurship of the Senate; and</text>
</clause><clause id="ID8165B4F891C5475592A1A293F774C41A"><enum>(ii)</enum><text>the Committee on
Small Business of the House of Representatives.</text>
</clause></subparagraph><subparagraph id="ID181E7F143CC04E7AB4BC6CD351F385F0"><enum>(B)</enum><header>Contents</header><text>Each
report submitted under subparagraph (A) shall include, for the 12-month period
before the date of that report—</text>
<clause id="ID116E32B3EFAC49A1B746D9FE47E2DBFC"><enum>(i)</enum><text>the numbers and
locations of the intermediaries receiving funds to provide midsize
loans;</text>
</clause><clause id="ID22E20122AD2344BC88492F9E07655AC1"><enum>(ii)</enum><text>the amounts of
each loan to an intermediary;</text>
</clause><clause id="IDCB654CA0C7E743A19D7F5B8712CA6DEB"><enum>(iii)</enum><text>the numbers and
amounts of midsize loans made by intermediaries to small business
concerns;</text>
</clause><clause id="IDF8D324953F334BDF9C3FDCBDFA42B154"><enum>(iv)</enum><text>the repayment
history of each intermediary;</text>
</clause><clause id="ID9E4022A7F64142338A70852C1E3977BD"><enum>(v)</enum><text>a
description of the loan portfolio of each intermediary, including the extent to
which it provides midsize loans to small business concerns in rural and
economically depressed areas;</text>
</clause><clause id="ID562EB482F54B43A9BEA82B34D228DB69"><enum>(vi)</enum><text>an estimate of
the number of low-income individuals who have been employed as a direct result
of the Program; and</text>
</clause><clause id="ID6E2363F8E97B4303B8C350BEA3C72FB0"><enum>(vii)</enum><text>any
recommendations for legislative changes that would improve the operation of the
Program.</text>
</clause></subparagraph></paragraph><paragraph id="IDE257A02403F14074844AB8F21B761AD6"><enum>(8)</enum><header>Termination</header><text>The
authority to make loans under this subsection shall terminate 3 years after the
date of enactment of the <short-title>SBA Reauthorization
and Improvement Act of
2008</short-title>.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ID870D7EBFD4044018BA70426A444E69B2"><enum>(b)</enum><header>Rulemaking
authority</header><text>Not later than 180 days after the date of enactment of
this Act, the Administrator shall issue regulations to carry out section 7(l)
of the Small Business Act, as added by subsection (a).</text>
</subsection><subsection id="ID1D4F2D7F3FA24A32A8B88C96007B63F4"><enum>(c)</enum><header>Authorization
of appropriations</header>
<paragraph id="ID2AD044BC751B4A199B3A317A3FFFA015"><enum>(1)</enum><header>In
general</header><text>There are authorized to be appropriated to the
Administrator such sums as may be necessary for each of fiscal years 2008
through 2010 to provide $20,000,000 in loans under section 7(l) of the Small
Business Act, as added by subsection (a).</text>
</paragraph><paragraph id="ID201B8F9D87F14AD5BA8ADC6D0454F1B0"><enum>(2)</enum><header>Availability</header><text>Any
amounts appropriated pursuant to paragraph (1) shall remain available until
expended.</text>
</paragraph></subsection></section></subtitle><subtitle id="ID25EDA0873F704DEA9383C90B6986C144"><enum>C</enum><header>7<enum-in-header>(a)</enum-in-header>
loan program</header>
<section id="ID6B57E9B928784733A52327ABA451A685"><enum>161.</enum><header>Preferred
lenders program</header>
<subsection id="IDA8587C2E5B604C748865ABEDC8074341"><enum>(a)</enum><header>In
general</header><text>Section 7(a) of the Small Business Act (15 U.S.C. 636(a))
is amended—</text>
<paragraph id="idFB8CF36B6E2F4684B860608E888537B0"><enum>(1)</enum><text>by redesignating
paragraph (32) relating to increased veteran participation, as added by section
208 of the Military Reservist and Veteran Small Business Reauthorization and
Opportunity Act of 2008 (Public Law 110–186; 122 Stat. 631), as paragraph (33);
and</text>
</paragraph><paragraph id="id416BB0CF24FB4688AC9C7105B2171C94"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="IDBD2930023C514BCEB12030D7B0C413DF" style="OLC">
<paragraph id="IDC6FDFB1FA6E0472AA406D8338E5C40E5"><enum>(34)</enum><header>Preferred
lenders program</header>
<subparagraph id="ID330796DC130D4D13BC25BE761AA819F1"><enum>(A)</enum><header>Definitions</header><text>In
this paragraph—</text>
<clause id="IDE4961D1464734913928EF31E9C919910"><enum>(i)</enum><text>the term
<term>national preferred lender</term> means a preferred lender authorized to
operate in any area served by an office of the Administration under
subparagraph (G);</text>
</clause><clause id="ID8C68663EA243484881E4A33D383664C3"><enum>(ii)</enum><text>the term
<term>preferred lender</term> means a qualified lender participating in the
program;</text>
</clause><clause id="IDD1FAC57635AE4579877E53C5D93C1426"><enum>(iii)</enum><text>the term
<term>program</term> means the Preferred Lenders Program established under
subparagraph (B); and</text>
</clause><clause id="ID01A275318A8D4DF2A04E3F9F5FD483B8"><enum>(iv)</enum><text>the term
<term>qualified lender</term> means a lender that demonstrates—</text>
<subclause id="ID64EC72EEF23E468AB44B299FAFE36667"><enum>(I)</enum><text>knowledge of and
proficiency in the requirements of the program under this subsection;</text>
</subclause><subclause id="ID254532B74062443EBE9A1776AC8DE5B5"><enum>(II)</enum><text>the ability to
process, close, service, and liquidate loans;</text>
</subclause><subclause id="ID36D2426953024722950DC15C676469F3"><enum>(III)</enum><text>the ability to
develop and analyze complete loan packages; and</text>
</subclause><subclause id="ID6456345DD2D64864BECFC8E66C0006AC"><enum>(IV)</enum><text>a satisfactory
performance history of participation in the program under this
subsection.</text>
</subclause></clause></subparagraph><subparagraph id="IDA32E834731A04CB89C7F4F2A106EC961"><enum>(B)</enum><header>Establishment</header><text>There
is established a Preferred Lenders Program under which the Administrator may
authorize qualified lenders to make and service loans.</text>
</subparagraph><subparagraph id="ID99ACB2018B234EBEB6754B8A3628712C"><enum>(C)</enum><header>Application</header><text>A
qualified lender desiring to participate in the program shall submit an
application at such time, in such manner, and accompanied by such information
as the Administrator shall establish.</text>
</subparagraph><subparagraph id="IDA9C1006B7FA34B4BA10D4982CAC27AD6"><enum>(D)</enum><header>Delegated
authority</header><text>The Administrator shall authorize a preferred lender to
take actions relating to loan servicing on behalf of the Administrator,
including—</text>
<clause id="ID3A5701D7B25D4E4BB393E4FB135E65CE"><enum>(i)</enum><text>determining
eligibility and creditworthiness and loan monitoring, collection, and
liquidation;</text>
</clause><clause id="IDD2BBF76C0AB844A587C6CD32BB0739FC"><enum>(ii)</enum><text>authority to
make and close loans with a guarantee from the Administrator without obtaining
the prior specific approval of the Administrator; and</text>
</clause><clause id="IDB028DA4C5D68465BB4BE6ECB5479BB7F"><enum>(iii)</enum><text>authority to
service and liquidate such loans without obtaining the prior specific approval
of the Administrator for routine servicing and liquidation activities.</text>
</clause></subparagraph><subparagraph id="ID6C58EDB072764A06B13F565388576DA5"><enum>(E)</enum><header>Area of
operations</header><text>The Administrator shall designate the area for which a
preferred lender may exercise the authority under subparagraph (D).</text>
</subparagraph><subparagraph id="IDDE074F0FB1B04DDB8A1BE4F2C16871B6"><enum>(F)</enum><header>Conflict</header><text>A
preferred lender shall not take any action creating an actual or apparent
conflict of interest.</text>
</subparagraph><subparagraph id="ID05513D9778DE442CB5E36EBADDFF30C2"><enum>(G)</enum><header>National
operation</header>
<clause id="IDA34388F612DC4CD9B464D674A7C127CD"><enum>(i)</enum><header>In
general</header><text>A preferred lender may request designation as a national
preferred lender by the Administrator, and, upon such designation, shall have
the authority to operate in any area served by an office of the
Administration.</text>
</clause><clause id="IDB3B9307B0D844039805204B89AEEB786"><enum>(ii)</enum><header>Eligibility</header><text>The
Administration shall designate a preferred lender as a national preferred
lender if the Administrator determines that preferred lender has—</text>
<subclause id="ID8F857357E4554849B86A98717E6A056A"><enum>(I)</enum><text>satisfactorily
operated as a preferred lender in areas encompassing all or part of the
territory in not fewer than 5 district offices of the Administration for a
minimum of 3 years in each territory;</text>
</subclause><subclause id="ID9345C761E3D64DD0875769E6E01641E9"><enum>(II)</enum><text>centralized loan
approval, servicing, and liquidation functions and processes that are
satisfactory to the Administration;</text>
</subclause><subclause id="ID123F5827ED3D4880A4535E42A1E40553"><enum>(III)</enum><text>uniform written
policies and procedures;</text>
</subclause><subclause id="ID4BC8A0BFE57D4F7982579D3BCC0A7D2E"><enum>(IV)</enum><text>a currency rate
that is not less than the Administration's national average currency rate for
all loans under this subsection;</text>
</subclause><subclause id="ID2F636D36F0F94CEE8C5249C970CFC784"><enum>(V)</enum><text>a currency rate
for loans made under this subsection that is not less than the Administration's
national average currency rate for loans made under this subsection;</text>
</subclause><subclause id="IDCCC34A9125244519BA1759AD6E3F7AD6"><enum>(VI)</enum><text>a default rate
that is not more than the Administration's national average default rate for
loans made under this subsection; and</text>
</subclause><subclause id="IDF4EAD7ADC4374FDA99F61F77356A2DC7"><enum>(VII)</enum><text>received, in
the most recent audit and review as a preferred lender conducted by the
Administrator, a rating that is acceptable or acceptable with corrective
actions required.</text>
</subclause></clause></subparagraph><subparagraph id="IDDB55C22339C84BC5AFD831CE3E387ECF"><enum>(H)</enum><header>Corrective
action</header><text>If a national preferred lender fails to continue to meet
the eligibility criteria under subparagraph (G)(ii), the Administrator shall
notify that national preferred lender of the deficiency and allow a reasonable
period of time for that national preferred lender to meet such criteria.</text>
</subparagraph><subparagraph id="ID9950FA3291644131A077B76DAB570DA1"><enum>(I)</enum><header>Suspension or
revocation</header>
<clause id="ID3B047BC584664919BA0F7D7C4002331C"><enum>(i)</enum><header>In
general</header><text>The designation of a lender as a national preferred
lender shall be suspended or revoked at any time that the Administration
determines that the lender—</text>
<subclause id="IDDB28CC003A614B7CA0FE84DBDF7466FD"><enum>(I)</enum><text>is not adhering
to the rules or regulations established by the Administrator for the program;
or</text>
</subclause><subclause id="IDB38C4F6AB8C547F39EC2856C5511E044"><enum>(II)</enum><text>has failed to
continue to meet the eligibility criteria specified in paragraph (G) or take
corrective action under subparagraph (H).</text>
</subclause></clause><clause id="IDEFF896B8D5E84E64BD848641D2544FAD"><enum>(ii)</enum><header>Effect</header><text>A
suspension or revocation under clause (i) shall not affect any outstanding
guarantee of a national preferred
lender.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="IDA0B33687C0564A6F97FC6CA149A206C0"><enum>(b)</enum><header>Clerical
amendment</header><text>Section 7(a)(2)(C) of the Small Business Act (15 U.S.C.
636(a)(2)(C)) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="IDFE06125F129648358F769AA78B7F902F" style="OLC">
<subparagraph id="IDB10DD3756ED94764A69CDE85ED629AA0"><enum>(C)</enum><header>Interest rate
under preferred lenders program</header><text>The maximum interest rate for a
loan guaranteed under the Preferred Lenders Program under paragraph (34) shall
not exceed the maximum interest rate as determined by the Administration,
applicable to other loans guaranteed under this
subsection.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="IDD658C64F99C2458D962125AA14F2F951"><enum>(c)</enum><header>Conforming
amendment</header><text>Section 7(a)(19) of the Small Business Act (15 U.S.C.
636(a)(19)) is amended by striking <quote>the proviso in section
5(b)(7)</quote> and inserting <quote>paragraph (34)</quote>.</text>
</subsection></section><section id="IDFD24E9D3364E4CB58E5E2E82875B9BAF"><enum>162.</enum><header>Maximum loan
amount</header><text display-inline="no-display-inline">Section 7(a)(3)(A) of
the Small Business Act (15 U.S.C. 636(a)(3)(A)) is amended by striking
<quote>$1,500,000 (or if the gross loan amount would exceed $2,000,000</quote>
and inserting <quote>$2,250,000 (or if the gross loan amount would exceed
$3,000,000</quote>.</text>
</section><section id="ID34D4E88592A643E1A63015F998727CE5"><enum>163.</enum><header>Maximum 504
and 7<enum-in-header>(a) </enum-in-header>loan eligibility</header>
<subsection id="IDA6A47183889F429680B048F2CB4F8448"><enum>(a)</enum><header>Combination
financing</header>
<paragraph id="IDD619F5038F03428CB5303AC4874E2841"><enum>(1)</enum><header>In
general</header><text>Section 502(2) of the Small Business Investment Act of
1958 (15 U.S.C. 696(2)) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID1B327E89A8B9446EB379162445B02DC4" style="OLC">
<subparagraph id="ID4C2C59D7294C4248BDE4A0061CF9C5F7"><enum>(C)</enum><header>Combination
financing under Small Business Act</header><text>Notwithstanding any other
provision of law, financing under this title may be provided to a borrower in
the maximum amount provided in this subsection, and a loan guarantee under
section 7(a) of the Small Business Act may be provided to the same borrower in
the maximum amount provided in section 7(a)(3)(A) of such Act, to the extent
that the borrower otherwise qualifies for such
assistance.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="IDD45191FCBE36414CA2B20AE5A93D8BB7"><enum>(2)</enum><header>Conforming
amendment</header><text>Section 7(a)(1) of the Small Business Act (15 U.S.C.
636(a)(1)) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID25C90AC2F9F14EC6A92D72936A6E915C" style="OLC">
<subparagraph id="IDB2BFF9F711824BE4A57953348FF00958"><enum>(C)</enum><header>Combination
financing under Small Business Investment Act of 1958</header><text>Financing
under this subsection may be provided to a borrower in the maximum amount as
provided in subsection (b)(2) of section 502 of the Small Business Investment
Act of 1958 (15 U.S.C.
696).</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="ID5D940230E1F1401F9EF93A9D134762F3"><enum>(b)</enum><header>Reporting</header><text>Not
later than 90 days after the date of enactment of this Act, and annually
thereafter, the Administrator shall submit a report to the Committee on Small
Business and Entrepreneurship of the Senate and the Committee on Small Business
of the House of Representatives that—</text>
<paragraph id="ID4DD20D5714464B388994FF0364D5E813"><enum>(1)</enum><text>includes the
number of small business concerns that have financings under both section 7(a)
of the Small Business Act (15 U.S.C. 636(a)) and title V of the Small Business
Investment Act of 1958 (15 U.S.C. 695 et seq.) during the year before the year
of that report; and</text>
</paragraph><paragraph id="ID55D1CF1E51A3417C89C03B9B351DA2D0"><enum>(2)</enum><text>describes the
total amount and general performance of the financings described in paragraph
(1).</text>
</paragraph></subsection></section><section id="ID126A20902B744D27965F40A33DEF136E"><enum>164.</enum><header>Loan
pooling</header><text display-inline="no-display-inline">Section 5(g)(1) of the
Small Business Act (15 U.S.C. 634(g)(1)) is amended—</text>
<paragraph id="IDC3C13227FB86417086F75A93B7CC24BF"><enum>(1)</enum><text>by inserting
<quote>(A)</quote> before <quote>The Administration</quote>;</text>
</paragraph><paragraph id="ID0834AC4F2DC84743B240379E89CC6FAC"><enum>(2)</enum><text>by striking the
colon and all that follows and inserting a period; and</text>
</paragraph><paragraph id="IDC96D696AEFBF4F0EAD27BD836E5B3207"><enum>(3)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID2D843E7D485146C9B9CEAEE2FB757397" style="OLC">
<subparagraph id="ID476F3A27FB054E4BB7FA75F7D21A0335" indent="up2"><enum>(B)</enum><text>A trust certificate issued under
subparagraph (A) shall be based on, and backed by, a trust or pool approved by
the Administrator and composed solely of the guaranteed portion of such
loans.</text>
</subparagraph><subparagraph id="IDD8E846CBD8844915AE8CE7F743275102" indent="up2"><enum>(C)</enum><text>The interest rate on a trust
certificate issued under subparagraph (A) shall be either—</text>
<clause id="IDC1ACA95B045B4A24B9FB399D5519E0C4"><enum>(i)</enum><text>the lowest interest rate on any
individual loan in the pool; or</text>
</clause><clause id="ID24E64D18CB054816A2068163B91A1AE4"><enum>(ii)</enum><text>the weighted average interest rate of
all loans in the pool, subject to such limited variations in loan
characteristics as the Administrator determines appropriate to enhance
marketability of the pool
certificates.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="ID2C6D8A1766D5487B9F37D10195EF317F"><enum>165.</enum><header>Alternative
size standard</header><text display-inline="no-display-inline">Section 3(a) of
the Small Business Act (15 U.S.C. 632(a)) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="IDDB924E9645C54B089E843E886BB9507D" style="OLC">
<paragraph id="IDB88E42493A284BB3A88E28989ED2FE13" indent="up1"><enum>(5)</enum><header>Optional size standard</header>
<subparagraph id="IDD918AD720A5B45D184BB8EA3D18935A8"><enum>(A)</enum><header>In general</header><text>The
Administrator shall establish an optional size standard for business loan
applicants under section 7(a) and development company loan applicants under
title V of the Small Business Investment Act of 1958, which uses maximum
tangible net worth and average net income as an alternative to the use of
industry standards.</text>
</subparagraph><subparagraph id="IDF56EE87140564DDD9D1D56F59EE369D6"><enum>(B)</enum><header>Interim rule</header><text>Until the
date on which the optional size standards established under subparagraph (A)
are in effect, the alternative size standard in section 121.301(b) of title 13,
Code of Federal Regulations, or any successor thereto, may be used by business
loan applicants under section 7(a) and development company loan applicants
under title V of the Small Business Investment Act of
1958.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="IDACF9AEF68D4C48149E8A84C4AC4D1972"><enum>166.</enum><header>Alternative
variable interest rate</header>
<subsection id="ID81146C8AF2DB44ECB40BFBB2560B4018"><enum>(a)</enum><header>In
general</header><text>Section 7(a)(4)(A) of the Small Business Act (15 U.S.C.
636(a)(4)(A)) is amended by striking <quote>prescribed by the
Administration,</quote> and inserting: <quote>prescribed by the Administration,
including, on variable rate loans, a nationally recognized prime rate of
interest and at least 1 other index as an alternative thereto at the option of
the participating lender,</quote>.</text>
</subsection><subsection id="ID7779E4C85BC14C269D823C014B8A5140"><enum>(b)</enum><header>Applicability</header><text>Not
later than 180 days after the date of enactment of this Act, the Administrator
of the Small Business Administration shall select not less than 1 alternative
index under section 7(a)(4)(A) of the Small Business Act, as amended by
subsection (a), and make such index available for use by participating
lenders.</text>
</subsection></section><section id="IDC788A333154C45569A29E40A0D6BB949"><enum>167.</enum><header>Minority small
business development</header>
<subsection id="IDD6390E4F9F4F49CBAED8058FBDF372A0"><enum>(a)</enum><header>In
general</header><text>The Small Business Act (15 U.S.C. 631 et seq.) is amended
by inserting after section 37, as added by this Act, the following:</text>
<quoted-block display-inline="no-display-inline" id="ID8F249674EF384CBEBFA9F92201CC1105" style="OLC">
<section id="ID1391A88895164EE28DC9A89807BBE5A0"><enum>38.</enum><header>Minority small
business development</header>
<subsection id="ID4ED7A5FA7BEF4091863E055820D393E0"><enum>(a)</enum><header>Office of
minority small business development</header><text>There is established in the
Administration an Office of Minority Small Business Development, which shall be
administered by the Associate Administrator for Minority Small Business
Development (in this section referred to as the <quote>Associate
Administrator</quote>) appointed under section 4(b)(1).</text>
</subsection><subsection id="IDA22E371C20614316B6457C058E7B6EF9"><enum>(b)</enum><header>Associate
administrator for minority small business development</header><text>The
Associate Administrator—</text>
<paragraph id="IDBF84EC46150945549B529210D5011F55"><enum>(1)</enum><text>shall be
either—</text>
<subparagraph id="IDC66DAA9194AF428594A65926EAD7978E"><enum>(A)</enum><text>an appointee in
the Senior Executive Service who is a career appointee; or</text>
</subparagraph><subparagraph id="ID27696E27033544E3B87CBAC745ACF5AB"><enum>(B)</enum><text>an employee in
the competitive service;</text>
</subparagraph></paragraph><paragraph id="ID7F78E2B390B847F3AB8D7BD63DE7855F"><enum>(2)</enum><text>shall be
responsible for the formulation, execution, and promotion of policies and
programs of the Administration that provide assistance to small business
concerns owned and controlled by minorities;</text>
</paragraph><paragraph id="IDD0F133BDE2A24EBCBF8C20E8CA98B09C"><enum>(3)</enum><text>shall act as an
ombudsman for full consideration of minorities in all programs of the
Administration (including those under sections 7(j) and 8(a));</text>
</paragraph><paragraph id="ID6DFB949C8E244607BBFFE3CDE474AE3E"><enum>(4)</enum><text>shall work with
the Associate Deputy Administrator for Capital Access to increase the
proportion of loans and loan dollars, and investments and investment dollars,
going to minorities through the finance programs under this Act and the Small
Business Investment Act of 1958 (including subsections (a), (b), and (m) of
section 7 of this Act and the programs under part A and B of title III and
title V of the Small Business Investment Act of 1958);</text>
</paragraph><paragraph id="IDF5AE5E88914A46298381E22DB919E3B8"><enum>(5)</enum><text>shall work with
the Associate Deputy Administrator for Entrepreneurial Development to increase
the proportion of counseling and training that goes to minorities through the
entrepreneurial development programs of the Administration;</text>
</paragraph><paragraph id="IDFB497770934B464E949EFAB80B30ED81"><enum>(6)</enum><text>shall work with
the Associate Deputy Administrator for Government Contracting and Minority
Enterprise Development to increase the proportion of contracts, including
through the Small Business Innovation Research Program and the Small Business
Technology Transfer Program, to minorities;</text>
</paragraph><paragraph id="IDEB79F2CC97C945F7A8868E0ECD81A65D"><enum>(7)</enum><text>shall work with
the partners of the Administration, trade associations, and business groups to
identify and carry out policies and procedures to more effectively market the
resources of the Administration to minorities;</text>
</paragraph><paragraph id="ID68D6C80B315F48A8A352736900BF35D1"><enum>(8)</enum><text>shall work with
the Office of Field Operations to ensure that district offices and regional
offices have adequate staff, funding, and other resources to market the
programs of the Administration to meet the objectives described in paragraphs
(4) through (7); and</text>
</paragraph><paragraph id="ID309C8C5EDAE24E4F8D097CA72BC6EE40"><enum>(9)</enum><text>shall report to
and be responsible directly to the Administrator.</text>
</paragraph></subsection><subsection id="ID5552796F9FF145AB80F9F7864E64DF01"><enum>(c)</enum><header>Authorization
of appropriations</header><text>There are authorized to be appropriated to
carry out this section—</text>
<paragraph id="IDD09BCF03FA924D59A0AAF2DC2D2E19E8"><enum>(1)</enum><text>$5,000,000 for
fiscal year 2008;</text>
</paragraph><paragraph id="IDE6D802B7EE2D4B958A9C22DDA60FD97C"><enum>(2)</enum><text>$5,000,000 for
fiscal year 2009; and</text>
</paragraph><paragraph id="IDCC8263A9EDF34CE19E69C42C54CBC417"><enum>(3)</enum><text>$5,000,000 for
fiscal year
2010.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ID05740B5AE5994DBA8ACAC737238309B7"><enum>(b)</enum><header>Conforming
amendments</header><text>Section 4(b)(1) of the Small Business Act (15 U.S.C.
633(b)(1)) is amended in sixth sentence, by striking <quote>Minority Small
Business and Capital Ownership Development</quote> and all that follows through
the end of the sentence and inserting <quote>Minority Small Business
Development.</quote>.</text>
</subsection></section><section id="IDF1DFADB2C1BB4D3A80DA96838E29806B"><enum>168.</enum><header>Lowering of
fees</header><text display-inline="no-display-inline">Section 7(a)(23) of the
Small Business Act (15 U.S.C. 636(a)(23)) is amended by striking subparagraph
(C) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="IDA93EA68BA66F4BF18E826BB2B0B803F6" style="OLC">
<subparagraph id="ID3D450DC724FA40B592EEFE9861A1DB55"><enum>(C)</enum><header>Lowering of
fees</header>
<clause id="IDB2B2B76CF25A4A529D936D0D5185EB65"><enum>(i)</enum><header>In
general</header><text>Subject to clause (ii), for loan guarantees made or
approved in each full fiscal year after the date of enactment of the
<short-title>SBA Reauthorization and Improvement Act of
2008</short-title>, if the fees paid by all small business borrowers and by
lenders for guarantees under this subsection, or the sum of such fees plus any
funds made available for the purpose of reducing fees for loans under this
subsection, as applicable, is more than the amount necessary to equal the cost
to the Administration of making such guarantees, the Administrator shall reduce
fees paid by small business borrowers and lenders under clauses (i) through
(iv) of paragraph (18)(A) and subparagraph (A) of this paragraph.</text>
</clause><clause id="IDB1F37D7D985C4FBEAC845E7916F0451D"><enum>(ii)</enum><header>Maximum
reduction</header><text>A reduction in fees under clause (i) in any fiscal year
may not exceed the average amount by which fees paid by all small business
borrowers and by lenders for guarantees under this subsection exceeded the
amount necessary to equal the cost to the Administration of making such
guarantees during the 3 most recent fiscal years for which such information is
available before that fiscal year.</text>
</clause><clause id="IDA59D474F84924EB783C0BFB3FF7FFEEB"><enum>(iii)</enum><header>Maximum
fees</header><text>The fees paid by small business borrowers and lenders for
guarantees under this subsection may not be increased above the maximum level
authorized under the amendments made by division K of the Consolidated
Appropriations Act, 2005 (Public Law 108–447; 118 Stat.
3441).</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID5F98E117FAA84FFD806B1A6A901EEBA9"><enum>169.</enum><header>International
trade loans</header>
<subsection id="ID9B351060F50E4C758A986A28A5C2C76D"><enum>(a)</enum><header>In
general</header><text>Section 7(a)(3)(B) of the Small Business Act (15 U.S.C.
636(a)(3)(B)) is amended by striking <quote>$1,750,000, of which not more than
$1,250,000</quote> and inserting <quote>$2,750,000 (or if the gross loan amount
would exceed $3,670,000), of which not more than $2,000,000</quote>.</text>
</subsection><subsection id="ID2696E10DD99645A48AD37CFBD532B191"><enum>(b)</enum><header>Working
capital</header><text>Section 7(a)(16)(A) of the Small Business Act (15 U.S.C.
636(a)(16)(A)) is amended—</text>
<paragraph id="IDA23EDB22B49D4D08BF07C8DC773D4DC7"><enum>(1)</enum><text>in the matter
preceding clause (i), by striking <quote>in—</quote> and inserting
<quote>—</quote>;</text>
</paragraph><paragraph id="ID2B048215ED614299ADCB5BF9128D1E2E"><enum>(2)</enum><text>in clause
(i)—</text>
<subparagraph id="ID21D37335C47B41949DF8EEB86F4B2FF0"><enum>(A)</enum><text>by inserting
<quote>in</quote> after <quote>(i)</quote>; and</text>
</subparagraph><subparagraph id="ID99D568045FBE4542A0A8AE64F3A87B78"><enum>(B)</enum><text>by striking
<quote>or</quote> at the end;</text>
</subparagraph></paragraph><paragraph id="IDAA5E2CE9B4C04DFD947F79878FA36F2E"><enum>(3)</enum><text>in clause
(ii)—</text>
<subparagraph id="ID9C89984F87B54BD6AF231E27DB36A46D"><enum>(A)</enum><text>by inserting
<quote>in</quote> after <quote>(ii)</quote>; and</text>
</subparagraph><subparagraph id="ID28862B2DAB32415A9637829DB13F6DDC"><enum>(B)</enum><text>by striking the
period and inserting <quote>; or</quote>; and</text>
</subparagraph></paragraph><paragraph id="ID8AD27AA444B74B26AA48E252C28A98DD"><enum>(4)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID97B553C5A43F40E18199E3F4DD03E943" style="OLC">
<clause id="ID21287CC1AD20427195F1CDD188DFFEED"><enum>(iii)</enum><text>by providing
working
capital.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="IDE33F16553A454707A74AF481E1AA1DF4"><enum>(c)</enum><header>Collateral</header><text>Section
7(a)(16)(B) of the Small Business Act (15 U.S.C. 636(a)(16)(B)) is
amended—</text>
<paragraph id="ID69B1A3AB37FA458AB5C14858018EB3F5"><enum>(1)</enum><text>by striking
<quote>Each loan</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="ID4299A4E393C6419887FB53924D32914C" style="OLC">
<clause id="ID33D845070F3748BDA54BFB650A26F913"><enum>(i)</enum><header>In
general</header><text>Except as provided in clause (ii), each
loan</text>
</clause><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="ID3E5788FD64FB4F60A168BB65489CA7A8"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID7A3B10433247422DB3575990A6A4A699" style="OLC">
<clause id="ID5CD2E185EDF743D697E2201FAF9EB728"><enum>(ii)</enum><header>Exception</header><text>A
loan under this paragraph may be secured by a second lien position on the
property or equipment financed by the loan or on other assets of the small
business concern, if the Administrator determines such lien provides adequate
assurance of the payment of such
loan.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="ID80FE6EE133454AC88A7C2E8318561EA9"><enum>(d)</enum><header>Refinancing</header><text>Section
7(a)(16)(A)(ii) of the Small Business Act (15 U.S.C. 636(a)(16)(A)(ii)), as
amended by this section, is amended by inserting <quote>, including any debt
that qualifies for refinancing under any other provision of this
subsection</quote> before the semicolon.</text>
</subsection></section><section id="ID069362408D5C4FF79DF99F7015D11CF9"><enum>170.</enum><header>Rural lending
outreach program</header><text display-inline="no-display-inline">Section 7(a)
of the Small Business Act (15 U.S.C. 636(a)), as amended by this Act, is
amended—</text>
<paragraph id="ID1143A13016A943A78B71EB6F266C48E4"><enum>(1)</enum><text>by striking
paragraph (25)(C); and</text>
</paragraph><paragraph id="ID91C7DFDD03324FA7A86BE3F0CF9D61CA"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="IDBC414B2AD6F24265AD5C4F3B463D95C2" style="OLC">
<paragraph id="ID1426E95B0F0842EE915151E6AF04CE3D"><enum>(35)</enum><header>Rural lending
outreach program</header>
<subparagraph id="ID9509E6424BD54884B69B0B25E547983F"><enum>(A)</enum><header>In
general</header><text>The Administrator shall carry out a rural lending
outreach program to provide not more than an 85 percent guaranty for loans of
not more than $250,000. The program shall be carried out only through lenders
located in rural areas (as the term <term>rural</term> is defined in section
501(f) of the Small Business Investment Act of 1958 (15 U.S.C. 695(f))).</text>
</subparagraph><subparagraph id="ID19C08ACE1C5A4FEC8AB7B2A7F68FA197"><enum>(B)</enum><header>Loan
terms</header><text>For a loan made through the program under this
paragraph—</text>
<clause id="ID01F0AE881508444D8501B19A1ECF06F3"><enum>(i)</enum><text>the Administrator
shall approve or disapprove the loan within 36 hours of the time the
Administrator receives the application;</text>
</clause><clause id="IDE6767CA0AD6D406089A3F10366E098A2"><enum>(ii)</enum><text>the program
shall use abbreviated application and documentation requirements; and</text>
</clause><clause id="IDE15A2DB485A44B88AF0C0BFD7D68E157"><enum>(iii)</enum><text>minimum credit
standards, as the Administrator considers necessary to limit the rate of
default on loans made under the program, shall
apply.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section></subtitle><subtitle id="ID6ECC7253D5D448CBBEB4F4DB5AE3724A"><enum>D</enum><header>Certified
development companies; 504 loan program</header>
<section id="ID53BB4329565A47FF996C650938DE0519"><enum>181.</enum><header>Development
company loan programs</header>
<subsection id="IDEEA6E129C91A46B1ADF31B8F535B069D"><enum>(a)</enum><header>Title of
program</header><text>Title V of the Small Business Investment Act of 1958 (15
U.S.C. 695 et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="IDF4F1FEB61071413DB33CC6052B8D387E" style="OLC">
<section id="ID2C416EE6554A445FAD945821206D93FF"><enum>511.</enum><header>Program
title</header>
<subsection id="IDA99AB101721747CA8FD3BEEE46516E4B"><enum>(a)</enum><header>In
general</header><text>Except as provided in subsection (b), the programs
authorized by this title shall be known collectively as the <quote>Local
Development Business Loan Program</quote>. The Administrator may refer to such
program as the <quote>504 Loan Program</quote>, until such usage is no longer
necessary.</text>
</subsection><subsection id="ID467DD2890F0F40FCAB36204B3A0A14DA"><enum>(b)</enum><header>Existing
name</header><text>Participants in the Local Development Business Loan Program
may continue to refer to such program as <quote>the 504 Loan
Program</quote>.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="IDB9DBB551BB8E420D84F1089F103E8473"><enum>(b)</enum><header>Existing
materials</header><text>The Administrator may use informational materials
created, or that were in the process of being created, before the date of
enactment of this Act that do not refer to a program under title V of the Small
Business Investment Act of 1958 (15 U.S.C. 695 et seq.) as the <quote>Local
Development Business Loan Program</quote>.</text>
</subsection><subsection id="IDABD259EB16C84B8F83446FE09C35A024"><enum>(c)</enum><header>New
materials</header><text>Any informational materials created by the
Administrator on or after the date of enactment of this Act shall refer to any
program under title V of the Small Business Investment Act of 1958 (15 U.S.C.
695 et seq.) as the <quote>Local Development Business Loan Program</quote>,
except that informational materials may refer to such program as the <quote>504
Loan Program</quote>, until such usage is no longer necessary.</text>
</subsection></section><section id="IDE4BAF2DE464E4CACA89C28E45A069FE0"><enum>182.</enum><header>Loan
liquidations</header><text display-inline="no-display-inline">Section 510 of
the Small Business Investment Act of 1958 (15 U.S.C. 697g) is amended—</text>
<paragraph id="ID7C74C1E53ECA47CA8C65AC5085DE7ACE"><enum>(1)</enum><text>by redesignating
subsection (e) as subsection (g); and</text>
</paragraph><paragraph id="ID506AB4FAD8CF49D092CC003781917BA5"><enum>(2)</enum><text>by inserting
after subsection (d) the following:</text>
<quoted-block display-inline="no-display-inline" id="ID3818F9A0A345478DBB856AC069A5CEEB" style="OLC">
<subsection id="IDF29CC454C4484B8CA896F31424FE5D6F"><enum>(e)</enum><header>Participation</header>
<paragraph id="ID17E01A1AF8464A408178CD9B613A8DE7"><enum>(1)</enum><header>In
general</header><text>Any qualified State or local development company which
elects not to apply for authority to foreclose and liquidate defaulted loans
under this section, or which the Administrator determines to be ineligible for
such authority, shall contract with a qualified third-party to perform
foreclosure and liquidation of defaulted loans in its portfolio. The contract
shall be contingent upon approval by the Administrator with respect to the
qualifications of the contractor and the terms and conditions of liquidation
activities.</text>
</paragraph><paragraph id="IDA10852D935894DB8837E9D28329E26E7"><enum>(2)</enum><header>Commencement</header><text>This
subsection does not require any development company to liquidate defaulted
loans until the Administrator has adopted and implemented a program to
compensate and reimburse development companies, as provided under subsection
(f).</text>
</paragraph></subsection><subsection id="ID39C48E2C995848C0A9F4303AA4FDFDAE"><enum>(f)</enum><header>Compensation
and reimbursement</header>
<paragraph id="IDB9E5B9767E1340FFB3441629E9DA4F22"><enum>(1)</enum><header>Reimbursement
of expenses</header><text>The Administrator shall reimburse each qualified
State or local development company for all expenses paid by such company as
part of the foreclosure and liquidation activities, if the expenses—</text>
<subparagraph id="ID836E0FF9B1154CD8920EA50B63446235"><enum>(A)</enum><text>were—</text>
<clause id="ID69E318B54A4E40118B2C10961F025077"><enum>(i)</enum><text>approved in
advance by the Administrator, either specifically or generally; or</text>
</clause><clause id="ID6EC5050435EE49E684ACB69544EC73C1"><enum>(ii)</enum><text>incurred by the
development company on an emergency basis without prior approval from the
Administrator, if the Administrator determines that the expenses were
reasonable and appropriate; and</text>
</clause></subparagraph><subparagraph id="IDAFB81B423B754DB690EE1627E45614C4"><enum>(B)</enum><text>are submitted by
the development company to the Administrator not later than 3 years after the
date of the purchase of the debenture by the Administrator.</text>
</subparagraph></paragraph><paragraph id="IDC2DAE8994CB34F7BB99FBF392B0391B6"><enum>(2)</enum><header>Compensation
for results</header>
<subparagraph id="ID328D677E822341B683EB85CDE6D98D4C"><enum>(A)</enum><header>Development</header><text>The
Administrator shall develop a schedule to compensate and provide an incentive
to qualified State or local development companies that foreclose and liquidate
defaulted loans.</text>
</subparagraph><subparagraph id="ID2322A8430BC748B6AC920EF51C904940"><enum>(B)</enum><header>Criteria</header><text>The
schedule required under this paragraph shall—</text>
<clause id="IDCA8DB792B209423CB0329B3C10E799E3"><enum>(i)</enum><text>be based on a
percentage of the net amount recovered, but shall not exceed a maximum amount;
and</text>
</clause><clause id="IDF693D72E88C64700897422E71A0BBA1F"><enum>(ii)</enum><text>not apply to any
foreclosure which is conducted under a contract between a development company
and a qualified third party to perform the foreclosure and
liquidation.</text>
</clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="ID7D3956D612A74A6DB931A3D7B4FE5768"><enum>183.</enum><header>Additional
equity injections</header><text display-inline="no-display-inline">Section
502(3)(B)(ii) of the Small Business Investment Act of 1958 (15 U.S.C.
696(3)(B)(ii)) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="IDA186DB392E554C77B19A761277C0DB87" style="OLC">
<clause id="ID3A09A41522D54CEB9BD76575562C8900"><enum>(ii)</enum><header>Funding from
institutions</header><text>If a small business concern—</text>
<subclause id="ID3BD1C0729B2343DEA7B2A8918B6892FD"><enum>(I)</enum><text>provides the
minimum contribution required under subparagraph (C), not less than 50 percent
of the total cost of any project financed under clause (i), (ii), or (iii) of
subparagraph (C) shall come from the institutions described in subclauses (I),
(II), and (III) of clause (i); and</text>
</subclause><subclause id="IDA9C12BF0A2794EDAB73A2BC84387CE2D"><enum>(II)</enum><text>provides more
than the minimum contribution required under subparagraph (C), any excess
contribution may be used to reduce the amount required from the institutions
described in subclauses (I), (II), and (III) of clause (i), except that the
amount from such institutions may not be reduced to an amount that is less than
the amount of the loan made by the
Administrator.</text>
</subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID6A8FCFAFF22441F59CC76130A7FA98C9"><enum>184.</enum><header>Uniform
leasing policy</header>
<subsection id="IDB220BE4EA21C401CB2E65879635F7E43"><enum>(a)</enum><header>In
general</header><text>Section 502 of the Small Business Investment Act of 1958
(15 U.S.C. 696) is amended—</text>
<paragraph id="ID67A294F7EAB1476BA69367DFDBBEE466"><enum>(1)</enum><text>by striking
paragraphs (4) and (5) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="IDA3F9C8F4118A4B6BB447199D3A2AD713" style="OLC">
<paragraph id="ID9BD618D0A2B74FDDBB512412104E14B6"><enum>(4)</enum><header>Limitation on
leasing</header><text>If the use of a loan under this section includes the
acquisition of a facility or the construction of a new facility, the small
business concern assisted—</text>
<subparagraph id="IDF80BEFDB5F6F4DBCA69C8F13D19878E8"><enum>(A)</enum><text>shall permanently
occupy and use not less than a total of 50 percent of the space in the
facility; and</text>
</subparagraph><subparagraph id="ID019A500A36C34F5FB6BBCDD283272984"><enum>(B)</enum><text>may, on a
temporary or permanent basis, lease to others not more than 50 percent of the
space in the facility.</text>
</subparagraph></paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="ID4D18588E28E140F4A30D5B1E9F211A31"><enum>(2)</enum><text>by redesignating
paragraph (6) as paragraph (5).</text>
</paragraph></subsection><subsection id="ID7EA02DF6A40044E59427732A69F9AF32"><enum>(b)</enum><header>Policy for
7<enum-in-header>(a)</enum-in-header> loans</header><text>Section 7(a)(28) of
the Small Business Act (15 U.S.C. 636(a)(28)) is amended to read as
follows:</text>
<quoted-block display-inline="no-display-inline" id="ID8F51F714039B405080D62673D0820089" style="OLC">
<paragraph id="ID2F2C2C8D9A3B48C5BBBDD376979DA365"><enum>(28)</enum><header>Limitation on
leasing</header><text>If the use of a loan under this subsection includes the
acquisition of a facility or the construction of a new facility, the small
business concern assisted—</text>
<subparagraph id="ID6C2A3FB626D443FEA62F95CE299FD825"><enum>(A)</enum><text>shall permanently
occupy and use not less than a total of 50 percent of the space in the
facility; and</text>
</subparagraph><subparagraph id="ID6A699FAE38A4459AA99B99BFE18BC85A"><enum>(B)</enum><text>may, on a
temporary or permanent basis, lease to others not more than 50 percent of the
space in the
facility.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="IDDC2D48DAB85341CA904E436FF17FE126"><enum>185.</enum><header>Businesses in
low-income communities</header>
<subsection id="ID15E926EB87154505AD139960F8BAA877"><enum>(a)</enum><header>Goals</header><text>Section
501(d)(3)(A) of the Small Business Investment Act of 1958 (15 U.S.C.
695(d)(3)(A)) is amended by inserting after <quote>business district
revitalization,</quote> the following: <quote>or expansion of businesses in
low-income communities which would be eligible for a new markets tax credit
under section 45D(a) of the Internal Revenue Code of 1986, or implementing
regulations issued under that section,</quote>.</text>
</subsection><subsection id="ID1ACE39A717C148AC887EF74EEF0D9D74"><enum>(b)</enum><header>Additional
incentives</header><text>Section 502 of the Small Business Investment Act of
1958 (15 U.S.C. 696), as amended by this Act, is amended by adding at the end
the following:</text>
<quoted-block display-inline="no-display-inline" id="IDAC669E328E764E6E8B6E8A314DBE5CF8" style="OLC">
<paragraph id="IDF50F19C10D1C475D991E151937D147AE"><enum>(6)</enum><header>Low-income
communities</header>
<subparagraph id="ID4EB039B72852478098D4092B9EC56AB3"><enum>(A)</enum><header>Loan
amount</header><text>Notwithstanding paragraph (2)(A)(ii), a loan under this
section for use in a low-income community (as that term is used in section
501(d)(3)(A)) may be for not more than $4,000,000.</text>
</subparagraph><subparagraph id="ID8777CC983C394BF18C62299B2207D66E"><enum>(B)</enum><header>Size
standards</header><text>For purposes of determining eligibility for a loan
under this section for use in a low-income community (as that term is used in
section 501(d)(3)(A)), the size standards established under section 3 of the
Small Business Act (15 U.S.C. 632) shall be increased by 25 percent.</text>
</subparagraph><subparagraph id="IDD503BAF432C6486598831BD6056CA131"><enum>(C)</enum><header>Personal
liquidity</header>
<clause id="ID2E9343ECB4094D73A91657D7AEEF3B0D"><enum>(i)</enum><header>In
general</header><text>For any loan under this section for use in a low-income
community (as that term is used in section 501(d)(3)(A)), the amount of
personal resources of an owner that are excluded from the amount required to be
provided to reduce the portion of the project funded by the Administration
shall be not less than 25 percent more than that required for other loans under
this section.</text>
</clause><clause id="IDE2ED77F2147040C9A29E5BFBFE24C697"><enum>(ii)</enum><header>Definition</header><text>In
this subparagraph, the term <term>owner</term> means any person that owns not
less than 20 percent of the equity of the small business concern applying for
the applicable
loan.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="ID28BA7DBF9EF147BBA9D4BC1B0A19B061"><enum>186.</enum><header>Combinations
of certain goals</header><text display-inline="no-display-inline">Section
501(e) of the Small Business Investment Act of 1958 (15 U.S.C. 695(e)) is
amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID7312864D55FA42ADAABF8F70FCFB9416" style="OLC">
<paragraph id="ID5323368B933E48358A892A0442DDC6C2" indent="up1"><enum>(7)</enum><text>A small business concern that is
unconditionally owned by more than 1 individual, or a corporation, the stock of
which is owned by more than 1 individual, shall be deemed to have achieved a
public policy goal required under subsection (d)(3) if a combined ownership
share of not less than 51 percent is held by individuals who are in 1 of, or a
combination of, the groups described in subparagraph (C) or (E) of subsection
(d)(3).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="IDBF6F76EBD7AF40A990B46F3B137A21C6"><enum>187.</enum><header>Refinancing
under the local development business loan program</header><text display-inline="no-display-inline">Section 502 of the Small Business Investment
Act of 1958 (15 U.S.C. 696), as amended by this Act, is amended by adding at
the end the following:</text>
<quoted-block display-inline="no-display-inline" id="IDFB3C4478861841F49C2CABBCAC0B14E4" style="OLC">
<paragraph id="ID1578C1BA323D4C1ABFC673B6D19DA9E1"><enum>(7)</enum><header>Permissible
debt refinancing</header>
<subparagraph id="ID16468D325E7C457DB1AC26F6FDC3B5BB"><enum>(A)</enum><header>In
general</header><text>Any financing approved under this title may include a
limited amount of debt refinancing.</text>
</subparagraph><subparagraph id="ID0426C3F053B543F1879BACA61B38454E"><enum>(B)</enum><header>Expansions</header><text>If
the project involves expansion of a small business concern which has existing
indebtedness collateralized by fixed assets, any amount of existing
indebtedness that does not exceed <fraction>1/2</fraction> of the project cost
of the expansion may be refinanced and added to the expansion cost, if—</text>
<clause id="ID73C4DE992758487C833967DE14137AAC"><enum>(i)</enum><text>the proceeds of
the indebtedness were used to acquire land, including a building situated
thereon, to construct a building thereon, or to purchase equipment;</text>
</clause><clause id="IDF3C5BC7DC15145D9818A4DC56D7CB2D2"><enum>(ii)</enum><text>the borrower has
been current on all payments due on the existing debt for not less than 1 year
preceding the date of refinancing; and</text>
</clause><clause id="IDC05220553C3D4769AD8F6BF2F8237F12"><enum>(iii)</enum><text>the financing
under section 504 will provide better terms or rate of interest than exists on
the debt at the time of
refinancing.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="IDD4CAA25E91EA4F9F996BC354358D5D21"><enum>188.</enum><header>Technical
correction</header><text display-inline="no-display-inline">Section 501(e)(2)
of the Small Business Investment Act of 1958 (15 U.S.C. 695(e)(2)) is amended
by striking <quote>outstanding</quote>.</text>
</section><section id="ID649D9A4A79DB43C39D16DF5F35B63359"><enum>189.</enum><header>Definitions
for the Small Business Investment Act of 1958</header><text display-inline="no-display-inline">Section 103 of the Small Business Investment
Act of 1958 (15 U.S.C. 662) is amended—</text>
<paragraph id="ID9980EA878E1548AFB95170059FC8C43D"><enum>(1)</enum><text>by striking
paragraph (6) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="ID154AF62CAA0A45C28047CC5D5B9CFF89" style="OLC">
<paragraph id="ID3C798F903AC74EE886BB417E30255464"><enum>(6)</enum><text>the term
<term>development company</term> means an entity incorporated under State law
with the authority to promote and assist the growth and development of small
business concerns in the areas in which it is authorized to operate by the
Administrator;</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="ID21538D6BF7EC4E8AA878925B932BC45B"><enum>(2)</enum><text>in paragraph
(18), by striking <quote>and</quote> at the end;</text>
</paragraph><paragraph id="ID67823B811BFB42C7B7AD953797CADDAC"><enum>(3)</enum><text>in paragraph
(19), by striking the period at the end and inserting <quote>; and</quote>;
and</text>
</paragraph><paragraph id="IDD987684D8DFC4B6493477DC49E6BB6CC"><enum>(4)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="IDDDD2BC00E12D4E2885CDA162FCFD9631" style="OLC">
<paragraph id="IDFD5A60EB968C49FD91389A000ADDB27B"><enum>(20)</enum><text>the term
<term>certified development company</term> means a development company that the
Administrator has certified meets the criteria of section
506.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="ID101862117F6941BDA719A8F962891306"><enum>190.</enum><header>Repeal of
sunset on reserve requirements for premier certified lenders</header><text display-inline="no-display-inline">Section 508(c)(6)(B) of the Small Business
Investment Act of 1958 (15 U.S.C. 697e(c)(6)(B)) is amended—</text>
<paragraph id="IDDDCD6F5CF3764AD99EB849FBCB6768D5"><enum>(1)</enum><text>in the
subparagraph heading, by striking <quote><header-in-text level="subparagraph">Temporary reduction</header-in-text></quote> and inserting
<quote><header-in-text level="subparagraph">Reduction</header-in-text></quote>;
and</text>
</paragraph><paragraph id="ID2EE8A063064046EF80028D1CCD34E2D4"><enum>(2)</enum><text>by striking
<quote>Notwithstanding subparagraph (A), during the 2-year period beginning on
the date that is 90 days after the date of enactment of this subparagraph,
the</quote> and inserting <quote>The</quote>.</text>
</paragraph></section><section id="IDDD209CC4E625478388C013EC39E416D2"><enum>191.</enum><header>Certified
development companies</header><text display-inline="no-display-inline">Section
506 of the Small Business Investment Act of 1958 (15 U.S.C. 697c) is
amended—</text>
<paragraph id="ID5E9784AA2B99411FB164AF6A58BFDD4D"><enum>(1)</enum><text>in the section
heading, by striking <quote><header-in-text level="section">restrictions on
development company assistance</header-in-text></quote> and inserting
<quote><header-in-text level="section">certified development
companies</header-in-text></quote>; and</text>
</paragraph><paragraph id="ID2648E0DD540B43ED99A862B5FDE00E6A"><enum>(2)</enum><text>by inserting
before <quote>Notwithstanding any other provision of law</quote> the
following:</text>
<quoted-block display-inline="no-display-inline" id="ID0840D3AC242B478995CA95CE5071D8B9" style="OLC">
<subsection id="IDC01B63BC2CF84142871D915FDB321627"><enum>(a)</enum><header>Authority to
issue debentures</header><text>A development company may issue debentures under
this title if the Administrator certifies that the company meets the following
criteria:</text>
<paragraph id="ID6D068A077AE64751B7ADC2CA4210DB5F"><enum>(1)</enum><header>Size</header>
<subparagraph id="IDCBC3BED6F35E442AA25D428697F2C681"><enum>(A)</enum><header>In
general</header><text>Except as provided in subparagraph (B), the development
company shall be a small business concern with fewer than 500 employees, and
shall not be under the control of any entity that does not meet the size
standards established by the Administrator for a small business concern.</text>
</subparagraph><subparagraph id="IDDD878C23A22946D992E3225E94232AC1"><enum>(B)</enum><header>Exception</header><text>Any
development company that was certified by the Administrator before December 31,
2005, may continue to issue debentures under this title.</text>
</subparagraph></paragraph><paragraph id="IDEEFCDD9EBA3547A7A250241A847A3B83"><enum>(2)</enum><header>Primary
purpose</header><text>The primary purpose of the development company shall be
to benefit the community by fostering economic development to create and
preserve jobs and stimulate private investment.</text>
</paragraph><paragraph id="ID06947F358ABF4C9A851A6ABC89F2710C"><enum>(3)</enum><header>Primary
function</header><text>A primary function of the development company shall be
to accomplish its purpose by providing long-term financing to small business
concerns under the Local Development Business Loan Program. The development
company shall also provide or support other community and local economic
development activities to assist the community.</text>
</paragraph><paragraph id="ID50E8D36B70B6436CAB871927A09D847F"><enum>(4)</enum><header>Nonprofit
status</header>
<subparagraph id="ID2F497AE67AFB4D2287319AA2EA46052E"><enum>(A)</enum><header>In
general</header><text>Except as provided in subparagraph (B), the development
company shall be a nonprofit corporation.</text>
</subparagraph><subparagraph id="IDD6676120CB7D4ADC931D84CA2E1AB4E7"><enum>(B)</enum><header>Exception</header><text>A
development company certified by the Administrator before January 1, 1987, may
continue to issue debentures under this title and retain its status as a
for-profit enterprise.</text>
</subparagraph></paragraph><paragraph id="IDF720BF63FCFE45C59A2AA8D9652CA1A2"><enum>(5)</enum><header>Good
standing</header><text>The development company—</text>
<subparagraph id="ID6BFED51A85B24D1E8CD4037BB42D100C"><enum>(A)</enum><text>shall be in good
standing in the State in which such company is incorporated and in any other
State in which it conducts business; and</text>
</subparagraph><subparagraph id="ID2BF2E74F568647BBAD58B611C60B5CDD"><enum>(B)</enum><text>shall be in
compliance with all laws, including taxation requirements, in the State in
which such company is incorporated and in any other State in which it conducts
business.</text>
</subparagraph></paragraph><paragraph id="ID935E54C272884582868CE38B1C003903"><enum>(6)</enum><header>Membership of
development company</header><text>There shall be—</text>
<subparagraph id="ID0905228F900F4B36A9E48F196223F155"><enum>(A)</enum><text>not fewer than 25
members of the development company (or owners or stockholders, if the
corporation is a for-profit entity), none of whom may own or control more than
10 percent of the voting membership of the company; and</text>
</subparagraph><subparagraph id="ID57CE9BD83E004EDB99D64BC04E931076"><enum>(B)</enum><text>at least 1 member
of the development company (none of whom is in a position to control the
development company) from each of the following:</text>
<clause id="IDA23D869BBE624E4DAEA9B25C59A2ECE0"><enum>(i)</enum><text>Government
organizations that are responsible for economic development.</text>
</clause><clause id="ID2A9D8076830C47AFA683ABFB84C379EF"><enum>(ii)</enum><text>Financial
institutions that provide commercial long-term fixed asset financing.</text>
</clause><clause id="IDF2A75EC9F4474D2B916B2D7FC266E2B6"><enum>(iii)</enum><text>Community
organizations that are dedicated to economic development.</text>
</clause><clause id="IDBDFB2939F28F44C489A8ED8C5A7A32D8"><enum>(iv)</enum><text>Businesses.</text>
</clause></subparagraph></paragraph><paragraph id="ID85B14199B86542B4B3FCAEAB9B69F401"><enum>(7)</enum><header>Board of
directors</header>
<subparagraph id="IDE77D358288AF4A84AE9E4FFF01CBE811"><enum>(A)</enum><header>In
general</header><text>The development company shall have a board of
directors.</text>
</subparagraph><subparagraph id="IDD5CE4BA95FB2453EBEC4A1CC0BF41D54"><enum>(B)</enum><header>Members of
board</header><text>Each member of the board of directors shall be—</text>
<clause id="ID42C3CE934A554D7AA5D8B5D45A3038F6"><enum>(i)</enum><text>a
member of the development company; and</text>
</clause><clause id="IDEAA2F882B85B41BC9289C77997B1D394"><enum>(ii)</enum><text>elected by a
majority of the members of the development company.</text>
</clause></subparagraph><subparagraph id="ID852BF88E8862455483570ED9C2824FBD"><enum>(C)</enum><header>Representation
of organizations and institutions</header>
<clause id="IDFC5BFAA63D2342F48DCBC3A82B4310E0"><enum>(i)</enum><header>In
general</header><text>There shall be at least 1 member of the board of
directors from not fewer than 3 of the 4 organizations and institutions
described in paragraph (6)(B), none of whom is in a position to control the
development company.</text>
</clause><clause id="IDAB3FB2F24EFD46F0B4A364856F2ABF07"><enum>(ii)</enum><header>Maximum
percentage</header><text>Not more than 50 percent of the members of the board
of directors shall be from any 1 of the organizations and institutions
described in paragraph (6)(B).</text>
</clause></subparagraph><subparagraph id="ID2BF171F9E9E44A44B37B23195CB7B2A7"><enum>(D)</enum><header>Meetings</header><text>The
board of directors of the development company shall meet on a regular basis to
make policy decisions for such company.</text>
</subparagraph></paragraph><paragraph id="IDB923E97E7DD74F91B181FD4E4AA7EFBC"><enum>(8)</enum><header>Professional
management and staff</header>
<subparagraph id="IDE3AC537A1FDF4306BDFE753BC9041C78"><enum>(A)</enum><header>In
general</header><text>The development company shall have full-time professional
management, including a chief executive officer to manage daily operations and
a full-time professional staff qualified to market the Local Development
Business Loan Program and handle all aspects of loan approval and servicing,
including liquidation, if appropriate.</text>
</subparagraph><subparagraph id="IDF534B16C47AE4E778E4B6BFD7CF7A96C"><enum>(B)</enum><header>Independent
management and operation</header><text>Except as provided in paragraph (9), the
development company shall be independently managed and operated to pursue the
economic development purpose of the company and shall employ directly the chief
executive officer.</text>
</subparagraph></paragraph><paragraph id="ID3030FC2808F848CA8AA446CA30AF585E"><enum>(9)</enum><header>Management and
operation exceptions</header>
<subparagraph id="ID18F98449C8894E4CA39F317726CFA7FC"><enum>(A)</enum><header>Affiliation</header><text>A
development company may be an affiliate of another local nonprofit service
corporation (other than a development company), a purpose of which is to
support economic development in the area in which the development company
operates.</text>
</subparagraph><subparagraph id="IDBC1E03CF0E7043828F90605A27516E3B"><enum>(B)</enum><header>Staffing</header><text>A
development company may satisfy the requirement for full-time professional
staff under paragraph (8)(A) by contracting for the required staffing
with—</text>
<clause id="ID1E828267DBF34EB5889FA5183D5D0A7D"><enum>(i)</enum><text>a
local nonprofit service corporation;</text>
</clause><clause id="ID3FC3EEE5CEDD4879BEAC1CA3934EFD9D"><enum>(ii)</enum><text>a nonprofit
affiliate of a local nonprofit service corporation;</text>
</clause><clause id="IDFF1EB97E07394713A407373EAD7D67E0"><enum>(iii)</enum><text>an entity
wholly or partially operated by a governmental agency; or</text>
</clause><clause id="ID19787417F4C34A2591C7DD2D21F03543"><enum>(iv)</enum><text>another entity
approved by the Administrator.</text>
</clause></subparagraph><subparagraph id="ID85C44741BD5A4F8781C933980C11F0D9"><enum>(C)</enum><header>Directors</header><text>A
development company and a local nonprofit service corporation with which it is
affiliated may have in common some, but not all, members of their respective
board of directors.</text>
</subparagraph><subparagraph id="ID1487D01CE8BC497B8226176B93EAE9E0"><enum>(D)</enum><header>Rural
areas</header><text>A development company in a rural area may satisfy the
requirements of a full-time professional staff and professional management
ability under paragraph (8)(A) by contracting for such services with another
certified development company that—</text>
<clause id="ID13F6B43E0F4D47A3BE9353481F68F508"><enum>(i)</enum><text>has such staff
and management ability; and</text>
</clause><clause id="ID4C49D2EC264B41CEB7E90E5D12653B2D"><enum>(ii)</enum><text>is located in
the same State as the development company or in a State that is contiguous to
the State in which the development company is located.</text>
</clause></subparagraph><subparagraph id="ID991772914B4A4510B0C3760326E2EF9D"><enum>(E)</enum><header>Previously
certified</header><text>A development company that, on or before December 31,
2005, was certified by the Administrator and had contracted with a for-profit
company to provide staffing and management services, may continue to do
so.</text>
</subparagraph></paragraph></subsection><subsection id="ID7A04FA64318B4F309FABAFCBA24A99A6"><enum>(b)</enum><header>Use of excess
funds</header>
<paragraph id="ID46B0BCF7B3794E5BA2ED8BE0FD7446B8"><enum>(1)</enum><header>In
general</header><text>Any funds generated by a certified development company
from making loans under section 503 or 504 that remain unexpended after payment
of staff, operating, and overhead expenses shall be used by the certified
development company for—</text>
<subparagraph id="ID2F7CCCC16C5641528D1974B162D2E088"><enum>(A)</enum><text>operating
reserves;</text>
</subparagraph><subparagraph id="ID2741F64F0A4247009DF25DB9E10D6387"><enum>(B)</enum><text>expanding the
area in which the certified development company operates through the methods
authorized by this Act; or</text>
</subparagraph><subparagraph id="ID2FCE29DC26304153A41B8DA2C703306B"><enum>(C)</enum><text>investment in
other community and local economic development activity or community
development primarily in the State from which such funds were generated.</text>
</subparagraph></paragraph><paragraph id="ID8C7D6B33B78E491A94787F2F0C5F771C"><enum>(2)</enum><header>Reporting</header><text>Not
later than July 1, 2009, and every year thereafter, the Administrator shall
compile and submit to Congress a report regarding the economic and community
development activities of each certified development company during the fiscal
year before the year of that report, other than loans made under this
title.</text>
</paragraph></subsection><subsection id="ID41365947D55B4E8D8B557F4BD7160BBE"><enum>(c)</enum><header>Ethical
requirements</header>
<paragraph id="IDECDCA7398E924A2EBB8CD8E40D4F87F3"><enum>(1)</enum><header>In
general</header><text>A certified development company and the officers,
employees, and other staff of the company shall at all times act ethically and
avoid activities which constitute a conflict of interest or appear to
constitute a conflict of interest.</text>
</paragraph><paragraph id="ID356C4DBA38D64157AA1957AD703F58EF"><enum>(2)</enum><header>Prohibited
conflict in project loans</header>
<subparagraph id="IDB4CBAC68169B42B391C7B5990EF9C689"><enum>(A)</enum><header>In
general</header><text>No certified development company may—</text>
<clause id="IDBCA1C40733EE46BDAFD1AF1E79C38D9E"><enum>(i)</enum><text>recommend or
approve a guarantee of a debenture by the Administrator under the Local
Business Development Loan Program that is collateralized by a second lien
position on the property being constructed or acquired; and</text>
</clause><clause id="IDFB73CFFBF1AB4902A30CC9F408C397C9"><enum>(ii)</enum><text>provide, or be
affiliated with a corporation or other entity which provides, financing
collateralized by a first lien on the same property.</text>
</clause></subparagraph><subparagraph id="ID946D2A9A4A014466950F3B5CF99DEA0A"><enum>(B)</enum><header>Exception</header><text>During
the 2-year period beginning on the date of enactment of the
<short-title>SBA Reauthorization and Improvement Act of
2008</short-title>, a certified development company that was participating as a
first mortgage lender for the Local Business Development Loan Program in either
of fiscal years 2004 or 2005 may continue to do so.</text>
</subparagraph></paragraph><paragraph id="ID9F4D63284A8447FE9D287E67F885C0D9"><enum>(3)</enum><header>Other economic
development activities</header><text>It shall not be a conflict of interest for
a certified development company to operate multiple programs to assist small
business concerns as part of carrying out its economic development
purpose.</text>
</paragraph></subsection><subsection id="ID5D2711D60E644CC1B7BF274F4765C638"><enum>(d)</enum><header>Multistate
operations</header>
<paragraph id="IDA24F8C50E7344A4BB6DB6A4BEDB26F25"><enum>(1)</enum><header>Authorization</header><text>Notwithstanding
any other provision of law, the Administrator shall permit a certified
development company to make loans in any State that is contiguous to the State
of incorporation of that certified development company, only if such
company—</text>
<subparagraph id="ID7F0BD3BB37314794A854178D8676343A"><enum>(A)</enum><text>is—</text>
<clause id="ID66908E3C2EA44528892CCB3E577903C7"><enum>(i)</enum><text>an accredited
lender under section 507; or</text>
</clause><clause id="ID324748AA309D46EE8A206FFE1EB5F4AB"><enum>(ii)</enum><text>a premier
certified lender under section 508;</text>
</clause></subparagraph><subparagraph id="IDB50D967CF7184564912C504C939ECE30"><enum>(B)</enum><text>has a membership
that contains, from each of the States in which it operates, not fewer than 25
members who reside in that State;</text>
</subparagraph><subparagraph id="IDC436F445A2534E00850F1BF0E546412D"><enum>(C)</enum><text>has a board of
directors that contains not fewer than 2 members from each State in which the
company makes loans;</text>
</subparagraph><subparagraph id="IDEAD032AB1D7C401D97AABBCD6E057F14"><enum>(D)</enum><text>maintains not
fewer than 1 loan committee, which shall have not fewer than 1 member from each
State in which the company makes loans; and</text>
</subparagraph><subparagraph id="IDDF476C23CE8E4AB6BA5DC3B2395B2D29"><enum>(E)</enum><text>submits to the
Administrator, in writing—</text>
<clause id="ID8C2AB9FC91A141D8A076A9972DBF1418"><enum>(i)</enum><text>a
notice of the intention of the company to make loans in multiple States;</text>
</clause><clause id="IDB1F5C4A29A934922B30BAA3081B221DD"><enum>(ii)</enum><text>the names of the
States in which the company intends to make loans; and</text>
</clause><clause id="ID023D5359D52B447485FA5B99D7BAA5C7"><enum>(iii)</enum><text>a detailed
statement of how the company will comply with this paragraph, including a list
of the members described in subparagraph (B).</text>
</clause></subparagraph></paragraph><paragraph id="IDD7C0D8D5666A41CF96AD1CDB15DE6A80"><enum>(2)</enum><header>Review</header><text>The
Administrator shall verify whether a certified development company satisfies
the requirements of paragraph (1) on an expedited basis and, not later than 30
days after the date on which the Administrator receives the statement described
in paragraph (1)(E)(iii), the Administrator shall determine whether such
company satisfies such criteria and provide notice to such company.</text>
</paragraph><paragraph id="IDB76C736A75AA47DEA9B0D9D19434A863"><enum>(3)</enum><header>Loan committee
participation</header><text>For any loan made by a company described in
paragraph (1), not fewer than 1 member of the loan committee from the State in
which the loan is to be made shall participate in the review of such
loan.</text>
</paragraph><paragraph id="ID765EE517BAFF4DF8967D887D03CF74B9"><enum>(4)</enum><header>Aggregate
accounting</header><text>A company described in paragraph (1) may maintain an
aggregate accounting of all revenue and expenses of the company for purposes of
this title.</text>
</paragraph><paragraph id="ID6AF5B03D44DB431AB3C93748DEB471C3"><enum>(5)</enum><header>Service to
certified development companies</header>
<subparagraph id="IDA99DDB999A7D4EC4A7E2B654D4588DBF"><enum>(A)</enum><header>In
general</header><text>Except as provided in subparagraph (B), an associate of a
certified development company may not be an officer, director, or manager of
more than 1 certified development company.</text>
</subparagraph><subparagraph id="ID766CFEDC3FB44988A53302DE143F9E67"><enum>(B)</enum><header>Exception</header>
<clause id="ID3D43C2B178054D189F2905DD60020326"><enum>(i)</enum><header>In
general</header><text>Notwithstanding any other provision of law, a person who
is serving on the board of directors of a certified development company may
serve on the board of directors, but not as an officer, of not more than 1
additional certified development company, if—</text>
<subclause id="IDEB8B692F4EDE46FC8ACAD672F94D9126"><enum>(I)</enum><text>such companies
are not located in the same State;</text>
</subclause><subclause id="IDB970C0E9211743C7A1322C40910F4870"><enum>(II)</enum><text>each board of
directors determines that the service by such person on such board does not
constitute a conflict of interest; and</text>
</subclause><subclause id="IDF4E17A2C8EAF4CF2BC9D72C4E7B5E7B2"><enum>(III)</enum><text>there is not a
contractual relationship between—</text>
<item id="IDC672AEB14782447A93C4AAA5C631D8D0"><enum>(aa)</enum><text>the person and
such additional certified development company, except for the contract of such
person to serve as a member of the board of directors of such company, if any;
or</text>
</item><item id="IDBBB340CE4E6741E4BF4BE196A6F5A9F4"><enum>(bb)</enum><text>the certified
development companies of which such person is a member of the board of
directors.</text>
</item></subclause></clause><clause id="ID03D5DF0A9D8642619FE032DDD8249170"><enum>(ii)</enum><header>Maximum number
of members</header><text>A certified development company may not have more than
1 member of the board of directors of such company in common with any other
board of directors of a certified development company.</text>
</clause></subparagraph><subparagraph id="IDD9A401D300FC401391E9984CE2D30A14"><enum>(C)</enum><header>Definition</header><text>As
used in this paragraph, the term <term>associate of a certified development
company</term> has the meaning given the term <term>Associate of a CDC</term>
in section 120.10 of title 13, Code of Federal Regulations (or any
corresponding similar regulation or ruling).</text>
</subparagraph></paragraph><paragraph id="IDFFEB2A1B5EFE49E1B8EA8560D73F4451"><enum>(6)</enum><header>Local job
creation requirements</header>
<subparagraph id="IDA501FE715B694C5BA926BD309B276DA4"><enum>(A)</enum><header>In
general</header><text>Subject to subparagraph (B), any certified development
company making loans in multiple States shall satisfy any applicable job
creation or retention requirements separately for each such State. Such a
company shall not count jobs created or retained in 1 State towards any
applicable job creation or retention requirement in another State.</text>
</subparagraph><subparagraph id="ID90000215DCF5426A88F6C3C90FF4900F"><enum>(B)</enum><header>Applicability</header><text>This
paragraph shall apply to a certified development company relating to a State
beginning 2 years after the date that certified development company began
making loans in that State.</text>
</subparagraph></paragraph><paragraph id="ID46E5C484D3F74C7C8CD84F02A48F320E"><enum>(7)</enum><header>Contiguous
states</header><text>For purposes of this subsection, the States of Alaska and
Hawaii shall be deemed to be contiguous to any State abutting the Pacific
Ocean.</text>
</paragraph><paragraph id="ID2720B1B9ECB8417D883EF0CBCE549CD0"><enum>(8)</enum><header>Local economic
area requirement and exemption</header>
<subparagraph id="ID8E40FC714ED84D319686DDE07AE87338"><enum>(A)</enum><header>Definition</header><text>In
this paragraph, the term <term>local economic area</term> means an area, as
determined by the Administrator, that—</text>
<clause id="ID07F6D0A49DE9487EB548A6FF0B88BEAD"><enum>(i)</enum><text>is in a State
other than the State in which a development company is incorporated;</text>
</clause><clause id="ID6D5DE158BA414C28B95C590E2C52918B"><enum>(ii)</enum><text>shares a border
with the area of operations of the development company; and</text>
</clause><clause id="IDD20282B0155740188AAC3973DD3AFC44"><enum>(iii)</enum><text>is a part of a
local trade area (including a city that is bisected by a State line and a
metropolitan statistical area that is bisected by a State line) that is
contiguous to the area of operations of the development company.</text>
</clause></subparagraph><subparagraph id="ID01D50479B2F74CE4B9E63125ACA82F7B"><enum>(B)</enum><header>Exemption</header><text>An
applicant operating in a local economic area shall not be considered to be
operating in a multistate area, and shall not be required to comply with the
requirements for multistate operation.</text>
</subparagraph></paragraph></subsection><subsection id="IDAA97309249A34850BE12EE1D945FBB61"><enum>(e)</enum><header>Restrictions on
development company
assistance</header>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="ID2CE356C84E324D999604B7A4273DEB95"><enum>192.</enum><header>Conforming
amendments</header><text display-inline="no-display-inline">Section 503 of the
Small Business Investment Act of 1958 (15 U.S.C. 697) is amended—</text>
<paragraph id="ID75B571813A434EFABBD01784F032E6BF"><enum>(1)</enum><text>in subsection
(a)(1), by striking <quote>qualified State or local development company</quote>
and inserting <quote>certified development company</quote>; and</text>
</paragraph><paragraph id="ID67CC83E096244478BC3DF4422033DC78"><enum>(2)</enum><text>by striking
subsection (e) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="IDAF94A58F098D4D8EB1E4839C6F147593" style="OLC">
<subsection id="IDC09764724D1444F9A20DC5C5C7C9D178"><enum>(e)</enum><header>Section
7<enum-in-header>(a)</enum-in-header> loans</header><text>Notwithstanding any
other provision of law, a certified development company is authorized to
prepare applications for deferred participation loans under section 7(a) of the
Small Business Act, to service such loans, and to charge a reasonable fee for
servicing such
loans.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="ID4425D084FDD24D789D85393B9D877625"><enum>193.</enum><header>Closing
costs</header><text display-inline="no-display-inline">Section 503(b) of the
Small Business Investment Act of 1958 (15 U.S.C. 697(b)) is amended by striking
paragraph (4) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="ID324825AD3543452BB808DFB460E64916" style="OLC">
<paragraph id="IDE61068C028404586999FDD21E72180B4"><enum>(4)</enum><text>the aggregate
amount of such debenture does not exceed the amount of the loans to be made
from the proceeds of such debenture plus, at the election of the borrower,
other amounts attributable to the administrative and closing costs of such
loans, except for the attorney fees of the
borrower;</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="IDBA3051A4A88A4D719F5D8AB70A63F06D"><enum>194.</enum><header>Definition of
rural</header><text display-inline="no-display-inline">Section 501 of the Small
Business Investment Act of 1958 (15 U.S.C. 695) is amended by adding at the end
the following:</text>
<quoted-block display-inline="no-display-inline" id="ID1270D11D2E74476186C1EC3B8C572CC3" style="OLC">
<subsection id="ID153EA50FEBED4975BDA04EE4AB745F23"><enum>(f)</enum><text>As used in this
title, the term <term>rural</term> includes any area that is not—</text>
<paragraph id="ID0E8167A00F2841DAAB76A9627C779FA4"><enum>(1)</enum><text>a city or town
that has a population greater than 50,000 inhabitants; or</text>
</paragraph><paragraph id="ID95E9B0F22171486887AD409C5ED0BB02"><enum>(2)</enum><text>the urbanized
area contiguous and adjacent to a city or town described in paragraph
(1).</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID9D58AE6BFE474D51BD67494770697624"><enum>195.</enum><header>Regulations
and effective date</header>
<subsection id="ID7956A487BD0844E1A694362E55B424CB"><enum>(a)</enum><header>In
general</header><text>Except as provided in subsection (b), the Administrator
shall—</text>
<paragraph id="ID1B1C14FCFEBD4C2E938FD993702E3375"><enum>(1)</enum><text>publish proposed
rules to implement this subtitle and the amendments made by this subtitle, not
later than 120 days after the date of enactment of this Act; and</text>
</paragraph><paragraph id="IDB4BFC68654754359AF798A60FBE9793C"><enum>(2)</enum><text>publish such
rules in final form not later than 120 days after the date of publication under
paragraph (1).</text>
</paragraph></subsection><subsection id="ID50DAA31508894105812723897365E23A"><enum>(b)</enum><header>Multistate
operations</header><text>As soon as is practicable after the date of enactment
of this Act, the Administrator shall promulgate regulations to implement
section 506(d) of the Small Business Investment Act of 1958, as added by this
subtitle. Such regulations shall become effective not later than 120 days after
the date of enactment of this Act.</text>
</subsection><subsection id="IDEAF2B55E729B44AA9AF251DD08E95B19"><enum>(c)</enum><header>Effective
date</header>
<paragraph id="ID0F4A0E67C61B4145B9431FE28FB417CD"><enum>(1)</enum><header>In
general</header><text>Except as otherwise specifically provided this subtitle,
this subtitle and the amendments made by this subtitle shall become effective
240 days after the date of enactment of this Act, regardless of whether the
Administrator has promulgated the regulations required under subsection
(a).</text>
</paragraph><paragraph id="IDFD5389C6FB184442A076D8B9D5725CCA"><enum>(2)</enum><header>Multistate
operations</header><text>Section 506(d) of the Small Business Investment Act of
1958, as added by this subtitle, shall become effective 120 days after the date
of enactment of this Act, regardless of whether the Administrator has
promulgated the regulations required under subsection (b).</text>
</paragraph></subsection></section><section id="IDD930AC6D9BFE4C72A2ADF584AD618A01"><enum>196.</enum><header>Limitation on
time for final approval of companies</header><text display-inline="no-display-inline">Section 354(d) of the Small Business
Investment Act of 1958 (15 U.S.C. 689c(d)) is amended by striking <quote>a
period of time, not to exceed 2 years,</quote> and inserting <quote>2
years</quote>.</text>
</section><section id="ID8B573EA7FE654E8688449B5EF3580DD9"><enum>197.</enum><header>Child care
lending pilot program</header>
<subsection id="ID91EAA60C84C04179BBEB3F7DBF69C37E"><enum>(a)</enum><header>Child care
lending pilot program</header><text>Section 502 of the Small Business
Investment Act of 1958 (15 U.S.C. 696), as amended by this Act, is
amended—</text>
<paragraph id="ID6DF96AB3B04A44DAAB1BCA00DDBAF08E"><enum>(1)</enum><text>in the matter
preceding paragraph (1)—</text>
<subparagraph id="ID572CC7C9F95D4FAB80E270DE654B10AC"><enum>(A)</enum><text>by striking
<quote>The Administration</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="ID00007EF02B9D459293A5A755EDE22053" style="OLC">
<subsection id="ID0167E6DAC67E42AFB664020F96E958AC"><enum>(a)</enum><header>Authorization</header><text>The
Administration</text>
</subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID1F1F6A09A8DE47B3B027BAF4F1C161C6"><enum>(B)</enum><text>by striking
<quote>and such loans</quote> and inserting <quote>. Such loans</quote>;</text>
</subparagraph><subparagraph id="ID9B599B0C4A464809AA1D6199945F7625"><enum>(C)</enum><text>by striking
<quote>: <italic>Provided, however</italic>, That the foregoing powers shall be
subject to the following restrictions and limitations:</quote> and inserting a
period; and</text>
</subparagraph><subparagraph id="IDEC4656D1B66343B6847119FB2113B204"><enum>(D)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID8B718F3DBD7D469FB6397CE677724DDA" style="OLC">
<subsection id="IDC9CF9D35F39C424FB92C37300643EF3B"><enum>(b)</enum><header>Restrictions
and limitations</header><text>The authority under subsection (a) shall be
subject to the following restrictions and
limitations:</text>
</subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="IDD0101EF5DD944522AE09257569217476"><enum>(2)</enum><text>in subsection
(b)(1), as so redesignated—</text>
<subparagraph id="IDFEBC4F963016453FAF248A0B3DB465BE"><enum>(A)</enum><text>by inserting
after <quote><header-in-text level="section">use of
proceeds</header-in-text>.—</quote> the following:</text>
<quoted-block display-inline="no-display-inline" id="ID68369D1057C2463981CBCB5D2E96F050" style="OLC">
<subparagraph id="ID3331A710FFF94A5F938D445A0EA3F243"><enum>(A)</enum><header>In
general</header>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID38A2D91F48DB4C26B189A40EF7E87BE1"><enum>(B)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID3E5D8F898AEC4831A01CF1BAE2805E85" style="OLC">
<subparagraph id="ID6695829CF0704F41A5AC078DA1072A17"><enum>(B)</enum><header>Loans to small,
nonprofit child care businesses</header>
<clause id="ID88DDBF0D45D4454C99400B74AB1749AE"><enum>(i)</enum><header>In
general</header><text>Notwithstanding subsection (a), the proceeds of any loan
described in subsection (a) may be used by the certified development company to
assist a small, nonprofit child care business, if—</text>
<subclause id="ID1CF809F645EF490B8B3E07EB5C3118EB"><enum>(I)</enum><text>the loan is used
for a sound business purpose that has been approved by the
Administrator;</text>
</subclause><subclause id="IDC0928A2774B24EA383D4D6B85AC7EB12"><enum>(II)</enum><text>each such
business meets all of the same eligibility requirements applicable to
for-profit businesses under this title, except for status as a for-profit
business;</text>
</subclause><subclause id="IDE249A36169614F71BCA2F6BFC500D7B2"><enum>(III)</enum><text>1 or more
individuals has personally guaranteed the loan;</text>
</subclause><subclause id="IDC3C343F33B624A5FA6D0A10902EB1FC8"><enum>(IV)</enum><text>each such
business has clear and singular title to the collateral for the loan;</text>
</subclause><subclause id="IDED5B982CB79241E1B8D13D2149868E67"><enum>(V)</enum><text>each such
business has sufficient cash flow from its operations to meet its obligations
on the loan and its normal and reasonable operating expenses; and</text>
</subclause><subclause id="ID22C56F3C97A5466DA536383234ABDBF9"><enum>(VI)</enum><text>each such
business is located in Arkansas, Connecticut, Georgia, Indiana, Iowa,
Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri,
Montana, North Carolina, South Dakota, Tennessee, Washington, or
Wyoming.</text>
</subclause></clause><clause id="IDF40EC5BD7A084F85A5630E93D1643DC7"><enum>(ii)</enum><header>Limitation on
volume</header><text>Not more than 7 percent of the total number of loans
guaranteed in any fiscal year under this title may be awarded under this
subparagraph.</text>
</clause><clause id="ID8DD70DFB88FC41F4B2DBBA61CC034FD8"><enum>(iii)</enum><header>Defined
term</header><text>For purposes of this subparagraph, the term <term>small,
nonprofit child care business</term> means an establishment that—</text>
<subclause id="ID721C6F1DC97540079981030D5AF47C48"><enum>(I)</enum><text>is organized in
accordance with section 501(c)(3) of the Internal Revenue Code of 1986;</text>
</subclause><subclause id="IDAC4CE4725CEF423A92A4859E9A5A1F1A"><enum>(II)</enum><text>is primarily
engaged in providing child care for infants, toddlers, pre-school, or
pre-kindergarten children (or any combination thereof), and may provide care
for older children when they are not in school, and may offer pre-kindergarten
educational programs;</text>
</subclause><subclause id="IDAD136A1F469E469DB5F8A57113655F24"><enum>(III)</enum><text>including its
affiliates, has tangible net worth that does not exceed $7,000,000, and has
average net income (excluding any carryover losses) for the 2 completed fiscal
years preceding the date of the application for assistance under this
subparagraph that does not exceed $2,500,000; and</text>
</subclause><subclause id="ID8185840B1F244D609FAD6EF2B0F7370A"><enum>(IV)</enum><text>is licensed as a
child care provider by the State, insular area, or the District of Columbia, in
which it is located.</text>
</subclause></clause><clause id="IDFB2EA175EA4C4158A94F2887CE91606B"><enum>(iv)</enum><header>Sunset
provision</header><text>This subparagraph shall cease to have effect on
September 30, 2010, and shall apply to all loans authorized under this
subparagraph that are applied for, approved, or disbursed during the period
beginning on the date of enactment of this subparagraph and ending on September
30,
2010.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="IDFC11941D75AD451D94DAF7DACB86CA80"><enum>(b)</enum><header>Reports</header>
<paragraph id="IDC0DB6565043749A6997F8B9DC38B8A37"><enum>(1)</enum><header>Small business
administration</header>
<subparagraph id="ID7F95528D576D4222A02509C49DF83DF2"><enum>(A)</enum><header>In
general</header><text>Not later than 6 months after the date of enactment of
this Act, and every 6 months thereafter until September 30, 2010, the
Administrator shall submit a report on the implementation of the program under
section 502(b)(1)(B) of the Small Business Investment Act of 1958, as added by
this Act, to—</text>
<clause id="IDE18F009F0D8E411083345C63FB29B42A"><enum>(i)</enum><text>the
Committee on Small Business and Entrepreneurship of the Senate; and</text>
</clause><clause id="IDBDB8B471F29244109E9AF4239D915F82"><enum>(ii)</enum><text>the Committee on
Small Business of the House of Representatives.</text>
</clause></subparagraph><subparagraph id="ID2B24F22D04AB4BAAAB84B0E406DB09D5"><enum>(B)</enum><header>Contents</header><text>Each
report under subparagraph (A) shall contain—</text>
<clause id="ID0D4B23BD571E46B19F7C1E4122B2C448"><enum>(i)</enum><text>the
date on which the program is implemented;</text>
</clause><clause id="ID845388A24BEA487EA81A4EB49A89019A"><enum>(ii)</enum><text>the date on
which the rules are issued under subsection (c); and</text>
</clause><clause id="ID0992358D926C413E806BEBD686514E78"><enum>(iii)</enum><text>the number and
dollar amount of loans under the program applied for, approved, and disbursed
during the 6-month period ending on the date of that report—</text>
<subclause id="IDF0E008D162384E53B8A7C6B8A902B934"><enum>(I)</enum><text>with respect to
nonprofit child care businesses; and</text>
</subclause><subclause id="ID17325BD3782348DAABCF74F4DA6FBFCF"><enum>(II)</enum><text>with respect to
for-profit child care businesses.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="ID97984073CF37428994D5C743216AAC9F"><enum>(2)</enum><header>Government
accountability office</header>
<subparagraph id="IDC1E2AE9E97414C87952E0F90BF2B4EAE"><enum>(A)</enum><header>In
general</header><text>Not later than March 31, 2010, the Comptroller General of
the United States shall submit a report on the child care small business loans
authorized by section 502(b)(1)(B) of the Small Business Investment Act of
1958, as added by this Act, to—</text>
<clause id="ID50554DB38E624E83AD5035A831313798"><enum>(i)</enum><text>the
Committee on Small Business and Entrepreneurship of the Senate; and</text>
</clause><clause id="ID928B67B1225B4440AB992AB69AC827EE"><enum>(ii)</enum><text>the Committee on
Small Business of the House of Representatives.</text>
</clause></subparagraph><subparagraph id="IDD63D5462E8DA478B9CEA789B7F53AE7A"><enum>(B)</enum><header>Contents</header><text>The
report under subparagraph (A) shall—</text>
<clause id="IDF057A8DCB34A45DA8E6A1AE9EE9C7F1E"><enum>(i)</enum><text>contain
information gathered during the first 2 years of the loan program,
including—</text>
<subclause id="ID2986613C6F9541DCACF4383CE915EFFD"><enum>(I)</enum><text>an evaluation of
the timeliness of the implementation of the loan program;</text>
</subclause><subclause id="ID01D4BA05776948E0ACAC4058B5B489F2"><enum>(II)</enum><text>a description of
the effectiveness and ease with which certified development companies, lenders,
and small business concerns have participated in the loan program;</text>
</subclause><subclause id="ID9019876F215A4EA4B6C600D2A7CBB3F7"><enum>(III)</enum><text>a description
and assessment of how the loan program was marketed;</text>
</subclause><subclause id="IDC67EAABA38F14DCE96C333BB9D98A1AC"><enum>(IV)</enum><text>by location
(State, insular area, and the District of Columbia) and in total, the number of
child care small businesses, categorized by status as a for-profit or nonprofit
business, that—</text>
<item id="IDDBFABDA061EA4CB29496B421426F3491"><enum>(aa)</enum><text>applied for a
loan under the program (and whether it was a new or expanding child care
provider);</text>
</item><item id="ID2F939E31FC494D0A95EEFA5B9E741991"><enum>(bb)</enum><text>were
approved for a loan under the program; and</text>
</item><item id="ID1548CAC220234A43ABF2FD87CC44BEF8"><enum>(cc)</enum><text>received a loan
disbursement under the program (and whether they are a new or expanding child
care provider); and</text>
</item></subclause><subclause id="IDCE20D4BA75D64ECFB3AD17D277AD53BF"><enum>(V)</enum><text>with respect to
businesses described under subclause (IV)(cc)—</text>
<item id="ID6FE9093FBFF5417EB60439E89FEF109F"><enum>(aa)</enum><text>the
number of such businesses in each State, insular area, and the District of
Columbia, as of the year of enactment of this Act;</text>
</item><item id="ID42C64F425F8249E287DE7CB844329CA4"><enum>(bb)</enum><text>the
total amount loaned to such businesses under the program;</text>
</item><item id="ID285C2CAE2E3D4BB182E52F1E2753019F"><enum>(cc)</enum><text>the
total number of loans to such businesses under the program;</text>
</item><item id="ID93717B12C6D14EB0A670D94207A4B291"><enum>(dd)</enum><text>the
average loan amount and term;</text>
</item><item id="IDF2EA148E2837400894823A88F118D5D6"><enum>(ee)</enum><text>the
currency rate, delinquencies, defaults, and losses of the loans;</text>
</item><item id="ID6B39EB78E4164ABFA12F630B3187A2CD"><enum>(ff)</enum><text>the
number and percent of children served who receive subsidized assistance;
and</text>
</item><item id="IDF973A06FA9DB4E7F8F8F7A5C599AA284"><enum>(gg)</enum><text>the
number and percent of children served who are low income; and</text>
</item></subclause></clause><clause id="ID8C63365ADD7F40D39898826B0593C398"><enum>(ii)</enum><text>assess whether
there are government programs in place making loans or providing grant funding
to nonprofit child care centers to address child care shortages.</text>
</clause></subparagraph><subparagraph id="ID123EEAC0756A45859CE2F0EB9706A2C3"><enum>(C)</enum><header>Access to
information</header>
<clause id="ID0F58E2B8C49A4FDC8FDA92DF6162DE4C"><enum>(i)</enum><header>In
general</header><text>The Administration shall collect and maintain such
information as may be necessary to carry out this paragraph from certified
development companies and child care providers, and such companies and
providers shall comply with a request for information from the Administration
for that purpose.</text>
</clause><clause id="ID1236BE31C559473D97FC282FF6DBED52"><enum>(ii)</enum><header>Provision of
information to government accountability office</header><text>The
Administration shall provide information collected under this subparagraph to
the Comptroller General of the United States for purposes of the report
required by this paragraph.</text>
</clause></subparagraph></paragraph></subsection><subsection id="ID36B35C580B1F4CB89ACB416B2852187C"><enum>(c)</enum><header>Rulemaking
authority</header><text>Not later than 120 days after the date of enactment of
this Act, the Administrator shall issue final rules to carry out the loan
program authorized by section 502(b)(1)(B) of the Small Business Investment Act
of 1958, as added by this Act.</text>
</subsection></section><section id="ID79A77465C6DC4A16A35C036AED3A4417"><enum>198.</enum><header>Debenture
repayment</header><text display-inline="no-display-inline">Section 503(a) of
the Small Business Investment Act of 1958 (15 U.S.C. 697(a)) is amended by
adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID7488D17A677D4FF69C566B622BA9B86E" style="OLC">
<paragraph id="ID88163D6C1BA84488AFB989566EBE9F18" indent="up1"><enum>(5)</enum><text>Any debenture that is issued under
this section shall provide for the payment of principal and interest on a
semiannual
basis.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID646B60AB95604772970A67A1D8F19595"><enum>199.</enum><header>Real estate
appraisals</header>
<subsection id="IDDE7E2DE54ABD46238CF2B005A5CCDCE0"><enum>(a)</enum><header>In
general</header><text>Section 7(a)(29) of the Small Business Act (15 U.S.C.
636(a)(29)) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="ID479B4143E03C44D1A7636533E2A28708" style="OLC">
<paragraph id="ID2E9F7BFB560C43E8BEA39AC9F25B3925"><enum>(29)</enum><header>Real estate
appraisals</header>
<subparagraph id="IDD047D051BBF74F11A40FD70716813C47"><enum>(A)</enum><header>In
general</header><text>For any loan under this subsection that is secured by
commercial real property, an appraisal of that property by an appraiser
licensed or certified by the State in which that property is located—</text>
<clause id="IDB51C56AAB46F4EE0A0A0EB3626DE9D82"><enum>(i)</enum><text>shall be required
by the Administrator if the estimated value of that property is more than
$400,000; and</text>
</clause><clause id="ID7D2352CFA1624A1B90E1C78C6A6DB22D"><enum>(ii)</enum><text>may be required
by the Administrator or the lender if—</text>
<subclause id="ID34E98B36183C4D18AA4EC29DFB683429"><enum>(I)</enum><text>the estimated
value of that property is less than $400,000; and</text>
</subclause><subclause id="IDCC74041D89494508A40DB2C928D1E953"><enum>(II)</enum><text>an appraisal is
necessary for the appropriate evaluation of creditworthiness.</text>
</subclause></clause></subparagraph><subparagraph id="IDBDC8798BDF1B4BB3B101C9FFEA3CC305"><enum>(B)</enum><header>Adjustment</header><text>The
Administrator—</text>
<clause id="ID33C3F4995CBD4CDCB1E154B9167FD837"><enum>(i)</enum><text>shall
periodically adjust the amount under subparagraph (A) to account for the
effects of inflation; and</text>
</clause><clause id="ID0A64247AE1574827B4889E3803D0D23F"><enum>(ii)</enum><text>may not make an
adjustment under clause (i) in an amount less than
$50,000.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="IDAA38D8F933DE47BB8A5960203A896C1E"><enum>(b)</enum><header>Conforming
amendment</header><text>Section 502(b)(3)(E), as so designated by section
197(a) of this Act, is amended—</text>
<paragraph id="ID2903D2BB02F2413691AA5B638218623F"><enum>(1)</enum><text>in clause (ii),
by striking <quote>$250,000</quote> each place that term appears and inserting
<quote>$400,000</quote>; and</text>
</paragraph><paragraph id="IDD47EDA7A70004CBCA768C0E69E175B3C"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="ID1120F1AE560D4E06B6C64ECBA70AA7C7" style="OLC">
<clause id="ID97B9DEC460304CE9857119F74FD4AC00"><enum>(iii)</enum><header>Adjustment</header><text>The
Administrator—</text>
<subclause id="IDA864EEC237EF45A4A2017D0ABFD01E9B"><enum>(I)</enum><text>shall
periodically adjust the amount under clause (ii) to account for the effects of
inflation; and</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="IDA78578BF94BA4379841EEE7415918D60"><enum>(II)</enum><text>may not make an
adjustment under subclause (I) in an amount less than
$50,000.</text>
</subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section></subtitle><enum>II</enum><header>Small business
venture capital</header>
<subtitle id="id60E99153DD69401B96FDC7207916D041"><enum>A</enum><header>Small business
investment company program</header>
<section id="id13d1b536-8aa2-4fa9-a153-1878efe78f35"><enum>221.</enum><header>Reauthorization</header><text display-inline="no-display-inline">Section 20 of the Small Business Act (15
U.S.C. 631 note), as amended by this Act, is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="id865a40c7-53c8-4066-8240-a224b83d9d82" style="OLC">
<subsection id="id71d795e7-a7c4-4cb8-ac17-f9c91dbe24e6"><enum>(m)</enum><header>Small
Business Venture Capital</header><text>For the programs authorized under part A
of title III of the Small Business Investment Act of 1958 (15 U.S.C. 681 et
seq.), the Administrator is authorized to make—</text>
<paragraph id="id8b15e6d2-cf72-4cfc-b517-02320f5a2912"><enum>(1)</enum><text>$2,250,000,000
in guarantees of debentures for fiscal year 2008;</text>
</paragraph><paragraph id="id2056e0ae-8f3f-4afe-af73-e0ac31742627"><enum>(2)</enum><text>$2,500,000,000
in guarantees of debentures for fiscal year 2009; and</text>
</paragraph><paragraph id="id0e4b6870-3c3a-49af-9b5b-0732d9e54e27"><enum>(3)</enum><text>$2,750,000,000
in guarantees of debentures for fiscal year
2010.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="idb58a980d-6880-4a29-b61f-c5c8d5ba16a6"><enum>222.</enum><header>Leverage</header>
<subsection id="id04aaae65-af1b-49fd-8876-453dbf76e1a1"><enum>(a)</enum><header>In
general</header><text>Section 303(b)(2) of the Small Business Investment Act of
1958 (15 U.S.C. 683(b)(2)) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id33852952-7e72-418d-8f64-6cf643cb1990" style="OLC">
<paragraph id="id55ece5f9-e4a3-4e60-aaa8-9c5570e9232c"><enum>(2)</enum><header>Maximum
leverage</header>
<subparagraph id="id0e6ff5f1-df41-4952-a518-fa44910d447f"><enum>(A)</enum><header>In
general</header><text>The maximum amount of outstanding leverage made available
to any 1 company licensed under section 301(c) may not exceed the lesser
of—</text>
<clause id="id529e7a02-9398-4d3f-ba09-5997f35d9ec2"><enum>(i)</enum><text>300 percent
of private capital; or</text>
</clause><clause id="id465190fb-a90a-49db-a5c2-a6ea7cf9e9de"><enum>(ii)</enum><text>$150,000,000.</text>
</clause></subparagraph><subparagraph id="id1a799d9d-3f72-45b3-88b8-ad02d19d424d"><enum>(B)</enum><header>Multiple
licenses under common control</header><text>The maximum amount of outstanding
leverage made available to 2 or more companies licensed under section 301(c)
that are commonly controlled (as determined by the Administrator) may not
exceed $225,000,000.</text>
</subparagraph><subparagraph id="idddfa82b3-3758-4543-bb22-cb8c37f55e60"><enum>(C)</enum><header>Investments
in women-owned and minority-owned businesses and in low-income geographic
areas</header>
<clause id="id5df59850-3458-44a5-b62a-81e564c224a0"><enum>(i)</enum><header>In
general</header><text>The maximum amount of outstanding leverage made available
to—</text>
<subclause id="id8fc98a1f-c581-44d8-b16b-4d4a604d9f51"><enum>(I)</enum><text>any 1 company
described in clause (ii) may not exceed the lesser of—</text>
<item id="id7b1feda8-01f1-4821-bc97-cf6d19bd8e62"><enum>(aa)</enum><text>300 percent
of private capital; or</text>
</item><item id="ide9c55dd3-dc3c-4469-a022-57cdd4e7920b"><enum>(bb)</enum><text>$175,000,000;
and</text>
</item></subclause><subclause id="id80e68a5f-7780-4f5a-b298-871303eeb846"><enum>(II)</enum><text>2 or more
companies described in clause (ii) that are commonly controlled (as determined
by the Administrator) may not exceed $250,000,000.</text>
</subclause></clause><clause id="iddfce85cf-8838-4ec3-9408-878776d52f82"><enum>(ii)</enum><header>Applicability</header><text>A
company described in this clause is a company licensed under section 301(c)
that certifies in writing that not less than 50 percent of the dollar amount of
investments of that company shall be made in companies that, prior to that
investment, are owned by women or minorities (as determined by the
Administrator) or are located in a low-income geographic area (as that term is
defined in section 351).</text>
</clause></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ID303574CD85DB4EE99ADE15F67E4039BD"><enum>(D)</enum><header display-inline="yes-display-inline">Investments in energy saving small
businesses</header>
<clause commented="no" display-inline="no-display-inline" id="IDC48B3EA13E584C7CB804177ADA7AEF8F"><enum>(i)</enum><header>In
general</header><text>Subject to clause (ii), in calculating the outstanding
leverage of a company for purposes of subparagraph (A) or (C), the
Administrator shall exclude the amount of the cost basis of any Energy Saving
qualified investment in a smaller enterprise made in the first fiscal year
after the date of enactment of this subparagraph or any fiscal year thereafter
by a company licensed in the applicable fiscal year.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="ID60C5F6F762E9499C94FEE6463210E035"><enum>(ii)</enum><header>Limitations</header>
<subclause id="ID60F7D63E127F49079A12D8370964A101"><enum>(I)</enum><header>Amount of
exclusion</header><text>The amount excluded under clause (i) for a company
shall not exceed 33 percent of the private capital of that company.</text>
</subclause><subclause id="IDE40F88198B6342E3B79116D34F0A94DD"><enum>(II)</enum><header>Maximum
investment</header><text>A company shall not make an Energy Saving qualified
investment in any one entity in an amount equal to more than 20 percent of the
private capital of that company.</text>
</subclause><subclause id="IDC7AC865A73824186AFB9255DC0E28B66"><enum>(III)</enum><header>Other
terms</header><text>The exclusion of amounts under clause (i) shall be subject
to such terms as the Administrator may impose to ensure that there is no cost
(as that term is defined in section 502 of the Federal Credit Reform Act of
1990 (2 U.S.C. 661a)) with respect to purchasing or guaranteeing any debenture
involved.</text>
</subclause></clause></subparagraph><subparagraph id="id5546df84-0708-486d-bd66-e7c72a5a60c0"><enum>(E)</enum><header>Exception</header><text>The
Administrator may, on a case-by-case basis, impose such additional terms and
conditions relating to the maximum amount of outstanding leverage made
available as the Administrator determines to be appropriate to minimize the
risk of loss to the Administration in the event of a
default.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ide896aa57-0ad8-4831-bb0f-140319aad393"><enum>(b)</enum><header>Technical
and conforming amendments</header><text>Section 303(b) of the Small Business
Investment Act of 1958 (15 U.S.C. 683(b)) is amended by striking paragraph
(4).</text>
</subsection></section><section id="ide7029594-9b2f-4b27-8e51-cf1f8e01f331"><enum>223.</enum><header>Investments
in smaller enterprises</header><text display-inline="no-display-inline">Section
303(d) of the Small Business Investment Act of 1958 (15 U.S.C. 683(d)) is
amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id27f59a79-9ffe-42d8-995e-c779b9d42bdf" style="OLC">
<subsection id="idc69e7346-58c1-4c77-bfc7-499fa3300bfa"><enum>(d)</enum><header>Investments
in smaller enterprises</header><text>The Administrator shall require each
licensee, as a condition of an application for leverage, to certify in writing
that not less than 25 percent of the aggregate dollar amount of financings of
that licensee shall be provided to smaller
enterprises.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id90E2A0E305034F4A9153D9906E788634"><enum>224.</enum><header>Maximum
investment in a company</header><text display-inline="no-display-inline">Section 306(a) of the Small Business
Investment Act of 1958 (15 U.S.C. 686(a)) is amended by striking <quote>20 per
centum</quote> and inserting <quote>30 percent</quote>.</text>
</section></subtitle><subtitle id="idB1EF78F9F46644E7B9708404E9D3C186"><enum>B</enum><header>New Markets
Venture Capital Program</header>
<section commented="no" id="H781BFA61E7724450B4F378AD91DE7BC8"><enum>241.</enum><header>Diversification
of New Markets Venture Capital Program</header>
<subsection id="H82023748A5AE41A79000FD4F8EA3FFB1"><enum>(a)</enum><header>Selection of
companies in each geographic region</header><text display-inline="yes-display-inline">Section 354 of the Small Business
Investment Act of 1958 (15 U.S.C. 689c) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="H108F9F9E071A4F08A27B3DFBEFBF48AA" style="OLC">
<subsection id="H2BF1CC38072044D4A36F67DBA2E898F4"><enum>(f)</enum><header>Geographic
goal</header><text>In selecting companies to participate as New Markets Venture
Capital companies in the program established under this part, the Administrator
shall have as a goal to select, from among companies submitting applications
under subsection (b), at least 1 company from each geographic region of the
Administration.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="H8C1E80C73AF14CCBB33800A91B616EBB"><enum>(b)</enum><header>Participation in
New Markets Venture Capital Program</header>
<paragraph id="H86DD3EE76AE542F8AAF2CEA4C33A8D8"><enum>(1)</enum><header>Administration
participation required</header><text>Section 353 of the Small Business
Investment Act of 1958 (15 U.S.C. 689b) is amended in the matter preceding
paragraph (1), by striking <quote>under which the Administrator may</quote> and
inserting <quote>under which the Administrator shall</quote>.</text>
</paragraph><paragraph commented="no" id="HB3CADAAC5E654934BF3C41D3E25E50CB"><enum>(2)</enum><header>Small
manufacturer participation</header><text>Section 353(1) of the Small Business
Investment Act of 1958 (15 U.S.C. 689b(1)) is amended by inserting after
<quote>section 352</quote> the following: <quote>(with a goal of at least 1
such agreement to be with a company engaged primarily in the development of and
investment in small manufacturers, to the extent practicable)</quote>.</text>
</paragraph></subsection></section><section id="H1493DFC62F1C4BBCB8CDA4538893E3A6"><enum>242.</enum><header>Establishment
of Office of New Markets Venture Capital</header><text display-inline="no-display-inline">Title II of the Small Business Investment
Act of 1958 (15 U.S.C. 671) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="H6C13057D3271480E8BFD4B41BD9546B" style="OLC">
<section id="H129B2542BB71478AAADC9E003D465F27"><enum>202.</enum><header>Office of New
Markets Venture Capital</header>
<subsection id="HDA3EB00D4EDD434FACBC132FC474ACBA"><enum>(a)</enum><header>Establishment</header><text display-inline="yes-display-inline">There is established in the Investment
Division of the Administration, the Office of New Markets Venture
Capital.</text>
</subsection><subsection id="HC233748466D24813B999CAA43E628D57"><enum>(b)</enum><header>Director</header><text>The
head of the Office of New Markets Venture Capital shall be an individual
appointed in the competitive service or excepted service.</text>
</subsection><subsection id="H26D2735B9A264DB299B00623FBE9468"><enum>(c)</enum><header>Responsibilities
of Director</header><text>The responsibilities of the head of the Office of New
Markets Venture Capital include—</text>
<paragraph id="H4C81FD89AC4A4FFCA3C0FB6069883CC3"><enum>(1)</enum><text>to administer the
New Markets Venture Capital Program under part B of title III;</text>
</paragraph><paragraph id="H5A48BB68D2C04876907030F32C613645"><enum>(2)</enum><text>to assess, not
less frequently than once every 2 years, the nature and scope of the New
Markets Venture Capital Program and to advise the Administrator on recommended
changes to the program, based on such assessment;</text>
</paragraph><paragraph id="H9B26CA0BEE8344F58E8F6CECEC6B7786"><enum>(3)</enum><text>to work to expand
the number of small business concerns participating in the New Markets Venture
Capital Program; and</text>
</paragraph><paragraph id="H0E9F74456A8247A6A6DF80259F1C03CB"><enum>(4)</enum><text>to encourage
investment in small
manufacturing.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HF595AAEAD2224F3DB4D1B008716AFB3"><enum>243.</enum><header>Low-income
geographic areas</header>
<subsection id="HD9663DA8DFD94E34B4DEE9C2C0A8B8F9"><enum>(a)</enum><header>In
general</header><text>Section 351 of the Small Business Investment Act of 1958
(15 U.S.C. 689) is amended—</text>
<paragraph id="idEDA367EFFBC44E69A546019A4ECF200E"><enum>(1)</enum><text>by striking
paragraph (2);</text>
</paragraph><paragraph id="id3D6C31332A0B416F98A0AA96F86DF6A9"><enum>(2)</enum><text>by redesignating
paragraphs (3) through (8) as paragraphs (2) through (7), respectively;
and</text>
</paragraph><paragraph id="idC4650B82FBF54BEC9F9D0E9C2177AD3D"><enum>(3)</enum><text>in paragraph (2),
as so redesignated—</text>
<subparagraph id="id417B72FE736045D786D6A3FCE753CF96"><enum>(A)</enum><text>in the matter
preceding subparagraph (A)—</text>
<clause id="id7314B01146D74CE7A0B3E48B85DB68E8"><enum>(i)</enum><text>by
striking <quote>the term</quote> and inserting <quote>The term</quote>;
and</text>
</clause><clause id="id9A194A97EB674FD3B40BF3F8CC760820"><enum>(ii)</enum><text>by
striking <quote>means</quote>;</text>
</clause></subparagraph><subparagraph id="idA0525547CADA4EDB978C8C5170CDEFCF"><enum>(B)</enum><text>by striking
subparagraph (A) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idA69BCA066ED741279A630D1B5662869F" style="OLC">
<subparagraph id="id715DA427A71E47E991DAD31D3D2F8508"><enum>(A)</enum><text>means a
<term>low-income community</term> within the meaning of section 45D(e) of the
Internal Revenue Code of 1986 (relating to the new markets tax credit);
and</text>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id4FF35CCD2F5447EB9D8BF049262BC173"><enum>(C)</enum><text>in subparagraph
(B), in the matter preceding clause (i), by inserting <quote>includes</quote>
before <quote>any area</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HF85761FA31094DFEA9AD1EE7B3F7CC72"><enum>(b)</enum><header>Application of
amended definition to capital requirement</header><text>The definition of a
low-income geographic area in section 351 of the Small Business Investment Act
of 1958, as amended by subsection (a), shall apply to capital raised by a New
Markets Venture Capital company before, on, or after the date of enactment of
this Act.</text>
</subsection></section><section id="HB5E4233E3821432198B0F94838A14605"><enum>244.</enum><header>Applications
for New Markets Venture Capital Program</header><text display-inline="no-display-inline">Not later than 1 year after the date of
enactment of this Act, the Administrator shall prescribe standard documents for
an application for final approval by a New Markets Venture Capital company
under section 354(e) of the Small Business Investment Act of 1958 (15 U.S.C.
689c(e)). The Administrator shall ensure that such documents are designed to
substantially reduce the cost burden of the application process on a company
making such an application.</text>
</section><section id="id6AEE152269E44217AF8A29BB7FEDD4F8"><enum>245.</enum><header>Operational
assistance grants</header>
<subsection id="id721DCB6773FB4DA4B1CB99201FD4D908"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 358(a)(4)(A)
of the Small Business Investment Act of 1958 (15 U.S.C. 689g(a)(4)(A)) is
amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id92B8E0A096F849A89989537E669ED8B2" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="ID9118EE7BE96745ADA175D9A4A15973BF"><enum>(A)</enum><header>New markets
venture capital companies</header><text display-inline="yes-display-inline">Notwithstanding section 354(d)(2), the
amount of a grant made under this subsection to a New Markets Venture Capital
company shall be equal to the lesser of—</text>
<clause commented="no" display-inline="no-display-inline" id="idDF334BA00F6543588D5A2C7F8612E6BE"><enum>(i)</enum><text display-inline="yes-display-inline">10 percent of the private capital raised by
the company; or</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id8C88C42060624D43AE3D179C4722E03E"><enum>(ii)</enum><text display-inline="yes-display-inline">$1,000,000.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id214887C90D8446F18C4009EB55822F35"><enum>(b)</enum><header>Conforming
amendment and limitation on time for final approval of
companies</header><text>Section 354(d) of the Small Business Investment Act of
1958 (15 U.S.C. 689c(d)) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id6AAE7442A52F4182804CB6CFF2EBF8B6" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="IDAFEC0A63E98B4C5AB5399BDB96DF95C5"><enum>(d)</enum><header display-inline="yes-display-inline">Requirements to be met for final
approval</header><text display-inline="yes-display-inline">The Administrator
shall grant each conditionally approved company 2 years to raise not less than
$5,000,000 of private capital or binding capital commitments from one or more
investors (other than agencies or departments of the Federal Government) who
met criteria established by the
Administrator.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="H9D4ADED0E94E4AE090CE92ED6428C64"><enum>246.</enum><header>Authorization</header><text display-inline="no-display-inline">Section 368(a) of the Small Business
Investment Act of 1958 (15 U.S.C. 689q(a)) is amended—</text>
<paragraph id="id75AD09FA627647988BD14D3AA039EA9F"><enum>(1)</enum><text display-inline="yes-display-inline">in the matter preceding paragraph (1), by
striking <quote>fiscal years 2001 through 2006</quote> and inserting
<quote>fiscal years 2008 through 2010</quote>; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idA231B06AAEC541E59CDDD1D057B79A44"><enum>(2)</enum><text>in paragraph (2),
by striking <quote>$30,000,000</quote> and inserting
<quote>$20,000,000</quote>.</text>
</paragraph></section></subtitle><enum>III</enum><header>Small business
entrepreneurial development</header>
<subtitle id="id93263525-6939-4f9b-8270-cd02f6193d8a"><enum>A</enum><header>Reauthorization</header>
<section id="id5d10bf42-3159-459d-9f74-457292cb057d"><enum>301.</enum><header>Reauthorization</header>
<subsection id="idac4bce82-9e61-4495-b796-c7120dd6b722"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 20 of the
Small Business Act (15 U.S.C. 631 note), as amended by this Act, is amended by
adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idc49cb72f-d9cd-41cc-84d6-3ac934492da7" style="OLC">
<subsection id="id1e918208-23bf-4438-a077-353cb305372f"><enum>(n)</enum><header>SCORE
program</header><text>There are authorized to be appropriated to the
Administrator to carry out the SCORE program authorized by section 8(b)(1) such
sums as are necessary for the Administrator to make grants or enter into
cooperative agreements for a total of—</text>
<paragraph id="idccb641cb-be3f-4e64-a3ab-7a9b83bbef12"><enum>(1)</enum><text>$7,000,000 in
fiscal year 2008;</text>
</paragraph><paragraph id="id9717a537-de7c-46b6-9972-47148ff083eb"><enum>(2)</enum><text>$8,000,000 in
fiscal year 2009; and</text>
</paragraph><paragraph id="ida498f73c-c841-49c5-8550-72e6ac4c0cd0"><enum>(3)</enum><text>$9,000,000 in
fiscal year
2010.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id2b8cfc8b-5ee0-4809-8772-c5d99e90d7cf"><enum>(b)</enum><header>Small
business development centers</header><text>Section 21(a)(4)(C)(vii) of the
Small Business Act (15 U.S.C. 648(a)(4)(C)(vii)) is amended to read as
follows:</text>
<quoted-block display-inline="no-display-inline" id="id3a4758c3-cca6-4e5a-afea-34d9e450f893" style="OLC">
<clause id="idaf132bf2-d703-4fdb-bf09-186c688cc4c6"><enum>(vii)</enum><header>Authorization
of appropriations</header><text>There are authorized to be appropriated to
carry out this subparagraph—</text>
<subclause id="idaccb5655-558b-4d98-9e21-1ba549e468aa"><enum>(I)</enum><text>$135,000,000
for fiscal year 2008;</text>
</subclause><subclause id="idb299336f-c288-4b79-8298-84717c3f258a"><enum>(II)</enum><text>$140,000,000
for fiscal year 2009; and</text>
</subclause><subclause id="id0d9ea4c5-781e-497e-b961-61be18782f8c"><enum>(III)</enum><text>$145,000,000
for fiscal year
2010.</text>
</subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id5285776A810C4407BF0C8EC4F4C40A9E"><enum>(c)</enum><header>Paul D.
Coverdell drug-free workplace program</header>
<paragraph id="ida471330a-835c-4e7f-a41d-604638cbbb01"><enum>(1)</enum><header>In
general</header><text>Section 27(g) of the Small Business Act (15 U.S.C.
654(g)) is amended—</text>
<subparagraph id="id58a4ddce-a87e-4b9c-828b-27e847c7b5bb"><enum>(A)</enum><text>in paragraph
(1), by striking <quote>fiscal years 2005 and 2006</quote> and inserting
<quote>fiscal years 2008 through 2010</quote>; and</text>
</subparagraph><subparagraph id="id53293020A626410B98153B776C0EC4C6"><enum>(B)</enum><text>in paragraph (2),
by striking <quote>fiscal years 2005 and 2006</quote> and inserting
<quote>fiscal years 2008 through 2010</quote>.</text>
</subparagraph></paragraph><paragraph id="idF7DE2ED7BA554BD6B437773E16AAA3FC"><enum>(2)</enum><header>Conforming
amendment</header><text>Section 21(c)(3)(T) of the Small Business Act (15
U.S.C. 648(c)(3)(T)) is amended by striking <quote>October 1, 2006</quote> and
inserting <quote>October 1, 2010</quote>.</text>
</paragraph></subsection></section></subtitle><subtitle id="id800981c8-d09f-4c61-b756-ca3cd6b5583d"><enum>B</enum><header>Women’s small
business ownership programs</header>
<section id="ide1feb33e-dce9-4bf5-bb16-34fc9e36cee0"><enum>311.</enum><header>Office of
Women’s Business Ownership</header><text display-inline="no-display-inline">Section 29(g) of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C. 656(g))
is amended—</text>
<paragraph id="ida0dbe219-7716-4007-bc3c-4398dc08988a"><enum>(1)</enum><text>in paragraph
(2)—</text>
<subparagraph id="id7cb193fd-8164-4c5e-934f-797973d40744"><enum>(A)</enum><text>in
subparagraph (B)(i), by striking “in the areas” and all that follows through
the end of subclause (I), and inserting the following: “to address issues
concerning management, operations, manufacturing, technology, finance, retail
and product sales, international trade, and other disciplines required
for—</text>
<quoted-block id="id424c5eb7-cc39-4860-9913-58f703939959" style="OLC">
<subparagraph id="idd6c5a80d-83fc-4257-a233-6e03f1cfd71a" indent="down2"><enum>(I)</enum><text>starting, operating, and growing a
small business concern;</text>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id5580fadf-0e74-4279-955e-3bb8fb29e270"><enum>(B)</enum><text>in
subparagraph (C), by inserting before the period at the end the following:
<quote>, the National Women’s Business Council, and any association of women’s
business centers</quote>; and</text>
</subparagraph></paragraph><paragraph id="id20e83433-9e1b-4da3-8f9d-0b15411454df"><enum>(2)</enum><text>by adding at
the end the following:</text>
<quoted-block id="idbc891b89-1382-47c4-ba9a-877ff9adad91" style="OLC">
<paragraph id="idefd9ca18-008f-4999-a3d1-4e1f47c9c4e3"><enum>(3)</enum><header>Programs
and services for women-owned small businesses</header><text>The Assistant
Administrator, in consultation with the National Women’s Business Council, the
Interagency Committee on Women’s Business Enterprise, and 1 or more
associations of women’s business centers, shall develop programs and services
for women-owned businesses (as defined in section 408 of the Women’s Business
Ownership Act of 1988 (15 U.S.C. 631 note)) in business areas, which may
include—</text>
<subparagraph id="idc099f057-de83-49a3-b91d-567c2e821fb7"><enum>(A)</enum><text>manufacturing;</text>
</subparagraph><subparagraph id="idce477411-0543-42fa-a8c6-5ce5fe7ad4ef"><enum>(B)</enum><text>technology;</text>
</subparagraph><subparagraph id="id907c8fe1-3f14-4f43-8e4d-118c27c98549"><enum>(C)</enum><text>professional
services;</text>
</subparagraph><subparagraph id="id84806933-d2b6-4b17-987a-ffbf06867ac8"><enum>(D)</enum><text>retail and
product sales;</text>
</subparagraph><subparagraph id="id49e86edd-d8d8-4965-b6e8-554aa567769f"><enum>(E)</enum><text>travel and
tourism;</text>
</subparagraph><subparagraph id="id83c5794c-cda0-41dd-a630-1d57589ef8b6"><enum>(F)</enum><text>international
trade; and</text>
</subparagraph><subparagraph id="id3f7309c6-585e-4555-9d75-a06f7a3a9004"><enum>(G)</enum><text>Federal
Government contract business development.</text>
</subparagraph></paragraph><paragraph id="id145f11fe-263c-4e47-a970-7d3364919e57"><enum>(4)</enum><header>Training</header><text>The
Administrator shall provide annual programmatic and financial oversight
training for women’s business ownership representatives and district office
technical representatives of the Administration to enable representatives to
carry out their responsibilities under this section.</text>
</paragraph><paragraph id="ide2e96315-a43b-4059-9987-c650e9dffd9f"><enum>(5)</enum><header>Grant
program and transparency improvements</header><text>The Administrator shall
improve the transparency of the women’s business center grant proposal process
and the programmatic and financial oversight process by—</text>
<subparagraph id="id6BC69E0DF009461D909273B93A142277"><enum>(A)</enum><text>providing notice
to the public of the grant announcement for a grant under subsection (b) by not
later than the end of the first quarter of each fiscal year;</text>
</subparagraph><subparagraph id="idDEF43A0FBC7F434B829E138E3315C7D8"><enum>(B)</enum><text>clearly
explaining award and program evaluation criteria for a grant under subsection
(b) and a grant under subsection (m) in the initial grant announcement;</text>
</subparagraph><subparagraph id="id9c1fac24-b77f-463e-945b-242ff248ef89"><enum>(C)</enum><text>reducing
paperwork and reporting requirements for grant applicants and
recipients;</text>
</subparagraph><subparagraph id="id0c6d0206-3e89-4661-984e-3f1aae1dad9d"><enum>(D)</enum><text>standardizing
the oversight and review process of the Administration; and</text>
</subparagraph><subparagraph id="id408286a0-060e-4e80-87cd-0473e044331a"><enum>(E)</enum><text>providing to
each women’s business center, not later than 30 days after the completion of a
site visit (whether conducted for an audit, performance review, or other
reason) at that center, a copy of site visit reports and evaluation reports
prepared by district office technical representatives or Administration
officials.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="idbda7564a-57da-4f3c-886d-4666e7726afe"><enum>312.</enum><header>Women’s
Business Center Program</header>
<subsection id="idc99ceccc-8ff0-4a48-a828-6cac7b0391e5"><enum>(a)</enum><header>Women’s
Business Center Grants Program</header><text>Section 29 of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C. 656) is
amended—</text>
<paragraph id="id85b92ea9-bb5f-4a4c-ae07-6c3896a3304f"><enum>(1)</enum><text>in subsection
(a)—</text>
<subparagraph id="id2e72d00d-8f6d-49da-a3f2-1ef0b806afd3"><enum>(A)</enum><text>by
redesignating paragraphs (2), (3), and (4), as paragraphs (3), (4), and (5),
respectively; and</text>
</subparagraph><subparagraph id="id2bf6a442-52fc-45ee-bba1-8d5264bbf738"><enum>(B)</enum><text>by inserting
after paragraph (1) the following:</text>
<quoted-block id="idb415d532-457d-41f0-ad48-27683f639253" style="OLC">
<paragraph id="id04a33445-096c-4c26-95cd-182575fb432b"><enum>(2)</enum><text>the term
<term>association of women’s business centers</term> means an organization that
represents not fewer than 30 percent of the women’s business centers that are
participating in a program under this section, and whose primary purpose is to
represent women’s business centers;</text>
</paragraph><after-quoted-block>;
</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="id6ee44c19-33c1-4888-aed4-5d2f9979b596"><enum>(2)</enum><text>in subsection
(b)—</text>
<subparagraph id="id9981f01b-13b9-4cbc-9594-f6a59c810279"><enum>(A)</enum><text>by
redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C),
and adjusting the margins accordingly;</text>
</subparagraph><subparagraph id="idc3a4b4ec-a7ae-4f11-88be-b9026d9ac224"><enum>(B)</enum><text>by striking
<quote>The Administration</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id91add2c0-f001-4caf-8655-482bbc4c2ccc" style="OLC">
<paragraph id="idf7df27e5-8816-40a5-9510-a55ea3a4d7ea"><enum>(1)</enum><header>In
general</header><text>The
Administration</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id508d5b29-bf14-4dfb-acbb-e345f8ea2da8"><enum>(C)</enum><text>by striking
<quote>The projects shall</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id260bb0c1-4789-46af-9c22-a149de09f22d" style="OLC">
<paragraph id="ide8190170-a217-4e43-81fd-4826f396deca"><enum>(2)</enum><header>Use of
funds</header><text>The projects shall</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id42b0d095-82c3-48d1-b941-d271e25e1cc0"><enum>(D)</enum><text>by adding at
the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id145cc543-6955-4fb8-8058-fbfa0450786b" style="OLC">
<paragraph id="ida84511de-0fc2-44f8-b8f7-57f3eef5c8a6"><enum>(3)</enum><header>Amount of
grants</header>
<subparagraph id="idec2b084a-6d60-451f-af4c-e8ddeaa4a29b"><enum>(A)</enum><header>In
general</header><text>The Administrator may award a grant under this subsection
of not more than $150,000 per year.</text>
</subparagraph><subparagraph id="ida6b706f1-e26a-4776-a6be-d5a77c86f8ca"><enum>(B)</enum><header>Equal
allocations</header><text>In the event that the Administration has insufficient
funds to provide grants of $150,000 for each grant recipient under this
subsection in any fiscal year, available funds shall be allocated equally to
grant recipients, unless any recipient requests a lower amount than the
allocable amount.</text>
</subparagraph></paragraph><paragraph id="id148034de-65a2-4eb5-a16b-e210e15fad41"><enum>(4)</enum><header>Associations
of Women’s Business Centers</header>
<subparagraph id="id32c69cfb-a544-4a89-828f-66e14face853"><enum>(A)</enum><header>Recognition</header><text>The
Administrator shall recognize the existence and activities of any association
of women’s business centers established to address matters of common
concern.</text>
</subparagraph><subparagraph id="id1a8c9dcd-f7b6-4c45-bdac-af5c9d7cb264"><enum>(B)</enum><header>Consultation</header><text>The
Administrator shall consult with each association of women’s business centers
to develop—</text>
<clause id="id31b71573-9c56-4912-b9b1-3ba1b0dd4f92"><enum>(i)</enum><text>a training
program for the staff of the women’s business centers and the Administration;
and</text>
</clause><clause id="id0781bbb7-a3eb-4e5a-859e-347434ed1098"><enum>(ii)</enum><text>recommendations
to improve the policies and procedures for governing the general operations and
administration of the Women’s Business Center Program, including grant program
improvements under subsection (g)(5).</text>
</clause></subparagraph></paragraph><after-quoted-block>;
</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="id723E3E2F97334E0E81BDEDD758F782F9"><enum>(3)</enum><text>by striking
subsection (f) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id0C9FA25DF9424FC4B487C2170A889DC4" style="OLC">
<subsection id="ID700b0ad9777a4c67adaa77a2a3978482"><enum>(f)</enum><header>Applications
and criteria for initial grants</header>
<paragraph id="id43ED3A269282400F89F026D35FFAAFA6"><enum>(1)</enum><header>Application</header><text>Each
organization desiring a grant under subsection (b) shall submit to the
Administrator an application that contains—</text>
<subparagraph id="ID136ce6b3dedb4e19a2622a04e87851b8"><enum>(A)</enum><text>a certification
that the applicant—</text>
<clause id="ID76bc6ade52b342fa9fe5d806f6fa84dc"><enum>(i)</enum><text>is a private
nonprofit organization;</text>
</clause><clause id="ID0b85f7658d1f4967969e26f8efb6246f"><enum>(ii)</enum><text>has designated
an executive director or program manager, who may be compensated from grant
funds or other sources, to manage the center; and</text>
</clause><clause id="ID49a7095b71e44aefa837d110a937380f"><enum>(iii)</enum><text>as a condition
of receiving a grant under subsection (b), agrees—</text>
<subclause id="ID2fdd5947436e45d0a4ab4c85dfad522b"><enum>(I)</enum><text>to receive a site
visit as part of the final selection process;</text>
</subclause><subclause id="ID20d7fa2aaa97435d91a3ecf2790bbc15"><enum>(II)</enum><text>to undergo an
annual programmatic and financial examination; and</text>
</subclause><subclause id="ID1bdbf995e87c4c9d803e7ed94ab61ce0"><enum>(III)</enum><text>to the maximum
extent practicable, to remedy any problems identified pursuant to the site
visit or examination under subclauses (I) and (II);</text>
</subclause></clause></subparagraph><subparagraph id="IDe5413055b9c642688dcf29d59883747d"><enum>(B)</enum><text>information
demonstrating that the applicant has the ability and resources to meet the
needs of the market to be served by the women's business center site for which
a grant under subsection (b) is sought, including the ability to comply with
the matching requirement under subsection (c);</text>
</subparagraph><subparagraph id="IDa9fed9fd61f84eb7bda23c4f03422b02"><enum>(C)</enum><text>information
relating to assistance to be provided by the women's business center site for
which a grant under subsection (b) is sought in the area in which the site is
located;</text>
</subparagraph><subparagraph id="ID19bb0b5fc3804b859520189a4020bb92"><enum>(D)</enum><text>information
demonstrating the effective experience of the applicant in—</text>
<clause id="IDcf82f7a91de94cc78538ab327c3a9753"><enum>(i)</enum><text>conducting
financial, management, and marketing assistance programs, as described under
subsection (b)(2), which are designed to teach or upgrade the business skills
of women who are business owners or potential business owners;</text>
</clause><clause id="ID1595fdc24d214118b2bb40c85e92a0a1"><enum>(ii)</enum><text>providing
training and services to a representative number of women who are both socially
and economically disadvantaged; and</text>
</clause><clause id="IDfb466d88da90497cbf60905c568651d0"><enum>(iii)</enum><text>using resource
partners of the Administration and other entities, such as universities;</text>
</clause></subparagraph><subparagraph id="IDb81c21cd0e9946e9801d775519774bad"><enum>(E)</enum><text>a 5-year plan
that projects the ability of the women's business center site for which a grant
is sought—</text>
<clause id="ID8b0f6e798ebd45299919a57310d260ee"><enum>(i)</enum><text>to serve women
who are business owners or potential owners in the future by improving training
and counseling activities; and</text>
</clause><clause id="ID28741cc4d3e4401ebd9ad6b960ca4dcc"><enum>(ii)</enum><text>to provide
training and services to a representative number of women who are both socially
and economically disadvantaged; and</text>
</clause></subparagraph><subparagraph id="IDdac1b5df64c34df29dac70fee0a350da"><enum>(F)</enum><text>any additional
information that the Administrator may reasonably require, if, not later than
90 days before the date that the relevant application is required to be
submitted, the Administrator provides written notice to the applicant that such
information is required.</text>
</subparagraph></paragraph><paragraph id="ID115d2cfe572140a38b540d38f4cd5219"><enum>(2)</enum><header>Review and
approval of applications for an initial grant</header>
<subparagraph id="ID3281102b6df04acca401bba9209992ff"><enum>(A)</enum><header>In
general</header><text>The Administrator shall—</text>
<clause id="ID0c752e4f4d144205ad3c97d7e531f0c4"><enum>(i)</enum><text>review each
application submitted under paragraph (1), based on the information described
in such paragraph and the criteria set forth under subparagraph (B) of this
paragraph; and</text>
</clause><clause id="IDb7b832f5e64043b99a2a666a8505177e"><enum>(ii)</enum><text>as part of the
final selection process, conduct a site visit at each women's business center
for which a grant under subsection (b) is sought.</text>
</clause></subparagraph><subparagraph id="ID6c2a23206eac4d7a9b45907e42a3e7f2"><enum>(B)</enum><header>Selection
criteria</header>
<clause id="idDDCE80A04C3D457D81D05AE78FD66A70"><enum>(i)</enum><header>In
general</header><text>The Administrator shall evaluate applicants for grants
under subsection (b) in accordance with predetermined selection criteria that
shall be stated in terms of relative importance. Such criteria and their
relative importance shall be made publicly available and stated in each
solicitation for applications made by the Administrator.</text>
</clause><clause id="ID26c3212aec1d46d38b5ef0471a014168"><enum>(ii)</enum><header>Required
criteria</header><text>The selection criteria for a grant under subsection (b)
shall include—</text>
<subclause id="ID0937651764df46e7aa7fdf1cfbfd133a"><enum>(I)</enum><text>the experience of
the applicant in conducting programs or ongoing efforts designed to teach or
upgrade the business skills of women who are business owners or potential
owners;</text>
</subclause><subclause id="ID6611ed1889cd4e7d9bc896dceb928a9b"><enum>(II)</enum><text>the ability of
the applicant to commence a project within a minimum amount of time;</text>
</subclause><subclause id="ID78c0e21502084914be6fb5842915a21f"><enum>(III)</enum><text>the ability of
the applicant to provide training and services to a representative number of
women who are both socially and economically disadvantaged; and</text>
</subclause><subclause id="ID4ea6e001c1034d0084ffbcfe71dd9acc"><enum>(IV)</enum><text>the location for
the women's business center site proposed by the applicant, including whether
the applicant is located in a State in which there is not a women's business
center receiving funding from the Administration.</text>
</subclause></clause></subparagraph><subparagraph id="ID3d904d6ce2d14a05b3204dedc470ea53"><enum>(C)</enum><header>Notice</header><text>The
Administrator may not award a grant under subsection (b) to an applicant whose
principle place of business is located less than 50 miles from the principle
place of business of another organization receiving a grant under this section
unless the Administrator submits a written justification for the need to award
another grant under this section in that area to the Committee on Small
Business and Entrepreneurship of the Senate and the Committee on Small Business
of the House of Representatives.</text>
</subparagraph><subparagraph id="ID024892eba09a4fde81a29125cea7bbd4"><enum>(D)</enum><header>Record
retention</header><text>The Administrator shall maintain a copy of each
application submitted under this subsection for not less than 7
years.</text>
</subparagraph></paragraph></subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id8A911E403A35427A8B74FD36C8480DA7"><enum>(4)</enum><text>in subsection
(m), by striking paragraph (3) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idC7932C16D990455FB3CADC5CAB4B6BD6" style="OLC">
<paragraph id="IDf39b89cad7144718b6a9001548afad0d"><enum>(3)</enum><header>Application and
approval</header>
<subparagraph id="id2AC119F5BB8B41668C74D9A0DB6FB1D5"><enum>(A)</enum><header>Application</header><text>Each
organization desiring a grant this subsection, shall submit to the
Administrator an application that contains—</text>
<clause id="IDf375d44995a541d882445542713c2b35"><enum>(i)</enum><text>a
certification that the applicant—</text>
<subclause id="IDdd9bf9eb7cbf44ae846930c06a931e78"><enum>(I)</enum><text>is a private
nonprofit organization;</text>
</subclause><subclause id="IDb4938d7c6f43488186144404c3558ce4"><enum>(II)</enum><text>has designated
an executive director or program manager to manage the center; and</text>
</subclause><subclause id="IDbccd377efce84dc0a56283be49cbf7dd"><enum>(III)</enum><text>as a condition
of receiving a grant under this subsection, agrees—</text>
<item id="ID402b3f081b01427d982962395b335246"><enum>(aa)</enum><text>to
receive a site visit as part of the final selection process;</text>
</item><item id="ID44916668bfc0478ea92ea25822ccf617"><enum>(bb)</enum><text>to
submit, for the preceding 2 years, annual programmatic and financial
examination reports or certified copies of the applicant's compliance
supplemental audits under OMB Circular A–133; and</text>
</item><item id="IDc3cad0882b244e3597a30809e5cfaf39"><enum>(cc)</enum><text>to
the maximum extent practicable, to remedy any problems identified pursuant to
the site visit or examination under items (aa) and (bb);</text>
</item></subclause></clause><clause id="IDf0a54ac44bf948aeb2c4fb0cd6f12704"><enum>(ii)</enum><text>information
demonstrating that the applicant has the ability and resources to meet the
needs of the market to be served by the women's business center site for which
a grant under this subsection is sought, including the ability to comply with
the matching requirement under paragraph (4)(C);</text>
</clause><clause id="ID43c1e85228de4f10920a7a750eaac339"><enum>(iii)</enum><text>information
relating to assistance to be provided by the women's business center site for
which a grant under this subsection is sought in the area in which the site is
located;</text>
</clause><clause id="ID3242cd7f7b6f44b18afb19a3cfad95c8"><enum>(iv)</enum><text>information
demonstrating the utilization of resource partners of the Administration and
other entities;</text>
</clause><clause id="ID774c5ff3b28c4be9a57e1edf95ca815d"><enum>(v)</enum><text>a
3-year plan that projects the ability of the women's business center site for
which a grant under this subsection is sought—</text>
<subclause id="ID62655fa42a2241aa81a258f64e0396e6"><enum>(I)</enum><text>to serve women
who are business owners or potential owners in the future by improving training
and counseling activities; and</text>
</subclause><subclause id="ID118f3cfae55d42fcab8d6432c2c6c680"><enum>(II)</enum><text>to provide
training and services to a representative number of women who are both socially
and economically disadvantaged; and</text>
</subclause></clause><clause id="IDe650a30839ae489fb68f17764557b342"><enum>(vi)</enum><text>any additional
information that the Administrator may reasonably require.</text>
</clause></subparagraph><subparagraph id="ID392b3b916ea8459699fad29989d7a0f7"><enum>(B)</enum><header>Review and
approval of applications for grants</header>
<clause id="ID408673cfe9314c1188902dd71571bfd5"><enum>(i)</enum><header>In
general</header><text>The Administrator shall—</text>
<subclause id="IDf9968e57f12b459cb12b998bbd7b7769"><enum>(I)</enum><text>review each
application submitted under subparagraph (A), based on the information
described in such subparagraph and the criteria set forth under clause (ii) of
this subparagraph; and</text>
</subclause><subclause id="IDac99892c91764fae95a29a54ca05bae0"><enum>(II)</enum><text>as part of the
final selection process, conduct a site visit at each women's business center
for which a grant under this subsection is sought.</text>
</subclause></clause><clause id="ID1c3021ca33e940b6a5407a13be505ae4"><enum>(ii)</enum><header>Selection
criteria</header>
<subclause id="idB0B84809D7BC4344A92009170DB5341D"><enum>(I)</enum><header>In
general</header><text>The Administrator shall evaluate applicants in accordance
with predetermined selection criteria that shall be stated in terms of relative
importance. Such criteria and their relative importance shall be made publicly
available and stated in each solicitation for applications made by the
Administrator.</text>
</subclause><subclause id="ID1203c76daaaa4afbbc1bdbe040ebccf9"><enum>(II)</enum><header>Required
criteria</header><text>The selection criteria for a grant under this subsection
shall include—</text>
<item id="IDdd955f00f26c4bc3b43b04ad336b8179"><enum>(aa)</enum><text>the total number
of entrepreneurs served by the applicant;</text>
</item><item id="ID5f049fa4a92b4673a01b802afc9ca12e"><enum>(bb)</enum><text>the total number
of new start-up companies assisted by the applicant;</text>
</item><item id="ID86dcd6876910476190f6b67a563f1627"><enum>(cc)</enum><text>the percentage
of the clients of the applicant that are socially or economically
disadvantaged; and</text>
</item><item id="IDadd0ce4a0b664ec8a77d3b4465dee3dd"><enum>(dd)</enum><text>the percentage
of individuals in the community served by the applicant who are socially or
economically disadvantaged.</text>
</item></subclause></clause><clause id="IDe1e7ce8074584e60b696a28f7294858a"><enum>(iii)</enum><header>Conditions
for continued funding</header><text>In determining whether to make a grant
under this subsection, the Administrator—</text>
<subclause id="IDe0dd4ed7166a42f9a64711c55fb0d03f"><enum>(I)</enum><text>shall consider
the results of the most recent evaluation of the center, and, to a lesser
extent, previous evaluations; and</text>
</subclause><subclause id="ID6baa8b9f83d448e5914039a87db71a3c"><enum>(II)</enum><text>may withhold
such a grant, if the Administrator determines that the center has failed to
provide the information required to be provided under this paragraph, or the
information provided by the center is inadequate.</text>
</subclause></clause></subparagraph><subparagraph id="idADF6A1669BEF431CA068038B4CD4D1C2"><enum>(C)</enum><header>Notification</header><text>Not
later than 60 days after the date of the deadline to submit applications for
each fiscal year, the Administrator shall approve or deny any application under
this paragraph and notify the applicant for each such application.</text>
</subparagraph><subparagraph id="ID0dfb918c777a4ed3b4d0bdf21f91e4ef"><enum>(D)</enum><header>Record
retention</header><text>The Administrator shall maintain a copy of each
application submitted under this paragraph for not less than 7
years.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id4ce23a6c-40f5-47b4-a9c9-ec4e94ee3fd5"><enum>(b)</enum><header>Technical
and conforming Amendments</header><text>Section 29 of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C. 656) is
amended—</text>
<paragraph id="ida2199820-e6d2-40cb-bbf2-24d54e703de9"><enum>(1)</enum><text>in subsection
(h)(2), by striking <quote>to award a contract (as a sustainability grant)
under subsection (l) or</quote>;</text>
</paragraph><paragraph id="id04401b11-d138-40c4-a2de-0fc254f9f003"><enum>(2)</enum><text>in subsection
(j)(1), by striking <quote>The Administration</quote> and inserting <quote>Not
later than November 1st of each year, the Administrator</quote>;</text>
</paragraph><paragraph id="idb288433c-bdcd-479c-bf53-adf6185200da"><enum>(3)</enum><text>in subsection
(k)—</text>
<subparagraph id="idB322B1B030784163AAE562B00900D959"><enum>(A)</enum><text>by striking
paragraph (4);</text>
</subparagraph><subparagraph id="idD676094F440247AD94EBB3DAE3FE4B5C"><enum>(B)</enum><text>by redesignating
paragraph (3) as paragraph (5); and</text>
</subparagraph><subparagraph id="ida7a21f7f-26fc-4fbc-ae3f-785262efa748"><enum>(C)</enum><text>by striking
paragraphs (1) and (2) and inserting the following:</text>
<quoted-block id="id00f2d4c1-7ac6-4b49-af44-be0609cd3119" style="OLC">
<paragraph id="id32e2f0f1-95fc-40c9-9c87-fb05943ed9bc"><enum>(1)</enum><header>In
general</header><text>There are authorized to be appropriated to the
Administration to carry out this section, to remain available until
expended—</text>
<subparagraph id="id8FD750FB9AB747909D686236356D09DE"><enum>(A)</enum><text>$20,000,000 for
fiscal year 2008;</text>
</subparagraph><subparagraph id="id141B58557C15477FA7659D2059DD674A"><enum>(B)</enum><text>$20,500,000 for
fiscal year 2009; and</text>
</subparagraph><subparagraph id="id478392E8C87143998FFDAB6E1D7A8D19"><enum>(C)</enum><text>$21,000,000 for
fiscal year 2010.</text>
</subparagraph></paragraph><paragraph id="id8e1b2a06-fab2-40b6-ab99-aab282b751e7"><enum>(2)</enum><header>Allocation</header><text>Of
amounts made available pursuant to paragraph (1), the Administrator shall use
not less than 60 percent for grants under subsection (l).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idc7469c00-8042-4d4e-83c3-b1fe0ed7eb3b"><enum>(3)</enum><header>Use of
amounts</header><text display-inline="yes-display-inline">Amounts made
available under this subsection may only be used for grant awards and may not
be used for costs incurred by the Administration in connection with the
management and administration of the program under this section.</text>
</paragraph><paragraph id="ID59d91980641e46058c23081b28da5f1d"><enum>(4)</enum><header>Continuing
grant and cooperative agreement authority</header>
<subparagraph id="idAEEE5F35C56F40B2ADA1CBED77330E8A"><enum>(A)</enum><header>In
general</header><text>The authority of the Administrator to make grants under
this section shall be in effect for each fiscal year only to the extent and in
the amounts as are provided in advance in appropriations Acts.</text>
</subparagraph><subparagraph id="IDdc3d57cd11d4443fb89c565fd92fc915"><enum>(B)</enum><header>Prompt
disbursement</header><text>In order to help women's business centers operate
smoothly and predictably, upon receiving funds to carry out this section for a
fiscal year, the Administrator shall promptly disburse funds to any women's
business center awarded a grant under this section.</text>
</subparagraph><subparagraph id="ID90cdde721b124145a618909c493e2279"><enum>(C)</enum><header>Renewal</header><text>After
the Administrator has entered into a grant or cooperative agreement with any
women's business center under this section, the Administrator shall not
suspend, terminate, or fail to renew or extend any such grant or cooperative
agreement, unless the Administrator provides the women's business center with
written notification setting forth the reasons for that action and affords the
center an opportunity for a hearing, appeal, or other administrative proceeding
under chapter 5 of title 5, United States
Code.</text>
</subparagraph></paragraph><after-quoted-block>; </after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="id2e4c273b-0181-448e-84cb-77b31dd34ea9"><enum>(4)</enum><text>in subsection
(m)(4)(D), by striking <quote>or subsection (l)</quote>; and</text>
</paragraph><paragraph id="id6A62698A242F430BB91D030AA1DB6947"><enum>(5)</enum><text>by redesignating
subsections (m) and (n), as amended by this Act, as subsections (l) and (m),
respectively.</text>
</paragraph></subsection></section><section id="idaf037d85-5c40-43d9-b00c-90a55f27814f"><enum>313.</enum><header>National
Women’s Business Council</header>
<subsection id="idb2adaf7f-c48a-432b-b256-97bf27e11577"><enum>(a)</enum><header>Cosponsorship
Authority</header><text>Section 406 of the Women’s Business Ownership Act of
1988 (15 U.S.C. 7106) is amended by adding at the end the following:</text>
<quoted-block id="id57aafa39-735c-4561-8bfa-1fefddc0e379" style="OLC">
<subsection id="idb1dc5d95-7a03-44f5-9479-a843c595092d"><enum>(f)</enum><header>Cosponsorship
Authority</header><text>The Council is authorized to enter into agreements as a
cosponsor with public and private entities, in the same manner as is provided
in section 4(h) of the <act-name parsable-cite="SBA">Small Business
Act</act-name> (15 U.S.C. 633(h)), to carry out its duties under this
section.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id99645c82-7175-4be8-9797-452e7dfbb5b6"><enum>(b)</enum><header>Membership</header><text>Section
407(f) of the Women’s Business Ownership Act of 1988 (15 U.S.C. 7107(f)) is
amended by adding at the end the following:</text>
<quoted-block id="id2716797a-b175-455d-8c90-6a0e880fa309" style="OLC">
<paragraph id="idc0fc0ed4-92cc-480a-8111-31a65f907a01"><enum>(3)</enum><header>Representation
of member organizations</header><text>In consultation with the chairperson of
the Council and the Administrator, a national women's business organization or
small business concern that is represented on the Council may replace its
representative member on the Council during the service term to which that
member was
appointed.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="idf16a7722-f9be-45ec-9bb5-72240706a15a"><enum>(c)</enum><header>Establishment
of working groups</header><text>Title IV of the Women’s Business Ownership Act
of 1988 (15 U.S.C. 7101 et seq.) is amended by inserting after section 410, the
following new section:</text>
<quoted-block id="idd8a3dae2-f890-4cfa-ac04-ca47caf95ac0" style="OLC">
<section id="id79ad290e-1e71-4b4b-a561-249578ecaa00"><enum>411.</enum><header>Working
groups</header>
<subsection id="idaf22792f-b9e2-4e46-ac05-99aef3528a94"><enum>(a)</enum><header>Establishment</header><text>There
are established within the Council, working groups, as directed by the
chairperson.</text>
</subsection><subsection id="id5bb63357-38e0-4e91-89c0-1f6a097b40c3"><enum>(b)</enum><header>Duties</header><text>The
working groups established under subsection (a) shall perform such duties as
the chairperson shall
direct.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id629ab248-8d70-4ffb-a0c7-a08c3eb8cea2"><enum>(d)</enum><header>Electronic
clearinghouse for Historical Documents</header><text>Section 409 of the Women’s
Business Ownership Act of 1988 (15 U.S.C. 7109) is amended by adding at the end
the following:</text>
<quoted-block id="ida2f4bbea-3021-46cf-927e-4e8e76ae94a2" style="OLC">
<subsection id="idbdec646b-8314-4cb6-98af-2c46af74ac76"><enum>(c)</enum><header>Electronic
clearinghouse for Historical Documents</header><text>The Council shall serve as
an electronic clearinghouse for information on small businesses owned and
controlled by women, including research conducted by other organizations and
individuals relating to ownership by women of small business concerns in the
United
States.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id58c5caf9-c3c7-49d1-8dc9-92310b4f937f"><enum>(e)</enum><header>Authorization
of Appropriations</header><text>Section 410(a) of the Women’s Business
Ownership Act of 1988 (15 U.S.C. 7110(a)) is amended by striking <quote>2001
through 2003, of which $550,000</quote> and inserting <quote>2008 through 2010,
of which not less than 30 percent</quote>.</text>
</subsection></section><section id="idf3efee1a-a598-4524-a141-e1dd3b43ecc7"><enum>314.</enum><header>Interagency
Committee on Women’s Business Enterprise</header>
<subsection id="id55d52ce6-a154-441a-a206-92284ff26e87"><enum>(a)</enum><header>Chairperson</header><text>Section
403(b) of the Women’s Business Ownership Act of 1988 (15 U.S.C. 7103(b)) is
amended—</text>
<paragraph id="idad89b0d2-c988-4806-94ea-dff7cf46c297"><enum>(1)</enum><text>by striking
<quote>Not later</quote> and inserting the following:</text>
<quoted-block id="id4cf7acdd-9f5b-4850-b723-8ee1f5cb9518" style="OLC">
<paragraph id="id8d167ab2-7a0d-44f3-8721-031726686d7a"><enum>(1)</enum><header>In
general</header><text>Not later</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="idd03a37f3-150a-4bea-a15a-3d0e91905ed4"><enum>(2)</enum><text>by adding at
the end the following:</text>
<quoted-block id="idd1ea832d-0621-4e3b-a3a4-5e8a8ca206e8" style="OLC">
<paragraph id="idabacae6b-afd6-41b7-8905-9e6d14c347bd"><enum>(2)</enum><header>Vacancy</header><text>In
the event that a chairperson is not appointed under paragraph (1), the Deputy
Administrator of the Small Business Administration shall serve as acting
chairperson of the Interagency Committee until a chairperson is appointed under
paragraph
(1).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id0bed5d17-b3f5-49a8-84c1-f199400d5556"><enum>(b)</enum><header>Policy
Advisory Group</header><text>Section 401 of the Women’s Business Ownership Act
of 1988 (15 U.S.C. 7101) is amended—</text>
<paragraph id="id1e070fa2-890a-4441-99c9-db08ee4a7fa4"><enum>(1)</enum><text>by striking
<quote>There</quote> and inserting the following:</text>
<quoted-block id="id1dd04303-7f2d-4777-8495-cde75135f6c5" style="OLC">
<subsection id="idca1e73c0-f9bf-4792-87a4-9de70e5a49c3"><enum>(a)</enum><header>In
General</header><text>There</text>
</subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id60b83b93-3b77-41e0-b9d2-22726053b603"><enum>(2)</enum><text>by adding at
the end the following:</text>
<quoted-block id="id3c5df035-82da-4b11-b79a-2cdbe233177a" style="OLC">
<subsection id="id34300203-fbc3-4d6c-a222-7fee85ddc714"><enum>(b)</enum><header>Policy
Advisory Group</header>
<paragraph id="idb9c64848-fa97-4a18-b23e-d6d4321c6033"><enum>(1)</enum><header>Establishment</header><text>There
is established a Policy Advisory Group to assist the chairperson in developing
policies and programs under this Act.</text>
</paragraph><paragraph id="ide12c9ca8-6148-47c5-80c1-4317c26cf3e2"><enum>(2)</enum><header>Membership</header><text>The
Policy Advisory Group shall be composed of 7 policy making officials, of
whom—</text>
<subparagraph id="idc79317b7-a9fc-4dc9-93f9-5728982d6596"><enum>(A)</enum><text>1 shall be a
representative of the Small Business Administration;</text>
</subparagraph><subparagraph id="id7b152c48-6678-4fa0-b9b0-273af3cc0720"><enum>(B)</enum><text>1 shall be a
representative of the Department of Commerce;</text>
</subparagraph><subparagraph id="id18d4bf8d-c6ba-4501-8fc4-3ddc581434ce"><enum>(C)</enum><text>1 shall be a
representative of the Department of Labor;</text>
</subparagraph><subparagraph id="id13f9ffbe-5a21-438a-96bf-469b885b4f4a"><enum>(D)</enum><text>1 shall be a
representative of the Department of Defense;</text>
</subparagraph><subparagraph id="id7a1c5604-6c05-4923-8bd7-cae15c37250a"><enum>(E)</enum><text>1 shall be a
representative of the Department of the Treasury; and</text>
</subparagraph><subparagraph id="id88c4014b-25db-4842-af31-1642c623ca7a"><enum>(F)</enum><text>2 shall be
representatives of the Council.</text>
</subparagraph></paragraph><paragraph id="IDafe5070c749b4a2b9dca77ea9003d625"><enum>(3)</enum><header>Meetings</header><text>The
Policy Advisory Group established under paragraph (1) shall meet not less
frequently than 3 times each year to—</text>
<subparagraph id="ID337c31dfb07f4c60bc7ecd3efe7477d2"><enum>(A)</enum><text>plan activities
for the new fiscal year;</text>
</subparagraph><subparagraph id="IDc7f31bf717f440f0823f6a62b0a7abd1"><enum>(B)</enum><text>track
year-to-date agency contracting goals; and</text>
</subparagraph><subparagraph id="ID0fe62fd06fe247a5a54649d816215452"><enum>(C)</enum><text>evaluate the
progress during the fiscal year and prepare an annual
report.</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="id72fa6b86-3a4f-4549-bed1-456b8e78b6af"><enum>315.</enum><header>Preserving
the independence of the National Women’s Business Council</header>
<subsection id="idc6affb05-8891-4e02-a92c-0585d06cd410"><enum>(a)</enum><header>Findings</header><text>Congress
finds the following:</text>
<paragraph id="idcf3bf796-c5e5-40e4-b2aa-a0f8a4ad5822"><enum>(1)</enum><text>The National
Women’s Business Council provides an independent source of advice and policy
recommendations regarding women’s business development and the needs of women
entrepreneurs in the United States to—</text>
<subparagraph id="idd0d9b17f-0902-4496-a6b3-0685470ed378"><enum>(A)</enum><text>the
President;</text>
</subparagraph><subparagraph id="idc4c9ebe5-d0c2-4729-984c-5b230e1589a9"><enum>(B)</enum><text>Congress;</text>
</subparagraph><subparagraph id="id820b7642-2997-499b-9ee2-e59ff8853b18"><enum>(C)</enum><text>the
Interagency Committee on Women’s Business Enterprise; and</text>
</subparagraph><subparagraph id="id7354fcc7-9636-42a8-ab73-27183704fc95"><enum>(D)</enum><text>the
Administrator.</text>
</subparagraph></paragraph><paragraph id="idee0322fb-3123-451b-8424-c941811ab726"><enum>(2)</enum><text>The members
of the National Women’s Business Council are small business owners,
representatives of business organizations, and representatives of women’s
business centers.</text>
</paragraph><paragraph id="id7f990fd0-bef0-4874-baa4-aae3990e642b"><enum>(3)</enum><text>The chair and
ranking member of the Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House of Representatives make
recommendations to the Administrator to fill 8 of the positions on the National
Women’s Business Council. Four of the positions are reserved for small business
owners who are affiliated with the political party of the President and 4 of
the positions are reserved for small business owners who are not affiliated
with the political party of the President. This method of appointment ensures
that the National Women’s Business Council will provide Congress with
nonpartisan, balanced, and independent advice.</text>
</paragraph><paragraph id="idd550bac0-812e-4129-a40e-bc841d8a7911"><enum>(4)</enum><text>In order to
maintain the independence of the National Women’s Business Council and to
ensure that the Council continues to provide the President, the Interagency
Committee on Women’s Business Enterprise, the Administrator, and Congress with
advice on a nonpartisan basis, it is essential that the Council maintain the
bipartisan balance established under section 407 of the Women’s Business
Ownership Act of 1988 (15 U.S.C. 7107).</text>
</paragraph></subsection><subsection id="id0035c862-1911-48c0-b52b-41d109706355"><enum>(b)</enum><header>Maintenance
of Partisan Balance</header><text>Section 407(f) of the Women’s Business
Ownership Act of 1988 (15 U.S.C. 7107(f)), as amended by this Act, is amended
by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id2ce6c778-0c2c-4907-b22f-904a8f31dee9" style="OLC">
<paragraph id="id99e12dde-4b38-4b26-ba11-31d0c5b1634f"><enum>(4)</enum><header>Partisan
balance</header><text>When filling a vacancy under paragraph (1) of this
subsection of a member appointed under paragraph (1) or (2) of subsection (b),
the Administrator shall, to the extent practicable, ensure that there are an
equal number of members on the Council from each of the 2 major political
parties.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id323f2601-83fd-4fd8-b591-a79da167ff55"><enum>(5)</enum><header>Accountability</header><text>If
a vacancy is not filled within the 30-day period required under paragraph (1),
or if there exists an imbalance of party-affiliated members on the Council for
a period exceeding 30 days, the Administrator shall submit a report, not later
than 10 days after the expiration of either such 30-day deadline, to the
Committee on Small Business and Entrepreneurship of the Senate and the
Committee on Small Business of the House of Representatives, that explains why
the respective deadline was not met and provides an estimated date on which any
vacancies will be filled, as
applicable.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="IDa003f21d422a4683b58b99c4a540a9d5"><enum>316.</enum><header>Study and
report on women's business centers</header>
<subsection id="IDcc298d88550946c1a873fd9c4000128a"><enum>(a)</enum><header>In
general</header><text>The Comptroller General of the United States shall
conduct a broad study of the unique economic issues facing women's business
centers located in covered areas to identify—</text>
<paragraph id="ID0317b829edf44676a7747a9bc933b0c4"><enum>(1)</enum><text>the difficulties
such centers face in raising matching funds;</text>
</paragraph><paragraph id="IDfb6909e8778a4a35addb3c4040f1a77a"><enum>(2)</enum><text>the difficulties
such centers face competing for grant, matching funds, or other types of
assistance;</text>
</paragraph><paragraph id="ID86f88142bafd4438a718e3114659a8a6"><enum>(3)</enum><text>the difficulties
such centers face in writing grant proposals; and</text>
</paragraph><paragraph id="IDe063406acced47108955b42e174b06ad"><enum>(4)</enum><text>other
difficulties such centers face because of the economy in the type of covered
area in which such centers are located.</text>
</paragraph></subsection><subsection id="ID9430c579139542ad8c469577c40f4f0e"><enum>(b)</enum><header>Report</header><text>Not
later than 1 year after the date of enactment of this Act, the Comptroller
General shall submit to Congress a report regarding the results of the study
conducted under subsection (a), which shall include recommendations, if any,
regarding how to—</text>
<paragraph id="ID21e4ca9e70cc423c983d182af991e909"><enum>(1)</enum><text>address the
unique difficulties women's business centers located in covered areas face
because of the type of covered area in which such centers are located;</text>
</paragraph><paragraph id="IDe98db38da4bc45e896a5ce092aaefdd5"><enum>(2)</enum><text>expand the
presence of, and increase the services provided by, women's business centers
located in covered areas; and</text>
</paragraph><paragraph id="IDb1867b9bbae645859b016d98a1631b73"><enum>(3)</enum><text>best use
technology and other resources to better serve women business owners located in
covered areas.</text>
</paragraph></subsection><subsection id="ID41d758ed825146a1b7e849c029b13e4b"><enum>(c)</enum><header>Definition of
covered area</header><text>In this section, the term <term>covered area</term>
means—</text>
<paragraph id="IDb1c179d005344dfa94356b06a6a7864a"><enum>(1)</enum><text>any State that is
predominantly rural, as determined by the Administrator;</text>
</paragraph><paragraph id="ID39f4ce3150c942e5b9f0274a727aa542"><enum>(2)</enum><text>any State that is
predominantly urban, as determined by the Administrator; and</text>
</paragraph><paragraph id="ID1f4e36ce6f464d72b2f1edf15d62cacb"><enum>(3)</enum><text>any State or
territory that is an island.</text>
</paragraph></subsection></section></subtitle><subtitle id="iddbf0d1f3-4aa5-4a93-a3dd-ab613a655849"><enum>C</enum><header>International
trade</header>
<section id="id993e619c-127b-4bdc-93ce-93cca5233c11"><enum>321.</enum><header>Small
Business Administration Associate Administrator for International
Trade</header>
<subsection id="id78054ce5-e3d3-49c2-af79-d791c4d22fcf"><enum>(a)</enum><header>Establishment</header><text>Section
22(a) of the Small Business Act (15 U.S.C. 649(a)) is amended by adding at the
end the following: <quote>The head of the Office shall be the Associate
Administrator for International Trade, who shall be responsible to the
Administrator.</quote>.</text>
</subsection><subsection id="id52c80846-88a6-4923-9043-67bb5232ec76"><enum>(b)</enum><header>Authority
for Additional Associate Administrator</header><text>Section 4(b)(1) of the
Small Business Act (15 U.S.C. 633(b)(1)) is amended—</text>
<paragraph id="id73b26358-576b-46fd-9dc3-91fd48f1261c"><enum>(1)</enum><text>in the fifth
sentence, by striking <quote>five Associate Administrators</quote> and
inserting <quote>Associate Administrators</quote>; and</text>
</paragraph><paragraph id="id663d9617-5ff2-420c-b51b-d304fc6afb00"><enum>(2)</enum><text>by adding at
the end the following: <quote>One of the Associate Administrators shall be the
Associate Administrator for International Trade, who shall be the head of the
Office of International Trade established under section 22.</quote>.</text>
</paragraph></subsection><subsection id="idc2c0fe89-02fc-499d-b85a-03a7f3b64e1c"><enum>(c)</enum><header>Discharge
of Administration International Trade Responsibilities</header><text>Section 22
of the Small Business Act (15 U.S.C. 649) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="ide3f88646-ad2f-4283-a4a0-fcacf3a815eb" style="OLC">
<subsection id="id8c1d1505-0e4b-4ac2-8846-30ad0356dd61"><enum>(h)</enum><header>Discharge
of Administration International Trade Responsibilities</header><text display-inline="yes-display-inline">The Administrator shall ensure that—</text>
<paragraph id="idd8237167-be9e-4fb2-aef2-7cc6ba1d54b7"><enum>(1)</enum><text>the
responsibilities of the Administration regarding international trade are
carried out through the Associate Administrator for International Trade;</text>
</paragraph><paragraph id="id67e3fa5e-db86-4494-ba43-022afca6af0f"><enum>(2)</enum><text>the Associate
Administrator for International Trade has sufficient resources to carry out
such responsibilities; and</text>
</paragraph><paragraph id="id62ae53f9-dd2e-4a0d-a5c5-8ab42a492607"><enum>(3)</enum><text>the Associate
Administrator for International Trade has direct supervision and control over
the staff of the Office of International Trade, and over any employee of the
Administration whose principal duty station is a United States Export
Assistance Center or any successor
entity.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id18e37dc1-c435-4c6c-a08d-0401ac2248e6"><enum>(d)</enum><header>Role of
Associate Administrator in carrying out international trade
policy</header><text>Section 2(b)(1) of the Small Business Act (15 U.S.C.
631(b)(1)) is amended in the matter preceding subparagraph (A)—</text>
<paragraph id="id75f42c88-0453-48c7-95fa-a7dea2e63fa8"><enum>(1)</enum><text>by inserting
<quote>the Administrator of</quote> before <quote>the Small Business
Administration</quote>; and</text>
</paragraph><paragraph id="idec91fd29-4267-47ab-93a7-51d575fc3763"><enum>(2)</enum><text>by inserting
<quote>through the Associate Administrator for International Trade, and</quote>
before <quote>in cooperation with</quote>.</text>
</paragraph></subsection><subsection id="id9396f308-7765-4c75-bc16-6e7db64922f6"><enum>(e)</enum><header>Technical
amendment</header><text>Section 22(c)(5) of the Small Business Act (15 U.S.C.
649(c)(5)) is amended by striking the period at the end and inserting a
semicolon.</text>
</subsection><subsection id="id1baecd3b-433b-48bd-a6e5-c44d8baba16e"><enum>(f)</enum><header>Effective
date</header><text>Not later than 90 days after the date of enactment of this
Act, the Administrator shall appoint an Associate Administrator for
International Trade under section 22 of the Small Business Act (15 U.S.C. 649),
as amended by this section.</text>
</subsection></section><section id="id19499e52-e28c-4c4a-93db-d1f206a483fe"><enum>322.</enum><header>Office of
International Trade</header><text display-inline="no-display-inline">Section 22
of the Small Business Act (15 U.S.C. 649) is amended—</text>
<paragraph id="iddea1f2e6-8266-4962-8ddf-8f3a193d4b00"><enum>(1)</enum><text>by striking
<quote>SEC. 22. (a) There</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id1cb534bd-fec6-4598-93c3-4b44be1d3687" style="OLC">
<section id="id073cf787-055b-41e7-9bf0-a491cda95744"><enum>22.</enum><header>Office of
International Trade</header>
<subsection id="id2c864829-b6e1-4f04-8d32-9743c674f343"><enum>(a)</enum><header>Establishment</header><text>There</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id31b0894b-7185-4eac-8350-2f0cf7e80f99"><enum>(2)</enum><text>in subsection
(a), by inserting <quote>(referred to in this section as the
<quote>Office</quote>),</quote> after <quote>Trade</quote>;</text>
</paragraph><paragraph id="idcc0dea5f-6020-442b-824c-218e0e9602d3"><enum>(3)</enum><text>in subsection
(b)—</text>
<subparagraph id="ide8683aff-eb47-4f23-9ac8-ba7c7486de05"><enum>(A)</enum><text>by striking
<quote>The Office</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id2d46e135-3379-40e9-9353-8d75e0998065" style="OLC">
<subsection id="id8cda897b-c4b1-4c40-88e9-a12da82cefef"><enum>(b)</enum><header>Trade
distribution network</header><text>The Office, including United States Export
Assistance Centers (referred to as <quote>one-stop shops</quote> in section
2301(b)(8) of the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C.
4721(b)(8)) and as <quote>export centers</quote> in this
section)</text>
</subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="idfff8eea5-dfff-42e9-b0ab-8865d29bddd4"><enum>(B)</enum><text>by amending
paragraph (1) to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id86bf3506-eb01-405e-9f43-1fa12d4149dc" style="OLC">
<paragraph id="id6cd1c77e-df6b-4262-bd99-780f6e70bacf"><enum>(1)</enum><text>assist in
maintaining a distribution network using regional and local offices of the
Administration, the small business development center network, the women's
business center network, the Native American business center network, and
export centers for—</text>
<subparagraph id="idd7d445c7-0158-4292-91ed-771ea83d5c22"><enum>(A)</enum><text>trade
promotion;</text>
</subparagraph><subparagraph id="id92030f2e-1df5-4bc9-8629-2b06a0497daa"><enum>(B)</enum><text>trade
finance;</text>
</subparagraph><subparagraph id="id21a284c6-f045-476c-a3db-7ca712f033dd"><enum>(C)</enum><text>trade
adjustment;</text>
</subparagraph><subparagraph id="id7d41f26c-6446-4d8b-bd69-b4d334fc1e6f"><enum>(D)</enum><text>trade remedy
assistance; and</text>
</subparagraph><subparagraph id="id5a7ad6d3-846d-4a49-aae4-fc5bbbfe3927"><enum>(E)</enum><text>trade data
collection.</text>
</subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="idb95c6e93-4fd6-4df8-9a97-c71333f8fa74"><enum>(4)</enum><text>in subsection
(c)—</text>
<subparagraph id="idfc7e794c-9e11-4b6a-8e95-42071dfdd41a"><enum>(A)</enum><text>by
redesignating paragraphs (1) through (8) as paragraphs (2) through (9),
respectively;</text>
</subparagraph><subparagraph id="id64e85aad-5f3d-4577-ad95-ba4041b37148"><enum>(B)</enum><text>by inserting
before paragraph (2), as so redesignated, the following:</text>
<quoted-block display-inline="no-display-inline" id="id0b55b8ad-4a4d-43fb-b3eb-3af79d47ed3f" style="OLC">
<paragraph id="idefdacc36-f8c0-4181-9a19-396fadc04a13"><enum>(1)</enum><text>establish
annual goals for the Office relating to—</text>
<subparagraph id="id14e924f3-7982-4696-b4e6-05e059bbe3f4"><enum>(A)</enum><text>enhancing the
exporting capability of small business concerns and small manufacturers;</text>
</subparagraph><subparagraph id="id1eb2a470-1a88-460c-af22-0d4b9a547a7a"><enum>(B)</enum><text>facilitating
technology transfers;</text>
</subparagraph><subparagraph id="id068ce656-3e24-4e7e-b612-10b5dce40579"><enum>(C)</enum><text>enhancing
programs and services to assist small business concerns and small manufacturers
to compete effectively and efficiently against foreign entities;</text>
</subparagraph><subparagraph id="idab4a4d81-00af-4487-8d77-0c499441c99d"><enum>(D)</enum><text>increasing
the access to capital by small business concerns;</text>
</subparagraph><subparagraph id="idcdb47263-a436-4d7b-ba45-b8285826bed9"><enum>(E)</enum><text>disseminating
information concerning Federal, State, tribal, and private programs and
initiatives; and</text>
</subparagraph><subparagraph id="idc113862f-bf83-44bd-9639-cbaad9b91644"><enum>(F)</enum><text>ensuring that
the interests of small business concerns are adequately represented in trade
negotiations;</text>
</subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id324be50b-8c97-443b-a7e9-67aad06a037d"><enum>(C)</enum><text>in paragraph
(2), as so redesignated, by striking <quote>mechanism for</quote> and all that
follows through <quote>(D)</quote> and inserting the
following:</text>
<quoted-block display-inline="yes-display-inline" id="idce01b1ff-4a8d-4c11-bd12-0b338a7543a1" style="OLC">
<text>mechanism
for—</text><subparagraph id="id61fe4a15-27bb-44a7-a033-98e050063a32"><enum>(A)</enum><text>identifying
subsectors of the small business community with strong export potential;</text>
</subparagraph><subparagraph id="idcc41cacd-2e97-48c1-838e-836e4e0037e5"><enum>(B)</enum><text>identifying
areas of demand in foreign markets;</text>
</subparagraph><subparagraph id="idc5598d10-2034-4c06-ba62-cb1bafe78660"><enum>(C)</enum><text>prescreening
foreign buyers for commercial and credit purposes; and</text>
</subparagraph><subparagraph id="id268b19f5-c3c5-48b3-9363-4dfeebed93a7"><enum>(D)</enum>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="idb40b5fc1-7f4f-47c1-8678-1c8145705559"><enum>(D)</enum><text>in paragraph
(9), as so redesignated—</text>
<clause id="id966c9155-b927-4c94-b8cd-b182ee6582bd"><enum>(i)</enum><text>in the matter
preceding subparagraph (A)—</text>
<subclause id="idccaf6407-549a-4208-93ad-1f75e4b397c5"><enum>(I)</enum><text>by striking
<quote>full-time export development specialists to each Administration regional
office and assigning</quote>; and</text>
</subclause><subclause id="id1d72b824-e150-4613-86d6-6ed105b54ef3"><enum>(II)</enum><text>by striking
<quote>office. Such specialists</quote> and inserting <quote>office and
providing each Administration regional office with a full-time export
development specialist, who</quote>;</text>
</subclause></clause><clause id="id7d75422a-ffb5-4c3e-bd09-1e6259cff9e8"><enum>(ii)</enum><text>in
subparagraph (D), by striking <quote>and</quote> at the end;</text>
</clause><clause id="id134a9cb2-f8f8-461c-a84b-f84af45ffc0b"><enum>(iii)</enum><text>in
subparagraph (E), by striking the period at the end and inserting a semicolon;
and</text>
</clause><clause id="ide572d667-4052-498b-a6fa-26667a47a5da"><enum>(iv)</enum><text>by adding at
the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id6762497e-d303-4b62-a491-c54fe214f832" style="OLC">
<subparagraph id="id38fec7c4-f0b4-4e3b-a025-09388cd4624b"><enum>(F)</enum><text>participate
jointly with employees of the Office in an annual training program that focuses
on current small business needs for exporting; and</text>
</subparagraph><subparagraph id="ide654c78f-1723-4a37-9094-fe3b866e40f5"><enum>(G)</enum><text>jointly
develop and conduct training programs for exporters and lenders in cooperation
with the United States Export Assistance Centers, the Department of Commerce,
small business development centers, and other relevant Federal
agencies.</text>
</subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph id="idff841fb4-8185-441b-bb3e-dbbf718565ab"><enum>(5)</enum><text>in subsection
(d)—</text>
<subparagraph id="id9037d230-0150-4dfb-b933-28548cbbff54"><enum>(A)</enum><text>by inserting
<quote><header-in-text level="subsection" style="OLC">Export financing
programs</header-in-text>.—</quote> after <quote>(d)</quote>;</text>
</subparagraph><subparagraph id="id68c3a6c6-a5d9-4ed1-9ec2-852808496f1a"><enum>(B)</enum><text>by
redesignating paragraphs (1) through (5) as clauses (i) through (v),
respectively, and adjusting the margins accordingly;</text>
</subparagraph><subparagraph id="id1f149aaa-af1a-43d5-8cf9-f76929829859"><enum>(C)</enum><text>by striking
<quote>The Office shall work in cooperation</quote> and inserting the
following:</text>
<quoted-block display-inline="no-display-inline" id="idf34d8c9e-7cd5-44e9-a6c8-b7dc2de851ad" style="OLC">
<paragraph id="id5c824cbe-2f1f-4860-8d23-39e1e38ac29a"><enum>(1)</enum><header>In
general</header><text>The Office shall work in
cooperation</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id2fe6b12a-1c59-4cef-aefd-0894ebb30d5d"><enum>(D)</enum><text>by striking
<quote>To accomplish this goal, the Office shall work</quote> and inserting the
following:</text>
<quoted-block display-inline="no-display-inline" id="idb77f02a7-c188-4d45-b6fa-b3c62abe5bc6" style="OLC">
<paragraph id="ida83455bf-f21c-4213-b55a-58a046c08d55"><enum>(2)</enum><header>Trade
financial specialist</header><text>To accomplish the goal established under
paragraph (1), the Office shall—</text>
<subparagraph id="id144e2a03-c672-4cc9-baed-2c05ea485181"><enum>(A)</enum><text>designate at
least 1 individual within the Administration as a trade financial specialist to
oversee international loan programs and assist Administration employees with
trade finance issues; and</text>
</subparagraph><subparagraph id="id24085611-d47c-44a1-b907-9edc07d940a7"><enum>(B)</enum><text>work</text>
</subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="idea5c3ee6-15b9-44a0-9dcd-a51514b577fd"><enum>(6)</enum><text>in subsection
(e), by inserting <quote><header-in-text level="subsection" style="OLC">Trade
remedies</header-in-text>.—</quote> after <quote>(e)</quote>;</text>
</paragraph><paragraph id="id31b04f84-b567-416a-a2cf-c53e8a268bdc"><enum>(7)</enum><text>by amending
subsection (f) to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="idf67a27a3-438f-4509-88b9-283cc64896d7" style="OLC">
<subsection id="id8e21395e-4639-4de4-90d0-96fa5baf0ca2"><enum>(f)</enum><header>Reporting
requirement</header><text>The Office shall submit an annual report to the
Committee on Small Business and Entrepreneurship of the Senate and the
Committee on Small Business of the House of Representatives that
contains—</text>
<paragraph id="id1835b0db-9a27-40c0-a813-1ebc06709b1b"><enum>(1)</enum><text>a description
of the progress of the Office in implementing the requirements of this
section;</text>
</paragraph><paragraph id="id614b5e47-0051-442f-ac81-5519d35e5259"><enum>(2)</enum><text>the
destinations of travel by Office staff and benefits to the Administration and
to small business concerns therefrom; and</text>
</paragraph><paragraph id="ide977b28a-85f0-46c9-9bc8-908308cdf6de"><enum>(3)</enum><text>a description
of the participation by the Office in trade
negotiations.</text>
</paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="id2a6a1206-2e53-4d2f-b1d5-f0495ef2e807"><enum>(8)</enum><text>in subsection
(g), by inserting <quote><header-in-text level="subsection" style="OLC">Studies</header-in-text>.—</quote> after <quote>(g)</quote>;
and</text>
</paragraph><paragraph id="id7492d8b1-6bf3-4600-93a7-284c58e8dd7c"><enum>(9)</enum><text>by adding at
the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id749e8e10-0fba-46c1-b0a9-081943baa80e" style="OLC">
<subsection id="idb84609fe-cf63-4f42-aa1d-aebe5cdc6cbe"><enum>(i)</enum><header>Export
assistance centers</header>
<paragraph id="id27d91493-4161-4aa3-8b20-4d7bb482458b"><enum>(1)</enum><header>In
general</header><text>During the period beginning on October 1, 2008, and
ending on September 30, 2010, the Administrator shall ensure that the number of
full-time equivalent employees of the Office assigned to the one-stop shops
referred to in section 2301(b) of the Omnibus Trade and Competitiveness Act of
1988 (15 U.S.C. 4721 (b)) is not less than the number of such employees so
assigned on January 1, 2003.</text>
</paragraph><paragraph id="id6f6fa856-dff4-444b-9b26-a392ef046794"><enum>(2)</enum><header>Priority of
placement</header><text>Priority shall be given, to the maximum extent
practicable, to placing employees of the Administration at any Export
Assistance Center that—</text>
<subparagraph id="id4dd10c26-1e0c-4774-98e4-78c70254637c"><enum>(A)</enum><text>had an
Administration employee assigned to such center before January 2003; and</text>
</subparagraph><subparagraph id="id89e0725e-e5c9-4099-be71-52a0b49016f7"><enum>(B)</enum><text>has not had
an Administration employee assigned to such center during the period beginning
January 2003, and ending on the date of enactment of this subsection, either
through retirement or reassignment.</text>
</subparagraph></paragraph><paragraph id="id259b90a1-2e2b-407b-9f0c-d147771b79e3"><enum>(3)</enum><header>Needs of
exporters</header><text>The Administrator shall, to the maximum extent
practicable, strategically assign Administration employees to Export Assistance
Centers, based on the needs of exporters.</text>
</paragraph><paragraph id="idd982c093-3a49-4910-b263-7b05ceb947ad"><enum>(4)</enum><header>Goals</header><text>The
Office shall work with the Department of Commerce and the Export-Import Bank to
establish shared annual goals for the Export Centers.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idb6ccb88a-5a1b-4255-bdb4-e99c4ffcaf09"><enum>(5)</enum><header>Oversight</header><text>The
Office shall designate an individual within the Administration to oversee all
activities conducted by Administration employees assigned to Export
Centers.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section></subtitle><subtitle id="idc931d513-d910-4c65-b452-e47cca8ccbba"><enum>D</enum><header>Native
American Small Business Development Program</header>
<section id="idffc0b636-9bc5-42ad-91ee-950334c0ee8b"><enum>331.</enum><header>Short
title</header><text display-inline="no-display-inline">This subtitle may be
cited as the <quote>Native American Small Business Development Act of
2008</quote>.</text>
</section><section id="id4b883d04-1f52-473e-ae57-d8ba041ec7db"><enum>332.</enum><header>Native
American Small Business Development Program</header><text display-inline="no-display-inline">The <act-name parsable-cite="SBA">Small
Business Act</act-name> (15 U.S.C. 631 et seq.) is amended by inserting after
section 38, as added by this Act, the following:</text>
<quoted-block id="idf1f89f92-af37-4204-a5a6-250597be7643" style="OLC">
<section id="id682aae90-914c-4c84-b28e-f9899982d8a0"><enum>39.</enum><header>Native
American Small Business Development Program</header>
<subsection id="id8f910805-2873-4dcc-91a2-15a78e48de41"><enum>(a)</enum><header>Definitions</header><text>In
this section—</text>
<paragraph id="id1f0417af-c79c-4813-bc61-387cce13c4d8"><enum>(1)</enum><text>the term
<term>Alaska Native</term> has the same meaning as the term <term>Native</term>
in section 3(b) of the Alaska Native Claims Settlement Act (43 U.S.C.
1602(b));</text>
</paragraph><paragraph id="id02a562a3-e635-4554-9c91-da0238231f5a"><enum>(2)</enum><text>the term
<term>Alaska Native corporation</term> has the same meaning as the term
<term>Native Corporation</term> in section 3(m) of the Alaska Native Claims
Settlement Act (43 U.S.C. 1602(m));</text>
</paragraph><paragraph id="ida29dfeba-95a7-47e3-9232-c0308e88192c"><enum>(3)</enum><text>the term
<term>Assistant Administrator</term> means the Assistant Administrator of the
Office of Native American Affairs established under subsection (b);</text>
</paragraph><paragraph id="idaf948972-242c-407d-8d2a-6bb97ffc3e0f"><enum>(4)</enum><text>the terms
<term>center</term> and <term>Native American business center</term> mean a
center established under subsection (c);</text>
</paragraph><paragraph id="id97DDD03C05A045739A2F778E44326149"><enum>(5)</enum><text>the term
<term>eligible applicant</term> means—</text>
<subparagraph id="idF95B9C333F724DB4B52C9790B0C7104C"><enum>(A)</enum><text>a tribal
government;</text>
</subparagraph><subparagraph id="idEEB1E54D22CC4C20B718764D0B9EE40A"><enum>(B)</enum><text>a tribal
college;</text>
</subparagraph><subparagraph id="id9D9BA134C3944CE3870C8DE71FF3DCB5"><enum>(C)</enum><text>a Native Hawaiian
Organization;</text>
</subparagraph><subparagraph id="idA1DBD57F8B7A47DE9C49FC7ACA9EB1C4"><enum>(D)</enum><text>an Alaska Native
corporation; or</text>
</subparagraph><subparagraph id="IDe1d7bc4848d4490d91c1fd3d478f1151"><enum>(E)</enum><text>a private,
nonprofit organization—</text>
<clause id="id395C0A4B4EE6425A9E09B3C582C200CD"><enum>(i)</enum><text>that provides
business and financial or procurement technical assistance to any entity
described in subparagraph (A), (B), (C), or (D); and</text>
</clause><clause id="id938F076729964FC58D4211FC8E6D3BAF"><enum>(ii)</enum><text>the majority of
members of the board of directors of which are members of an Indian
tribe;</text>
</clause></subparagraph></paragraph><paragraph id="ide590a019-f840-4292-8760-4754ceef7696"><enum>(6)</enum><text>the term
<term>Native American business enterprise center</term> means an entity
providing business development assistance to federally recognized tribes and
Native Americans under a grant from the Minority Business Development Agency of
the Department of Commerce;</text>
</paragraph><paragraph id="id18fa0cde-7157-4693-bc79-a37e694d02d5"><enum>(7)</enum><text>the term
<term>Native American small business concern</term> means a small business
concern that is owned and controlled by—</text>
<subparagraph id="id7e964e63-cf33-4551-83af-d3294224f2a6"><enum>(A)</enum><text>a member of
an Indian tribe or tribal government;</text>
</subparagraph><subparagraph id="idf38ec0fc-4bec-429b-8496-d001e09e8d70"><enum>(B)</enum><text>an Alaska
Native or Alaska Native corporation; or</text>
</subparagraph><subparagraph id="ide6c09aae-9260-4e0f-903a-17a26dc6cbbf"><enum>(C)</enum><text>a Native
Hawaiian or Native Hawaiian Organization;</text>
</subparagraph></paragraph><paragraph id="idd703e58d-5d9a-469b-be3f-047d6a7dcbdf"><enum>(8)</enum><text>the term
<term>Native Hawaiian</term> has the same meaning as in section 625 of the
<act-name parsable-cite="OAA65">Older Americans Act of 1965</act-name> (42
U.S.C. 3057k);</text>
</paragraph><paragraph id="id905e6142-871f-4abe-a6d3-46648c0b99fc"><enum>(9)</enum><text>the term
<term>Native Hawaiian Organization</term> has the same meaning as in section
8(a)(15);</text>
</paragraph><paragraph id="id02105d08-ae0f-49cb-9d09-c117eb17708f"><enum>(10)</enum><text>the term
<term>tribal college</term> has the same meaning as the term <term>tribally
controlled college or university</term> has in section 2(a)(4) of the Tribally
Controlled Community College Assistance Act of 1978 (25 U.S.C.
1801(a)(4));</text>
</paragraph><paragraph id="id48637174-5971-499a-9f03-ebfd7b67932e"><enum>(11)</enum><text>the term
<term>tribal government</term> has the same meaning as the term <term>Indian
tribe</term> has in section 7501(a)(9) of title 31, United States Code;
and</text>
</paragraph><paragraph id="idba93b0dd-4521-4b6a-807f-19a70fb5750d"><enum>(12)</enum><text>the term
<term>tribal lands</term> means all lands within the exterior boundaries of any
Indian reservation.</text>
</paragraph></subsection><subsection id="id268ed3f6-a15c-493d-a2f6-6f18b035073c"><enum>(b)</enum><header>Office of
Native American Affairs</header>
<paragraph id="ida2cf7049-162f-4339-ad0b-eabe40ae9714"><enum>(1)</enum><header>Establishment</header><text>There
is established within the Administration the Office of Native American Affairs,
which, under the direction of the Assistant Administrator, shall implement the
Administration’s programs for the development of business enterprises by Native
Americans.</text>
</paragraph><paragraph id="id88543781-cec4-4512-ae2b-dd835ac0998d"><enum>(2)</enum><header>Purpose</header><text>The
purpose of the Office of Native American Affairs is to assist Native American
entrepreneurs to—</text>
<subparagraph id="id9edabafe-a88a-4026-ba1a-ec324ad92e0a"><enum>(A)</enum><text>start,
operate, and grow small business concerns;</text>
</subparagraph><subparagraph id="id572150fa-1189-4ef7-8deb-cfa9eb757cae"><enum>(B)</enum><text>develop
management and technical skills;</text>
</subparagraph><subparagraph id="idf2b1d853-c6d8-40ee-8645-0bfefdea0ba6"><enum>(C)</enum><text>seek Federal
procurement opportunities;</text>
</subparagraph><subparagraph id="id0ae58e96-6a61-454e-a830-c6bd6f7e4dfc"><enum>(D)</enum><text>increase
employment opportunities for Native Americans through the start and expansion
of small business concerns; and</text>
</subparagraph><subparagraph id="id8ab47156-266e-4135-ada4-7b651724ad95"><enum>(E)</enum><text>increase the
access of Native Americans to capital markets.</text>
</subparagraph></paragraph><paragraph id="id665588a9-6116-46c3-aa71-27ab3299c985"><enum>(3)</enum><header>Assistant
administrator</header>
<subparagraph id="id73bc7baf-3707-44b6-9f9e-78f2443df0a2"><enum>(A)</enum><header>Appointment</header><text>The
Administrator shall appoint a qualified individual to serve as Assistant
Administrator of the Office of Native American Affairs in accordance with this
paragraph.</text>
</subparagraph><subparagraph id="ida798a2a6-44c5-48ed-bf33-53a55e2f2595"><enum>(B)</enum><header>Qualifications</header><text>The
Assistant Administrator appointed under subparagraph (A) shall have—</text>
<clause id="idd2bdf1e5-9e81-4e5d-821b-4c53a86365bf"><enum>(i)</enum><text>knowledge of
the Native American culture; and</text>
</clause><clause id="id40dc9dd8-889f-4560-ae5b-b3a2870ee78a"><enum>(ii)</enum><text>experience
providing culturally tailored small business development assistance to Native
Americans.</text>
</clause></subparagraph><subparagraph id="id52027062-80e7-450d-aa59-86da1c8ead2d"><enum>(C)</enum><header>Employment
status</header><text>The Assistant Administrator shall be a Senior Executive
Service position under section 3132(a)(2) of title 5, United States Code, and
shall serve as a noncareer appointee, as defined in section 3132(a)(7) of title
5, United States Code.</text>
</subparagraph><subparagraph id="ide6a5d39a-67d5-49d7-94ad-d6711d3b914e"><enum>(D)</enum><header>Responsibilities
and duties</header><text>The Assistant Administrator shall—</text>
<clause id="id89c5d078-29e5-4432-bbd4-2acc70fde649"><enum>(i)</enum><text>administer
and manage the Native American Small Business Development program established
under this section;</text>
</clause><clause id="idd02d800d-fe06-4807-8bc9-9bd24d00065b"><enum>(ii)</enum><text>recommend
the annual administrative and program budgets for the Office of Native American
Affairs;</text>
</clause><clause id="id039d0200-8cae-4ccd-a2c1-3907e8be24ce"><enum>(iii)</enum><text>consult
with Native American business centers in carrying out the program established
under this section;</text>
</clause><clause id="idb02722bd-d55f-483b-b55a-ee8b7e132e46"><enum>(iv)</enum><text>recommend
appropriate funding levels;</text>
</clause><clause id="idbc3db7cd-5d01-4a60-be58-eacc614da1aa"><enum>(v)</enum><text>review the
annual budgets submitted by each applicant for the Native American Small
Business Development program;</text>
</clause><clause id="id105b0d9a-ca49-43ee-a9c3-7f21e88bfb71"><enum>(vi)</enum><text>select
applicants to participate in the program under this section;</text>
</clause><clause id="id1c33d146-c92b-4afd-883d-52a64507377d"><enum>(vii)</enum><text>implement
this section; and</text>
</clause><clause id="idbbd9adb5-f351-4a7f-832f-5c406aa8f568"><enum>(viii)</enum><text>maintain a
clearinghouse to provide for the dissemination and exchange of information
between Native American business centers.</text>
</clause></subparagraph><subparagraph id="id05c0b7ed-1de2-486d-ba2a-ea55d8f43bb1"><enum>(E)</enum><header>Consultation
requirements</header><text>In carrying out the responsibilities and duties
described in this paragraph, the Assistant Administrator shall confer with and
seek the advice of—</text>
<clause id="iddf298b49-ef0b-437c-b203-6464747d502b"><enum>(i)</enum><text>Administration
officials working in areas served by Native American business centers and
Native American business enterprise centers;</text>
</clause><clause id="ide3960a1d-9099-4b5f-b4c7-0028ba7dd599"><enum>(ii)</enum><text>representatives
of tribal governments;</text>
</clause><clause id="id3910b89e-753c-4fd9-ad85-280e3bbd014d"><enum>(iii)</enum><text>tribal
colleges;</text>
</clause><clause id="idee96843c-1ec0-4be2-80e1-864f8e1ede2c"><enum>(iv)</enum><text>Alaska
Native corporations; and</text>
</clause><clause id="id7b4207e7-c71b-43ea-81c8-97d2ab5ade59"><enum>(v)</enum><text>Native
Hawaiian Organizations.</text>
</clause></subparagraph></paragraph></subsection><subsection id="id436886aa-56b7-435a-881f-25d26e99f3a6"><enum>(c)</enum><header>Native
American Small Business Development Program</header>
<paragraph id="idc8b80e44-3b39-4c10-924f-140879a14b6b"><enum>(1)</enum><header>Authorization</header>
<subparagraph id="idf0826a41-48c0-4f04-b3cf-36923f04b88c"><enum>(A)</enum><header>In
general</header><text>The Administration, through the Office of Native American
Affairs, shall provide financial assistance to eligible applicants to create
Native American business centers in accordance with this section.</text>
</subparagraph><subparagraph id="idc43e6d81-f8cb-4668-9f09-5fca5332b609"><enum>(B)</enum><header>Use of
funds</header><text>The financial and resource assistance provided under this
subsection shall be used to overcome obstacles impeding the creation,
development, and expansion of small business concerns, in accordance with this
section, by—</text>
<clause id="idec80d000-1c6f-4d61-8612-0ea37be3f064"><enum>(i)</enum><text>reservation-based
American Indians;</text>
</clause><clause id="ideb867685-2487-4ae9-b6aa-4a9f3584d582"><enum>(ii)</enum><text>Alaska
Natives; and</text>
</clause><clause id="id923dd0cc-e15f-4c4f-89bb-42e1d31ddeb1"><enum>(iii)</enum><text>Native
Hawaiians.</text>
</clause></subparagraph></paragraph><paragraph id="id06db4823-ce5b-4543-985c-176f38f7878e"><enum>(2)</enum><header><enum-in-header>5</enum-in-header>-year
projects</header>
<subparagraph id="id11088321-55ec-4dac-b79a-8c528aa8a4cb"><enum>(A)</enum><header>In
general</header><text>Each Native American business center that receives
assistance under paragraph (1)(A) shall conduct a 5-year project that offers
culturally tailored business development assistance in the form of—</text>
<clause id="id743cf46f-ef27-4923-8e30-303ffade1ae6"><enum>(i)</enum><text>financial
education, including training and counseling in—</text>
<subclause id="id1bdc8f37-adf5-4766-b496-0c6248e7c394"><enum>(I)</enum><text>applying for
and securing business credit and investment capital;</text>
</subclause><subclause id="id4bfd5451-5575-486c-8d85-965273a06e1e"><enum>(II)</enum><text>preparing
and presenting financial statements; and</text>
</subclause><subclause id="id6891244d-c444-4b35-862c-af8dad167872"><enum>(III)</enum><text>managing
cash flow and other financial operations of a business concern;</text>
</subclause></clause><clause id="idd14237e5-6595-4a48-b5da-9b617f5355e7"><enum>(ii)</enum><text>management
education, including training and counseling in planning, organizing, staffing,
directing, and controlling each major activity and function of a small business
concern; and</text>
</clause><clause id="id20f2f2f5-89d1-45f2-9f81-26e7fbaf1239"><enum>(iii)</enum><text>marketing
education, including training and counseling in—</text>
<subclause id="id50780beb-fac4-4a4c-9d02-8c15d4534da7"><enum>(I)</enum><text>identifying
and segmenting domestic and international market opportunities;</text>
</subclause><subclause id="ide98ef51f-2363-44a8-ae71-725e1e68670c"><enum>(II)</enum><text>preparing
and executing marketing plans;</text>
</subclause><subclause id="id6a064321-0f90-46a7-9d4d-2f534ec8fe36"><enum>(III)</enum><text>developing
pricing strategies;</text>
</subclause><subclause id="id5f45f756-c623-4ee5-a6bb-8220924ffeca"><enum>(IV)</enum><text>locating
contract opportunities;</text>
</subclause><subclause id="id7e8d68bc-a0f3-4e53-adad-fe56c1c9aafb"><enum>(V)</enum><text>negotiating
contracts; and</text>
</subclause><subclause id="id7388181a-c03c-4e27-9c8a-66b6c2fda4c2"><enum>(VI)</enum><text>utilizing
varying public relations and advertising techniques.</text>
</subclause></clause></subparagraph><subparagraph id="idf16f5a86-959a-4283-9cdf-f58e3569edbb"><enum>(B)</enum><header>Business
development assistance recipients</header><text>The business development
assistance under subparagraph (A) shall be offered to prospective and current
owners of small business concerns that are owned by—</text>
<clause id="id60637a44-dd84-4447-a677-39e3b7a982b7"><enum>(i)</enum><text>American
Indians or tribal governments, and located on or near tribal lands;</text>
</clause><clause id="id41cbb6af-3165-470e-b928-88dbca13c2f7"><enum>(ii)</enum><text>Alaska
Natives or Alaska Native corporations; or</text>
</clause><clause id="id80e710d7-638b-4764-b45a-0d4599e9412f"><enum>(iii)</enum><text>Native
Hawaiians or Native Hawaiian Organizations.</text>
</clause></subparagraph></paragraph><paragraph id="id00ee36ee-93f2-4d4d-a65d-7a760891f03f"><enum>(3)</enum><header>Form of
federal financial assistance</header>
<subparagraph id="id44b07875-dde0-4a00-99ae-934aed6e94e3"><enum>(A)</enum><header>Documentation</header>
<clause id="iddc3a0344-abd0-4864-a5c4-e784c4993398"><enum>(i)</enum><header>In
general</header><text>The financial assistance to Native American business
centers authorized under this subsection may be made by grant, contract, or
cooperative agreement.</text>
</clause><clause id="id17c488c2-6095-4bf0-b64f-60eb2148bcc4"><enum>(ii)</enum><header>Exception</header><text>Financial
assistance under this subsection to Alaska Native corporations or Native
Hawaiian Organizations may only be made by grant.</text>
</clause></subparagraph><subparagraph id="id7755189e-812b-4df6-9f15-344e75a15acd"><enum>(B)</enum><header>Payments</header>
<clause id="idd5e80798-4204-4943-bc70-c1efd6d4c659"><enum>(i)</enum><header>Timing</header><text>Payments
made under this subsection may be disbursed in an annual lump sum or in
periodic installments, at the request of the recipient.</text>
</clause><clause id="id479144be-f555-45a9-9693-9ebb52925122"><enum>(ii)</enum><header>Advance</header><text>The
Administration may disburse not more than 25 percent of the annual amount of
Federal financial assistance awarded to a Native American small business center
after notice of the award has been issued.</text>
</clause><clause id="id3d5508af-6def-4075-b014-048852eb07ca"><enum>(iii)</enum><header>No
matching requirement</header><text>The Administration shall not require a grant
recipient to match grant funding received under this subsection with
non-Federal resources as a condition of receiving the grant.</text>
</clause></subparagraph></paragraph><paragraph id="id2373b8d6-9862-4399-a87c-d9bac4348ef6"><enum>(4)</enum><header>Contract
and cooperative agreement authority</header><text>A Native American business
center may enter into a contract or cooperative agreement with a Federal
department or agency to provide specific assistance to Native American and
other underserved small business concerns located on or near tribal lands, to
the extent that such contract or cooperative agreement is consistent with the
terms of any assistance received by the Native American business center from
the Administration.</text>
</paragraph><paragraph id="idb49b79a8-326d-4d07-bd11-782b37ff4e3e"><enum>(5)</enum><header>Application
process</header>
<subparagraph id="idf866da42-c2a6-4f12-92d5-ee8c391df0fd"><enum>(A)</enum><header>Submission
of a 5-year plan</header><text>Each applicant for assistance under paragraph
(1) shall submit a 5-year plan to the Administration on proposed assistance and
training activities.</text>
</subparagraph><subparagraph id="id99558aa6-b698-4c39-aa1a-aa41a41c74e0"><enum>(B)</enum><header>Criteria</header>
<clause id="id4862c144-ee1c-42af-a7de-1281848aead5"><enum>(i)</enum><header>In
general</header><text>The Administration shall evaluate and rank applicants in
accordance with predetermined selection criteria that shall be stated in terms
of relative importance.</text>
</clause><clause id="id5085d54d-8a91-436c-9f52-8e78c80109fb"><enum>(ii)</enum><header>Public
notice</header><text>The criteria required by this paragraph and their relative
importance shall be made publicly available, within a reasonable time, and
stated in each solicitation for applications made by the Administration.</text>
</clause><clause id="id42f508de-92b2-4b3e-8d01-9a38eae1c791"><enum>(iii)</enum><header>Considerations</header><text>The
criteria required by this paragraph shall include—</text>
<subclause id="id61d84d4a-944a-461f-9bc6-a8779bb4ded0"><enum>(I)</enum><text>the
experience of the applicant in conducting programs or ongoing efforts designed
to impart or upgrade the business skills of current or potential owners of
Native American small business concerns;</text>
</subclause><subclause id="idcbdf5a09-28ac-46f2-a1bd-9428b1e14b95"><enum>(II)</enum><text>the ability
of the applicant to commence a project within a minimum amount of time;</text>
</subclause><subclause id="idb63c085f-11ec-4c77-a4f9-a3668df2c956"><enum>(III)</enum><text>the ability
of the applicant to provide quality training and services to a significant
number of Native Americans;</text>
</subclause><subclause id="id56bc9192-ba70-4f75-accf-35d7407ca615"><enum>(IV)</enum><text>previous
assistance from the Administration to provide services in Native American
communities; and</text>
</subclause><subclause id="id3181b802-ba3e-4a18-8677-551d6bc523e0"><enum>(V)</enum><text>the proposed
location for the Native American business center site, with priority given
based on the proximity of the center to the population being served and to
achieve a broad geographic dispersion of the centers.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="idc21db8c9-2407-4a72-a693-779ca715d613"><enum>(6)</enum><header>Program
examination</header>
<subparagraph id="id07660349-8c15-4683-a530-130a7a9e83ed"><enum>(A)</enum><header>In
general</header><text>Each Native American business center established pursuant
to this subsection shall annually provide the Administration with an itemized
cost breakdown of actual expenditures incurred during the preceding
year.</text>
</subparagraph><subparagraph id="idebae20b2-ffc8-4cfc-85d3-64407e845dcd"><enum>(B)</enum><header>Administration
action</header><text>Based on information received under subparagraph (A), the
Administration shall—</text>
<clause id="id80d57078-14ee-4a7b-8a9d-d25a5813521a"><enum>(i)</enum><text>develop and
implement an annual programmatic and financial examination of each Native
American business center assisted pursuant to this subsection; and</text>
</clause><clause id="id6111b791-6a64-4a5e-bb24-b19efe4ff8c4"><enum>(ii)</enum><text>analyze the
results of each examination conducted under clause (i) to determine the
programmatic and financial viability of each Native American business
center.</text>
</clause></subparagraph><subparagraph id="id3967a989-83fe-473b-b94c-1a90a47d8df4"><enum>(C)</enum><header>Conditions
for continued funding</header><text>In determining whether to renew a grant,
contract, or cooperative agreement with a Native American business center, the
Administration—</text>
<clause id="idb042cf7e-cfa9-4679-a408-c638bcd1157e"><enum>(i)</enum><text>shall
consider the results of the most recent examination of the center under
subparagraph (B), and, to a lesser extent, previous examinations; and</text>
</clause><clause id="iddf6dbd6e-e71f-40dd-b1f0-3cde23eb4bc9"><enum>(ii)</enum><text>may withhold
such renewal, if the Administration determines that—</text>
<subclause id="id05a94fa0-db5f-4b7d-81f4-408032c48231"><enum>(I)</enum><text>the center
has failed to provide adequate information required to be provided under
subparagraph (A), or the information provided by the center is inadequate;
or</text>
</subclause><subclause id="id12147b9c-0262-4415-9a94-b9d2ec15632b"><enum>(II)</enum><text>the center
has failed to provide adequate information required to be provided by the
center for purposes of the report of the Administration under subparagraph
(E).</text>
</subclause></clause></subparagraph><subparagraph id="idfebc1b35-7c69-4475-a198-fb9394233cf0"><enum>(D)</enum><header>Continuing
contract and cooperative agreement authority</header>
<clause id="id58f7b873-5554-4bb3-a278-881c20470d84"><enum>(i)</enum><header>In
general</header><text>The authority of the Administrator to enter into
contracts or cooperative agreements in accordance with this subsection shall be
in effect for each fiscal year only to the extent and in the amounts as are
provided in advance in appropriations Acts.</text>
</clause><clause id="id534f4060-2337-46cc-9b5a-c9d791a6e7ab"><enum>(ii)</enum><header>Renewal</header><text>After
the Administrator has entered into a contract or cooperative agreement with any
Native American business center under this subsection, it shall not suspend,
terminate, or fail to renew or extend any such contract or cooperative
agreement unless the Administrator provides the center with written
notification setting forth the reasons therefore and affords the center an
opportunity for a hearing, appeal, or other administrative proceeding under
chapter 5 of title 5, United States Code.</text>
</clause></subparagraph><subparagraph id="id319fb66b-e359-4f1a-b3f1-8bcf63fb77bb"><enum>(E)</enum><header>Management
report</header>
<clause id="idbcd77ab8-dc32-4dcb-bf27-c6ef10534974"><enum>(i)</enum><header>In
general</header><text>The Administration shall prepare and submit to the
Committee on Small Business and Entrepreneurship of the Senate and the
Committee on Small Business of the House of Representatives an annual report on
the effectiveness of all projects conducted by Native American business centers
under this subsection and any pilot programs administered by the Office of
Native American Affairs.</text>
</clause><clause id="ide0b2dfca-3c35-4dfb-8dc1-8b4e9cb0a13d"><enum>(ii)</enum><header>Contents</header><text>Each
report submitted under clause (i) shall include, with respect to each Native
American business center receiving financial assistance under this
subsection—</text>
<subclause id="idb335fb2a-d9dd-4df4-8b2d-b85c5ec4c5d3"><enum>(I)</enum><text>the number of
individuals receiving assistance from the Native American business
center;</text>
</subclause><subclause id="id644cb09f-c424-4043-a42f-419168254572"><enum>(II)</enum><text>the number
of startup business concerns created;</text>
</subclause><subclause id="idd602f7ab-9b40-48ce-aa2d-a33e7f5a0440"><enum>(III)</enum><text>the number
of existing businesses seeking to expand employment;</text>
</subclause><subclause id="idc2440597-12a1-42cd-9500-9dbbb554f40b"><enum>(IV)</enum><text>jobs created
or maintained, on an annual basis, by Native American small business concerns
assisted by the center since receiving funding under this Act;</text>
</subclause><subclause id="id9204a3b4-9bb3-41d6-99e2-d890ffb599d2"><enum>(V)</enum><text>to the
maximum extent practicable, the capital investment and loan financing utilized
by emerging and expanding businesses that were assisted by a Native American
business center; and</text>
</subclause><subclause id="id8a45198c-c343-4579-84d7-599120d0c10c"><enum>(VI)</enum><text>the most
recent examination, as required under subparagraph (B), and the subsequent
determination made by the Administration under that subparagraph.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="ida0ef5c94-6333-4888-a9c2-19fd2a506101"><enum>(7)</enum><header>Annual
report</header><text>Each entity receiving financial assistance under this
subsection shall annually report to the Administration on the services provided
with such financial assistance, including—</text>
<subparagraph id="id88276c2e-1f27-4a11-9820-6f2e4f422e5d"><enum>(A)</enum><text>the number of
individuals assisted, categorized by ethnicity;</text>
</subparagraph><subparagraph id="idce5861f9-a00c-4b80-8a87-8ed6b2034e65"><enum>(B)</enum><text>the number of
hours spent providing counseling and training for those individuals;</text>
</subparagraph><subparagraph id="id14e327a6-c0c2-4d64-9136-49360d9c4707"><enum>(C)</enum><text>the number of
startup small business concerns created or maintained;</text>
</subparagraph><subparagraph id="id686ec3fd-6cf1-4a36-b675-73167942cc6a"><enum>(D)</enum><text>the gross
receipts of assisted small business concerns;</text>
</subparagraph><subparagraph id="id5582ab2a-b0be-49e8-9327-e109bc9a4730"><enum>(E)</enum><text>the number of
jobs created or maintained at assisted small business concerns; and</text>
</subparagraph><subparagraph id="id11761fdd-5119-4597-beb4-08a819a61b14"><enum>(F)</enum><text>the number of
Native American jobs created or maintained at assisted small business
concerns.</text>
</subparagraph></paragraph><paragraph id="id4a7663e3-a95c-4ee8-b785-5b196dd742c7"><enum>(8)</enum><header>Record
retention</header>
<subparagraph id="idee69eb2f-d418-420f-a380-087cd3e9370a"><enum>(A)</enum><header>Applications</header><text>The
Administration shall maintain a copy of each application submitted under this
subsection for not less than 7 years.</text>
</subparagraph><subparagraph id="idfb4185b6-8938-4a47-982b-b54f200148c8"><enum>(B)</enum><header>Annual
reports</header><text>The Administration shall maintain copies of the
information collected under paragraph (6)(A) indefinitely.</text>
</subparagraph></paragraph></subsection><subsection id="id11ff4f22-38e8-4beb-ab6d-bcb51e85af65"><enum>(d)</enum><header>Authorization
of Appropriations</header><text>There are authorized to be appropriated
$5,000,000 for each of the fiscal years 2008 through 2010, to carry out the
Native American Small Business Development Program, authorized under subsection
(c).</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="idb3fd7d4c-d8a7-4f88-82ac-3ea56a1424cb"><enum>333.</enum><header>Pilot
programs</header>
<subsection id="id39f49af9-ee86-43cf-b182-1921714d8e4f"><enum>(a)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="idee5b54c5-2285-467f-ab86-17b2a8a8f5e9"><enum>(1)</enum><header>Incorporation
by reference</header><text>The terms defined in section 39(a) of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (as added by this
subtitle) have the same meanings as in that section 39(a) when used in this
section.</text>
</paragraph><paragraph id="idc9aaf3c8-e7c3-41f6-8573-26bb979cefae"><enum>(2)</enum><header>Joint
project</header><text>The term <term>joint project</term> means the combined
resources and expertise of 2 or more distinct entities at a physical location
dedicated to assisting the Native American community.</text>
</paragraph></subsection><subsection id="id2978b8ba-67df-44cd-8a90-d40f9627c569"><enum>(b)</enum><header>Native
American Development Grant Pilot Program</header>
<paragraph id="idb2ee0e52-daaa-42ee-8077-cc25f683cda1"><enum>(1)</enum><header>Authorization</header>
<subparagraph id="idd260e4c1-85ca-4ca2-acb6-6e6f8bda6b6d"><enum>(A)</enum><header>In
general</header><text>There is established a 4-year pilot program under which
the Administration is authorized to award Native American development grants to
provide culturally tailored business development training and related services
to Native Americans and Native American small business concerns.</text>
</subparagraph><subparagraph id="id3e584575-6407-43ef-bc7e-751cdac1e18c"><enum>(B)</enum><header>Eligible
organizations</header><text>The grants authorized under subparagraph (A) may be
awarded to—</text>
<clause id="id085a68c0-679e-48cb-b17c-9d6a331a20e8"><enum>(i)</enum><text>any small
business development center; or</text>
</clause><clause id="id3af497f2-c8a7-455d-86d1-b21c449f6981"><enum>(ii)</enum><text>any private,
nonprofit organization that—</text>
<subclause id="idc4251bad-bcde-46ed-bd1c-b50190a49eb5"><enum>(I)</enum><text>has members
of an Indian tribe comprising a majority of its board of directors;</text>
</subclause><subclause id="id41be7123-057e-4058-8516-46835732a120"><enum>(II)</enum><text>is a Native
Hawaiian Organization; or</text>
</subclause><subclause id="id67427adf-baa8-47b9-b955-d754c75d416d"><enum>(III)</enum><text>is an
Alaska Native corporation.</text>
</subclause></clause></subparagraph><subparagraph id="idc1763151-3c5d-49f9-ad1c-be15fda7f134"><enum>(C)</enum><header>Amounts</header><text>The
Administration shall not award a grant under this subsection in an amount which
exceeds $100,000 for each year of the project.</text>
</subparagraph><subparagraph id="idedbdaa88-4ba8-40e5-9cf0-4f9f00bc247b"><enum>(D)</enum><header>Grant
duration</header><text>Each grant under this subsection shall be awarded for
not less than a 2-year period and not more than a 4-year period.</text>
</subparagraph></paragraph><paragraph id="idbd910133-9e7c-4be2-995b-c14d81c21c17"><enum>(2)</enum><header>Conditions
for participation</header><text>Each entity desiring a grant under this
subsection shall submit an application to the Administration that
contains—</text>
<subparagraph id="id5e4629b7-5a6c-46c1-90b1-9db178e2e842"><enum>(A)</enum><text>a
certification that the applicant—</text>
<clause id="id6b888d79-25f8-4a86-a019-667bd233222e"><enum>(i)</enum><text>is a small
business development center or a private, nonprofit organization under
paragraph (1)(B);</text>
</clause><clause id="id2b0530d8-fd0e-4995-8d95-2cb5cb6f1aa4"><enum>(ii)</enum><text>employs an
executive director or program manager to manage the facility; and</text>
</clause><clause id="id2cb32cf1-a596-407e-8019-5d215ce26ffc"><enum>(iii)</enum><text>agrees—</text>
<subclause id="id61a8efd8-35ad-4a03-b0f1-a9b1e53b9a33"><enum>(I)</enum><text>to a site
visit as part of the final selection process;</text>
</subclause><subclause id="ida8e81901-81e7-411f-8d10-0bf7ca9e11e9"><enum>(II)</enum><text>to an annual
programmatic and financial examination; and</text>
</subclause><subclause id="idcdfb50e6-1741-4ffa-8bb9-2ce743a942e9"><enum>(III)</enum><text>to the
maximum extent practicable, to remedy any problems identified pursuant to that
site visit or examination;</text>
</subclause></clause></subparagraph><subparagraph id="id96bc5d7c-f0a0-475e-9e05-641238160dc6"><enum>(B)</enum><text>information
demonstrating that the applicant has the ability and resources to meet the
needs, including cultural needs, of the Native Americans to be served by the
grant;</text>
</subparagraph><subparagraph id="id7fa9e4fb-c2b5-4609-91ea-3d6377e1f1b0"><enum>(C)</enum><text>information
relating to proposed assistance that the grant will provide, including—</text>
<clause id="idd18a944c-b401-4157-a4fd-63af612f6826"><enum>(i)</enum><text>the number of
individuals to be assisted; and</text>
</clause><clause id="id3ece450c-44f1-4180-b48a-c0fa832ad709"><enum>(ii)</enum><text>the number
of hours of counseling, training, and workshops to be provided;</text>
</clause></subparagraph><subparagraph id="id1306a0a8-3aee-46fb-8ad5-8b3d2b18d20a"><enum>(D)</enum><text>information
demonstrating the effective experience of the applicant in—</text>
<clause id="idfae0106b-92eb-4bb8-8b60-f48c9beaf9aa"><enum>(i)</enum><text>conducting
financial, management, and marketing assistance programs designed to impart or
upgrade the business skills of current or prospective Native American business
owners;</text>
</clause><clause id="id49e7aa67-e0d2-4058-a8df-9372c5813976"><enum>(ii)</enum><text>providing
training and services to a representative number of Native Americans;</text>
</clause><clause id="id3282ccfc-8a48-491f-bbfb-cb5b62a5790a"><enum>(iii)</enum><text>using
resource partners of the Administration and other entities, including
universities, tribal governments, or tribal colleges; and</text>
</clause><clause id="id2a88bec3-582f-43f7-9254-d38028c6019d"><enum>(iv)</enum><text>the prudent
management of finances and staffing;</text>
</clause></subparagraph><subparagraph id="id6ea4a017-ba54-4fb8-9865-684d9bb348f7"><enum>(E)</enum><text>the location
where the applicant will provide training and services to Native Americans;
and</text>
</subparagraph><subparagraph id="ide3e3f20e-f1c9-4b07-9c57-9995d0fbedf7"><enum>(F)</enum><text>a multiyear
plan, corresponding to the length of the grant, that describes—</text>
<clause id="id14ad5692-0f67-46e4-a612-e2e29d61a535"><enum>(i)</enum><text>the number of
Native Americans and Native American small business concerns to be served by
the grant;</text>
</clause><clause id="idf5ada0ca-6881-40bb-885d-90521f1b3e45"><enum>(ii)</enum><text>in the
continental United States, the number of Native Americans to be served by the
grant; and</text>
</clause><clause id="id9de866fc-44e7-4d25-9b53-fa65540c0100"><enum>(iii)</enum><text>the
training and services to be provided to a representative number of Native
Americans.</text>
</clause></subparagraph></paragraph><paragraph id="idf01c6418-c8e1-449d-a607-bb3e0c31d6c1"><enum>(3)</enum><header>Review of
applications</header><text>The Administration shall—</text>
<subparagraph id="id7e085c08-168e-44d8-b6ae-1a394f55d4b5"><enum>(A)</enum><text>evaluate and
rank applicants under paragraph (2) in accordance with predetermined selection
criteria that is stated in terms of relative importance;</text>
</subparagraph><subparagraph id="idfba30e63-ec7b-4e40-a296-ed36ff4b0ed7"><enum>(B)</enum><text>include such
criteria in each solicitation under this subsection and make such information
available to the public; and</text>
</subparagraph><subparagraph id="idc280c8b9-24a1-4c09-896c-ab5f0f00effe"><enum>(C)</enum><text>approve or
disapprove each completed application submitted under this subsection not later
than 60 days after the date of submission.</text>
</subparagraph></paragraph><paragraph id="id4575184e-df8b-49d9-a6d4-2b8f82750b6b"><enum>(4)</enum><header>Annual
report</header><text>Each recipient of a Native American development grant
under this subsection shall annually report to the Administration on the impact
of the grant funding, including—</text>
<subparagraph id="id26d34216-861b-4546-9556-1290d1513924"><enum>(A)</enum><text>the number of
individuals assisted, categorized by ethnicity;</text>
</subparagraph><subparagraph id="idd755c2a6-c6a6-44e6-ae0b-aa549554a81a"><enum>(B)</enum><text>the number of
hours spent providing counseling and training for those individuals;</text>
</subparagraph><subparagraph id="idd270ebf7-8d60-4059-b5d7-e06c5bdfb521"><enum>(C)</enum><text>the number of
startup small business concerns created or maintained with assistance from a
Native American business center;</text>
</subparagraph><subparagraph id="idf21a1573-fd5e-405a-afb7-705b9f312a5e"><enum>(D)</enum><text>the gross
receipts of assisted small business concerns;</text>
</subparagraph><subparagraph id="id10043b00-3591-4380-8544-443bd64fadf4"><enum>(E)</enum><text>the number of
jobs created or maintained at assisted small business concerns; and</text>
</subparagraph><subparagraph id="id104fd95a-1379-47f8-8a9c-d0218186eebc"><enum>(F)</enum><text>the number of
Native American jobs created or maintained at assisted small business
concerns.</text>
</subparagraph></paragraph><paragraph id="id76826dc4-4f4f-424c-aadb-12de55e15933"><enum>(5)</enum><header>Record
retention</header>
<subparagraph id="idf7ca382b-5cde-4b9e-8e28-06036fcce62e"><enum>(A)</enum><header>Applications</header><text>The
Administration shall maintain a copy of each application submitted under this
subsection for not less than 7 years.</text>
</subparagraph><subparagraph id="id984f217a-159f-45f4-b98f-bc6ba464ce8d"><enum>(B)</enum><header>Annual
reports</header><text>The Administration shall maintain copies of the
information collected under paragraph (4) indefinitely.</text>
</subparagraph></paragraph></subsection><subsection id="idcbfc434d-e46d-405c-9e67-6a73b9bb457a"><enum>(c)</enum><header>American
Indian Tribal Assistance Center Grant Pilot Program</header>
<paragraph id="id27fd353e-af02-4400-9519-16c1758254d9"><enum>(1)</enum><header>Authorization</header>
<subparagraph id="idde4dc13a-1a86-4c89-a931-80bf24c4bcfb"><enum>(A)</enum><header>In
general</header><text>There is established a 4-year pilot program, under which
the Administration shall award not less than 3 American Indian Tribal
Assistance Center grants to establish joint projects to provide culturally
tailored business development assistance to prospective and current owners of
small business concerns located on or near tribal lands.</text>
</subparagraph><subparagraph id="id75dfb2d6-026f-4fda-af88-1d4ff6d62d06"><enum>(B)</enum><header>Eligible
organizations</header>
<clause id="idaed8392e-0a00-4adf-bb8e-23540d5103f7"><enum>(i)</enum><header>Class
1</header><text>Not fewer than 1 grant shall be awarded to a joint project
performed by a Native American business center, a Native American business
enterprise center, and a small business development center.</text>
</clause><clause id="idf6904aa1-d9e4-45fd-890c-c42099f6fb8a"><enum>(ii)</enum><header>Class
2</header><text>Not fewer than 2 grants shall be awarded to joint projects
performed by a Native American business center and a Native American business
enterprise center.</text>
</clause></subparagraph><subparagraph id="id16e23623-8149-404d-993a-5b9821b8c185"><enum>(C)</enum><header>Amounts</header><text>The
Administration shall not award a grant under this subsection in an amount which
exceeds $200,000 for each year of the project.</text>
</subparagraph><subparagraph id="idb4ea88be-e6f6-49ba-95eb-63b9526b029a"><enum>(D)</enum><header>Grant
duration</header><text>Each grant under this subsection shall be awarded for a
3-year period.</text>
</subparagraph></paragraph><paragraph id="id8dc1494d-3334-4aa5-bd4f-16cf1b91ae8d"><enum>(2)</enum><header>Conditions
for participation</header><text>Each entity desiring a grant under this
subsection shall submit to the Administration a joint application that
contains—</text>
<subparagraph id="id97ce91e2-e973-4282-98d2-7a6ba607158d"><enum>(A)</enum><text>a
certification that each participant of the joint application—</text>
<clause id="id0bdfa3f6-95e7-46d8-92e5-678a06300e1f"><enum>(i)</enum><text>is either a
Native American business center, a Native American business enterprise center,
or a small business development center;</text>
</clause><clause id="id762bc92e-8d81-46e7-978e-2cff9b7d40c4"><enum>(ii)</enum><text>employs an
executive director or program manager to manage the center; and</text>
</clause><clause id="id986cbff6-1b4d-4b60-817f-6289acd5b38f"><enum>(iii)</enum><text>as a
condition of receiving an American Indian Tribal Assistance Center grant,
agrees—</text>
<subclause id="idfbb94ea4-374c-4d9c-8f8a-0a5f02de6fee"><enum>(I)</enum><text>to an annual
programmatic and financial examination; and</text>
</subclause><subclause id="id25d2ffe8-ae3b-4f96-ae52-40edc2653dd0"><enum>(II)</enum><text>to the
maximum extent practicable, to remedy any problems identified pursuant to that
examination;</text>
</subclause></clause></subparagraph><subparagraph id="id2a6b2456-e78e-4c22-ac59-f2701ff271bd"><enum>(B)</enum><text>information
demonstrating an historic commitment to providing assistance to Native
Americans—</text>
<clause id="id021b9b14-1594-4e7e-ab6c-36a51fefcf40"><enum>(i)</enum><text>residing on
or near tribal lands; or</text>
</clause><clause id="id2bd62379-5c18-4af5-827b-a4fe6c143347"><enum>(ii)</enum><text>operating a
small business concern on or near tribal lands;</text>
</clause></subparagraph><subparagraph id="id1530b327-a2d6-4656-9e8c-593b0d5bc1d2"><enum>(C)</enum><text>information
demonstrating that each participant of the joint application has the ability
and resources to meet the needs, including the cultural needs, of the Native
Americans to be served by the grant;</text>
</subparagraph><subparagraph id="id5ba37788-3e7a-4a2b-92fc-7ff593ac87fb"><enum>(D)</enum><text>information
relating to proposed assistance that the grant will provide, including—</text>
<clause id="ide7f94a76-56d8-40e7-aeb9-0139e130eba2"><enum>(i)</enum><text>the number of
individuals to be assisted; and</text>
</clause><clause id="id058e6962-88f7-43d2-b9b2-a0a851140421"><enum>(ii)</enum><text>the number
of hours of counseling, training, and workshops to be provided;</text>
</clause></subparagraph><subparagraph id="idccd87f3a-78de-4799-a476-f640172a2735"><enum>(E)</enum><text>information
demonstrating the effective experience of each participant of the joint
application in—</text>
<clause id="id3d691e05-fe17-4509-9b18-03abb1f11c3a"><enum>(i)</enum><text>conducting
financial, management, and marketing assistance programs, designed to impart or
upgrade the business skills of current or prospective Native American business
owners; and</text>
</clause><clause id="id3e36f27c-535e-4e71-a45a-b15226c67240"><enum>(ii)</enum><text>the prudent
management of finances and staffing; and</text>
</clause></subparagraph><subparagraph id="id8bbee7a5-2708-4a6d-95ca-c6e1f5b1a940"><enum>(F)</enum><text>a plan for
the length of the grant, that describes—</text>
<clause id="id892f654a-2b1b-421f-b144-0e44f1354853"><enum>(i)</enum><text>the number of
Native Americans and Native American small business concerns to be served by
the grant; and</text>
</clause><clause id="idbaea02c8-d2cf-45e5-ae62-5091f3fdd552"><enum>(ii)</enum><text>the training
and services to be provided.</text>
</clause></subparagraph></paragraph><paragraph id="id9f4c0fc7-8250-456f-824b-b1ab8d9bb98d"><enum>(3)</enum><header>Review of
applications</header><text>The Administration shall—</text>
<subparagraph id="id13583645-1d4e-4615-8fa6-3615133a7c66"><enum>(A)</enum><text>evaluate and
rank applicants under paragraph (2) in accordance with predetermined selection
criteria that is stated in terms of relative importance;</text>
</subparagraph><subparagraph id="id5f682021-f6b4-42ed-92e5-9f2bb4a299df"><enum>(B)</enum><text>include such
criteria in each solicitation under this subsection and make such information
available to the public; and</text>
</subparagraph><subparagraph id="iddba5d016-d271-4d4d-8b6d-e2386e4cffee"><enum>(C)</enum><text>approve or
disapprove each application submitted under this subsection not later than 60
days after the date of submission.</text>
</subparagraph></paragraph><paragraph id="idb0b95956-17cf-44d7-8e60-1e64dad1e310"><enum>(4)</enum><header>Annual
report</header><text>Each recipient of an American Indian tribal assistance
center grant under this subsection shall annually report to the Administration
on the impact of the grant funding received during the reporting year, and the
cumulative impact of the grant funding received since the initiation of the
grant, including—</text>
<subparagraph id="id84c25d5c-9a05-4988-a6a0-0ecf6750ba75"><enum>(A)</enum><text>the number of
individuals assisted, categorized by ethnicity;</text>
</subparagraph><subparagraph id="id40f8c4d1-0601-4478-b902-a020505335ac"><enum>(B)</enum><text>the number of
hours of counseling and training provided and workshops conducted;</text>
</subparagraph><subparagraph id="id9f94b95e-bc86-48ed-b1b5-65f4983cdbb7"><enum>(C)</enum><text>the number of
startup business concerns created or maintained with assistance from a Native
American business center;</text>
</subparagraph><subparagraph id="id01644957-1a39-4050-9258-684068fcb7c2"><enum>(D)</enum><text>the gross
receipts of assisted small business concerns;</text>
</subparagraph><subparagraph id="idd17dae1e-33a9-4680-a43b-56e4459d3951"><enum>(E)</enum><text>the number of
jobs created or maintained at assisted small business concerns; and</text>
</subparagraph><subparagraph id="id90a5c131-2c6e-4792-bc71-dff64413def9"><enum>(F)</enum><text>the number of
Native American jobs created or maintained at assisted small business
concerns.</text>
</subparagraph></paragraph><paragraph id="idb5db48ee-9c2d-4be6-b5af-2973028adef4"><enum>(5)</enum><header>Record
retention</header>
<subparagraph id="id2968435f-037c-439a-92a4-48d149ac40e0"><enum>(A)</enum><header>Applications</header><text>The
Administration shall maintain a copy of each application submitted under this
subsection for not less than 7 years.</text>
</subparagraph><subparagraph id="idea1360b5-8bc9-4045-b2f7-71aff805f5c9"><enum>(B)</enum><header>Annual
reports</header><text>The Administration shall maintain copies of the
information collected under paragraph (4) indefinitely.</text>
</subparagraph></paragraph></subsection><subsection id="id2a026a08-bd58-421b-a264-4039402c91df"><enum>(d)</enum><header>Authorization
of Appropriations</header><text>There are authorized to be appropriated—</text>
<paragraph id="idab09d542-69bb-435f-a822-c051bf7cad77"><enum>(1)</enum><text>$1,000,000
for each of fiscal years 2008 through 2010, to carry out the Native American
Development Grant Pilot Program, authorized under subsection (b); and</text>
</paragraph><paragraph id="id7f002a68-4f08-4b37-8ebc-1e897d9863c4"><enum>(2)</enum><text>$1,000,000
for each of fiscal years 2008 through 2010, to carry out the American Indian
Tribal Assistance Center Grant Pilot Program, authorized under subsection
(c).</text>
</paragraph></subsection></section></subtitle><subtitle id="idefa21ec9-5afd-47f7-8f6a-dbb3738f7b1b"><enum>E</enum><header>National
Small Business Regulatory Assistance</header>
<section commented="no" display-inline="no-display-inline" id="id0573fd5c-90f3-4a30-8133-cdbb3ab0e277"><enum>341.</enum><header>Short
title</header><text display-inline="no-display-inline">This subtitle may be
cited as the <quote>National Small Business Regulatory Assistance Act of
2008</quote>.</text>
</section><section commented="no" display-inline="no-display-inline" id="id6ca08940-9985-4de2-821e-869af642cc03"><enum>342.</enum><header>Purpose</header><text display-inline="no-display-inline">The purpose of this subtitle is to establish
a 4-year pilot program to—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id7b631aa3-aa9f-41ce-82ff-db8d5b23f76f"><enum>(1)</enum><text display-inline="yes-display-inline">provide confidential assistance to small
business concerns;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ida1ab97bd-ca59-4257-b141-eac7c198585e"><enum>(2)</enum><text display-inline="yes-display-inline">provide small business concerns with the
information necessary to improve their rate of compliance with Federal and
State regulations derived from Federal law;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idc1199aa6-79e5-4f27-8bdb-ec75d1476bb9"><enum>(3)</enum><text display-inline="yes-display-inline">create a partnership among Federal agencies
to increase outreach efforts to small business concerns with respect to
regulatory compliance;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ide9d8eaff-bec5-4450-9d87-399ff839f9cc"><enum>(4)</enum><text display-inline="yes-display-inline">provide a mechanism for unbiased feedback
to Federal agencies on the regulatory environment for small business concerns;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idd947f29f-f9e1-4e56-ae5e-41bae426ed1f"><enum>(5)</enum><text display-inline="yes-display-inline">expand the services delivered by the small
business development centers under section 21(c)(3)(H) of the Small Business
Act to improve access to programs to assist small business concerns with
regulatory compliance.</text>
</paragraph></section><section commented="no" display-inline="no-display-inline" id="ideb194b20-910b-457a-8c61-1821ac06eba4"><enum>343.</enum><header>Small
Business Regulatory Assistance Pilot Program</header>
<subsection commented="no" display-inline="no-display-inline" id="id1f4bb3b9-ada2-4b7d-ad6c-3e6fe23be063"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text>
<paragraph commented="no" display-inline="no-display-inline" id="ida4fbe2ee-040f-4cb2-acc9-826b0d4c55db"><enum>(1)</enum><header>Association</header><text display-inline="yes-display-inline">The term <term>association</term> means the
association established pursuant to section 21(a)(3)(A) of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C.
648(a)(3)(A)) representing a majority of small business development
centers.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id8b8c0f09-6199-4208-b6c6-5b5cb23e6c2e"><enum>(2)</enum><header>Participating
small business development center</header><text display-inline="yes-display-inline">The term <term>participating small business
development center</term> means a small business development center
participating in the pilot program established under this subtitle.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ideea20d21-22aa-4078-ac12-a1e472603922"><enum>(3)</enum><header>Regulatory
compliance assistance</header><text display-inline="yes-display-inline">The
term <term>regulatory compliance assistance</term> means assistance provided by
a small business development center to a small business concern to assist and
facilitate the concern in complying with Federal and State regulatory
requirements derived from Federal law.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id272e1037-d3bf-4e92-932b-28f035968948"><enum>(4)</enum><header>Small
business development center</header><text display-inline="yes-display-inline">The term <term>small business development
center</term> means a small business development center described in section 21
of the <act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C.
648).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id0c9ab24d-f2b1-4746-8b4a-807d78a86253"><enum>(5)</enum><header>State</header><text display-inline="yes-display-inline">The term <term>State</term> means each of
the several States, the District of Columbia, the Commonwealth of Puerto Rico,
the Virgin Islands, American Samoa, and Guam.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idf859817f-f0cc-43d8-b001-4a6f93838d8c"><enum>(b)</enum><header>Authority</header><text display-inline="yes-display-inline">In accordance with this section, the
Administrator shall establish a pilot program to provide regulatory compliance
assistance to small business concerns through participating small business
development centers.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id67e58271-5438-4bcc-85d3-0ae213be228e"><enum>(c)</enum><header>Small
business development centers</header>
<paragraph commented="no" display-inline="no-display-inline" id="idb05f2228-7e8f-45a0-8690-59b7a25e1721"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">In carrying out the
pilot program established under this section, the Administrator shall enter
into arrangements with participating small business development centers under
which such centers shall—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idb4df5544-02f2-494c-aca1-87c773cb3f87"><enum>(A)</enum><text display-inline="yes-display-inline">provide access to information and
resources, including current Federal and State nonpunitive compliance and
technical assistance programs similar to those established under section 507 of
the <act-name parsable-cite="CAA">Clean Air Act</act-name> Amendments of 1990
(42 U.S.C. 7661f);</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id2d81d78f-9e3d-4eba-8ada-60a48007ec52"><enum>(B)</enum><text display-inline="yes-display-inline">conduct training and educational
activities;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id759437e2-be1f-498a-a295-cd07a6efd5cc"><enum>(C)</enum><text display-inline="yes-display-inline">offer confidential, free of charge,
one-on-one, in-depth counseling to the owners and operators of small business
concerns regarding compliance with Federal and State regulations derived from
Federal law, provided that such counseling is not considered to be the practice
of law in a State in which a small business development center is located or in
which such counseling is conducted;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id6a6295d8-80a7-4a43-acd0-ed9ce4309a2e"><enum>(D)</enum><text display-inline="yes-display-inline">provide technical assistance;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id2d699630-d751-4dc8-884a-da96b46a5d9e"><enum>(E)</enum><text display-inline="yes-display-inline">give referrals to experts and other
providers of compliance assistance who meet such standards for educational,
technical, and professional competency as are established by the Administrator;
and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id46820565-8478-47f1-925f-9e998d8e6728"><enum>(F)</enum><text display-inline="yes-display-inline">form partnerships with Federal compliance
programs.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idb53c04ca-0933-445e-a731-e39af29ed9a2"><enum>(2)</enum><header>Reports</header><text display-inline="yes-display-inline">Each participating small business
development center shall transmit to the Administrator and the Chief Counsel
for Advocacy of the Administration, as the Administrator may direct, a
quarterly report that includes—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id4ba1f38b-e2bb-4dba-b9a8-b10833b7a8cd"><enum>(A)</enum><text display-inline="yes-display-inline">a summary of the regulatory compliance
assistance provided by the center under the pilot program;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idb3d14a39-dac4-4f76-8254-c964c9fbabfe"><enum>(B)</enum><text display-inline="yes-display-inline">the number of small business concerns
assisted under the pilot program; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id1518d319-0f1e-4c45-b8ac-973d8444c8be"><enum>(C)</enum><text display-inline="yes-display-inline">for every fourth report, any regulatory
compliance information based on Federal law that a Federal or State agency has
provided to the center during the preceding year and requested that it be
disseminated to small business concerns.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id425f0f68-44a0-4d4f-938c-80136306c36f"><enum>(d)</enum><header>Eligibility</header><text display-inline="yes-display-inline">A small business development center shall
be eligible to receive assistance under the pilot program established under
this section only if such center is accredited under section 21(k)(2) of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C.
648(k)(2)).</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idd8cafab6-07a5-4598-a63e-27dc5ceb10e0"><enum>(e)</enum><header>Selection
of participating small business development centers</header>
<paragraph commented="no" display-inline="no-display-inline" id="id7995246c-2b8d-42a8-8005-315d7258b31a"><enum>(1)</enum><header>Groupings</header>
<subparagraph commented="no" display-inline="no-display-inline" id="id79a177da-06e6-49d6-8026-09c71c0945c0"><enum>(A)</enum><header>Consultation</header><text display-inline="yes-display-inline">The Administrator shall select the small
business development center programs of 2 States from each of the groups of
States described in subparagraph (B) to participate in the pilot program
established under this section.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id2c24b06b-fb7c-4f6b-8681-cc19dbe9f65e"><enum>(B)</enum><header>Groups</header><text>The
groups described in this subparagraph as follows:</text>
<clause commented="no" display-inline="no-display-inline" id="iddcd4a3ea-0a85-48f8-9a76-7268e05aee6e"><enum>(i)</enum><header>Group
1</header><text display-inline="yes-display-inline">Group 1 shall consist of
Maine, Massachusetts, New Hampshire, Connecticut, Vermont, and Rhode
Island.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id27642018-7270-49cf-ac55-727716683f31"><enum>(ii)</enum><header>Group
2</header><text display-inline="yes-display-inline">Group 2 shall consist of
New York, New Jersey, Puerto Rico, and the Virgin Islands.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="ide351066b-735d-4aff-9924-a2128dded962"><enum>(iii)</enum><header>Group
3</header><text display-inline="yes-display-inline">Group 3 shall consist of
Pennsylvania, Maryland, West Virginia, Virginia, the District of Columbia, and
Delaware.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id6f59b420-6894-4fda-bb2f-56ed80074b2a"><enum>(iv)</enum><header>Group
4</header><text display-inline="yes-display-inline">Group 4 shall consist of
Georgia, Alabama, North Carolina, South Carolina, Mississippi, Florida,
Kentucky, and Tennessee.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="idad668080-f4e4-4ca3-9c75-782210b79425"><enum>(v)</enum><header>Group
5</header><text display-inline="yes-display-inline">Group 5 shall consist of
Illinois, Ohio, Michigan, Indiana, Wisconsin, and Minnesota.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="idf97f35ae-9002-4c27-9bbc-311da261871a"><enum>(vi)</enum><header>Group
6</header><text display-inline="yes-display-inline">Group 6 shall consist of
Texas, New Mexico, Arkansas, Oklahoma, and Louisiana.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="idfc97b95e-c379-435c-abb1-d95ee821841b"><enum>(vii)</enum><header>Group
7</header><text display-inline="yes-display-inline">Group 7 shall consist of
Missouri, Iowa, Nebraska, and Kansas.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="ide1bb43e1-78e9-44dd-a334-ad6be450527d"><enum>(viii)</enum><header>Group
8</header><text display-inline="yes-display-inline">Group 8 shall consist of
Colorado, Wyoming, North Dakota, South Dakota, Montana, and Utah.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id006eaed4-6c35-484d-8c86-9b1920f5f5f5"><enum>(ix)</enum><header>Group
9</header><text display-inline="yes-display-inline">Group 9 shall consist of
California, Guam, American Samoa, Hawaii, Nevada, and Arizona.</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id9413dcc8-f90c-40f6-8d7a-1bff4e0726de"><enum>(x)</enum><header>Group
10</header><text display-inline="yes-display-inline">Group 10 shall consist of
Washington, Alaska, Idaho, and Oregon.</text>
</clause></subparagraph><subparagraph id="IDea42495cfa654eaeab266d31c9d09949"><enum>(C)</enum><header>Coordination to
avoid duplication with other programs</header><text>In selecting small business
development center programs under this paragraph, the Administrator shall give
a preference to any such program that has a plan for consulting with Federal
and State agencies to ensure that any assistance provided under this section is
not duplicated by a Federal or State program.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id565c2db9-ca1c-44df-b6c9-696281bcb034"><enum>(2)</enum><header>Deadline
for selection</header><text display-inline="yes-display-inline">The
Administrator shall make selections under this subsection not later than 6
months after the date of publication of final regulations under section
344.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idbeede499-328c-4bef-b564-bd727615cd2f"><enum>(f)</enum><header>Matching
requirement</header><text display-inline="yes-display-inline">Subparagraphs (A)
and (B) of section 21(a)(4) of the <act-name parsable-cite="SBA">Small Business
Act</act-name> (15 U.S.C. 648(a)(4)) shall apply to assistance made available
under the pilot program established under this section.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idd2b5ba70-76ca-4d59-bc55-0de7197e8e17"><enum>(g)</enum><header>Grant
amounts</header><text display-inline="yes-display-inline">Each State program
selected to receive a grant under subsection (e) shall be eligible to receive a
grant in an amount equal to—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id0c0b69d2-4aa8-4808-9d8a-5a50f88e4efa"><enum>(1)</enum><text display-inline="yes-display-inline">not less than $150,000 per fiscal year;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id1ac76d7c-a6f0-49ae-98d8-1c3b003a3d6c"><enum>(2)</enum><text display-inline="yes-display-inline">not more than $300,000 per fiscal
year.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id410b34b4-858f-4d30-a916-28862d13eaf3"><enum>(h)</enum><header>Evaluation
and report</header><text display-inline="yes-display-inline">The Comptroller
General of the United States shall—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id4f745507-e61c-403d-b373-e38abaf25654"><enum>(1)</enum><text display-inline="yes-display-inline">not later than 30 months after the date of
disbursement of the first grant under the pilot program established under this
section, initiate an evaluation of the pilot program; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idac6fc04d-1d63-4d5f-a7e5-54a7e576cb42"><enum>(2)</enum><text display-inline="yes-display-inline">not later than 6 months after the date of
the initiation of the evaluation under paragraph (1), transmit to the
Administrator, the Chief Counsel for Advocacy, the Committee on Small Business
and Entrepreneurship of the Senate, and the Committee on Small Business of the
House of Representatives, a report containing—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id4dcad04c-183d-4215-8f36-dfd3989814bc"><enum>(A)</enum><text display-inline="yes-display-inline">the results of the evaluation; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id420c7b36-30b2-4d97-b6dd-8bb381e47a56"><enum>(B)</enum><text display-inline="yes-display-inline">any recommendations as to whether the pilot
program, with or without modification, should be extended to include the
participation of all small business development centers.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idd7c508f2-9bbb-4a3e-a70a-cb72e7095508"><enum>(i)</enum><header>Posting of
information</header><text>Not later than 90 days after the date of enactment of
this Act, the Administrator shall post on the website of the Administration and
publish in the Federal Register a guidance document describing the requirements
of an application for assistance under this section.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id5988bf3a-4664-4cc2-b5f3-08ead2cf45d1"><enum>(j)</enum><header>Authorization
of appropriations</header>
<paragraph commented="no" display-inline="no-display-inline" id="id20bd5025-4d72-43e5-9518-0d90093152fb"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">There are authorized
to be appropriated to carry out this section—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id712db521-e4aa-4cfc-9a57-c064a58f8230"><enum>(A)</enum><text display-inline="yes-display-inline">$5,000,000 for the first fiscal year
beginning after the date of enactment of this Act; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id1196fba4-e37e-4dfa-afb0-3f41435d5c5f"><enum>(B)</enum><text display-inline="yes-display-inline">$5,000,000 for each of the 3 fiscal years
following the fiscal year described in subparagraph (A).</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id50a8a13a-32e2-4a35-9332-6d115daf6bc7"><enum>(2)</enum><header>Limitation
on use of other funds</header><text display-inline="yes-display-inline">The
Administrator may carry out the pilot program established under this section
only with amounts appropriated in advance specifically to carry out this
section.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ide9314568-2d7a-4c79-b71c-42dd52e13893"><enum>(k)</enum><header>Termination</header><text display-inline="yes-display-inline">The Small Business Regulatory Assistance
Pilot Program established under this section shall terminate 4 years after the
date of disbursement of the first grant under the pilot program.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id7fcae84b-14a7-4bfe-8251-980947ad6d9e"><enum>344.</enum><header>Rulemaking</header><text display-inline="no-display-inline">After providing notice and an opportunity
for comment, and after consulting with the association (but not later than 270
days after the date of enactment of this Act), the Administrator shall
promulgate final regulations to carry out this subtitle, including regulations
that establish—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id8d907ac8-c646-4c49-9e66-1b6a0a505f7f"><enum>(1)</enum><text display-inline="yes-display-inline">priorities for the types of assistance to
be provided under the pilot program established under this subtitle;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ide534638e-4e62-4309-9914-04ad23b8067a"><enum>(2)</enum><text display-inline="yes-display-inline">standards relating to educational,
technical, and support services to be provided by participating small business
development centers;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id72803416-5d8c-414d-9692-4ae7ebf75176"><enum>(3)</enum><text display-inline="yes-display-inline">standards relating to any national service
delivery and support function to be provided by the association under the pilot
program;</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id2caf9a5e-154e-44d5-9972-525edbda935d"><enum>(4)</enum><text display-inline="yes-display-inline">standards relating to any work plan that
the Administrator may require a participating small business development center
to develop; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id91d13176-bef3-4b3a-85e1-7b627bbba2be"><enum>(5)</enum><text display-inline="yes-display-inline">standards relating to the educational,
technical, and professional competency of any expert or other assistance
provider to whom a small business concern may be referred for compliance
assistance under the pilot program.</text>
</paragraph></section></subtitle><subtitle id="ide4768288-ad70-4dff-811a-a6147e22dcc1"><enum>F</enum><header>Other
provisions</header>
<section id="ided5cbef2-51db-4952-a4ac-9aa33e5e448f"><enum>351.</enum><header>Minority
Entrepreneurship and Innovation Pilot Program</header>
<subsection commented="no" display-inline="no-display-inline" id="id7b6ae9fd-6057-448d-afe6-1f5a09331e00"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section—</text>
<paragraph commented="no" display-inline="no-display-inline" id="idac0c9dab-8192-4ecf-aa9d-1b1e1aefebf2"><enum>(1)</enum><text>the terms
<term>Alaska Native-serving institution</term> and <term>Native
Hawaiian-serving institution</term> have the meanings given those terms in
section 317 of the Higher Education Act of 1965 (20 U.S.C. 1059d);</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id4978ee90-1ec2-485c-b3aa-b95bdc0caa14"><enum>(2)</enum><text display-inline="yes-display-inline">the term <term>Hispanic serving
institution</term> has the meaning given the term in section 502 of the Higher
Education Act of 1965 (20 U.S.C. 1101a);</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id5cdc6e62-16f5-4130-87da-a546d6af2844"><enum>(3)</enum><text display-inline="yes-display-inline">the term <term>historically Black college
and university</term> has the meaning given the term <quote>part B
institution</quote> in section 322 of the Higher Education Act of 1965 (20
U.S.C. 1061);</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ide4c44388-d814-447e-9f6f-9f743d448638"><enum>(4)</enum><text display-inline="yes-display-inline">the term <term>small business development
center</term> has the same meaning as in section 21 of the Small Business Act
(15 U.S.C. 648); and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idf714287c-a8d2-4151-a7c9-783da99dd5cf"><enum>(5)</enum><text display-inline="yes-display-inline">the term <term>Tribal College</term> has
the meaning given the term <quote>tribally controlled college or
university</quote> in section 2 of the Tribally Controlled College or
University Assistance Act of 1978 (25 U.S.C. 1801).</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idf733d04b-e903-492f-9c1a-956c591177d8"><enum>(b)</enum><header>Minority
entrepreneurship and innovation grants</header>
<paragraph commented="no" display-inline="no-display-inline" id="idbec628f3-dcfa-4db4-997c-6aecda814335"><enum>(1)</enum><header>In
General</header><text display-inline="yes-display-inline">The Administrator
shall make grants to historically Black colleges and universities, Tribal
Colleges, Hispanic serving institutions, Alaska Native-serving institutions,
and Native Hawaiian-serving institutions, or to any entity formed by a
combination of such institutions—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idc3009132-ef1a-4859-ad1c-1c0f4fe14b40"><enum>(A)</enum><text display-inline="yes-display-inline">to assist in establishing an
entrepreneurship curriculum for undergraduate or graduate studies; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id575e8bce-3126-4f0e-8408-8d3da303f23a"><enum>(B)</enum><text display-inline="yes-display-inline">for placement of small business development
centers on the physical campus of the institution.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ida17c557e-36fb-46a2-bce9-0e6e6b1d8fa5"><enum>(2)</enum><header>Curriculum
Requirement</header><text display-inline="yes-display-inline">An institution of
higher education receiving a grant under this subsection shall develop a
curriculum that includes training in various skill sets needed by successful
entrepreneurs, including—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id1ddb5a99-c078-47cb-8848-d7b08ff49b27"><enum>(A)</enum><text display-inline="yes-display-inline">business management and marketing,
financial management and accounting, market analysis and competitive analysis,
innovation and strategic planning; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idafa04ece-2007-45c7-b2af-12fe0b8822d8"><enum>(B)</enum><text display-inline="yes-display-inline">additional entrepreneurial skill sets
specific to the needs of the student population and the surrounding community,
as determined by the institution.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idfbf43126-8af4-4886-9493-cd637e01e677"><enum>(3)</enum><header>Small
business development center requirement</header><text display-inline="yes-display-inline">Each institution receiving a grant under
this subsection shall open a small business development center that—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idb4daa32b-c0fc-4e44-aef8-15fc9d896db4"><enum>(A)</enum><text display-inline="yes-display-inline">performs studies, research, and counseling
concerning the management, financing, and operation of small business
concerns;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idc01a60c9-16f5-47c2-9120-c981dd60480e"><enum>(B)</enum><text display-inline="yes-display-inline">performs management training and technical
assistance regarding the participation of small business concerns in
international markets, export promotion and technology transfer, and the
delivery or distribution of such services and information;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id81d31b17-da41-4949-9e3e-44b3df17669a"><enum>(C)</enum><text display-inline="yes-display-inline">offers referral services for entrepreneurs
and small business concerns to business development, financing, and legal
experts; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idd13bc93f-6a6a-403e-b627-38c305d245f3"><enum>(D)</enum><text display-inline="yes-display-inline">promotes market-specific innovation, niche
marketing, capacity building, international trade, and strategic planning as
keys to long-term growth for its small business concern and entrepreneur
clients.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id8c1fab2a-58d8-4891-8774-e472e3769d78"><enum>(4)</enum><header>Grant
limitations</header><text display-inline="yes-display-inline">A grant under
this subsection—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idb6ac7671-fdec-418e-bdf2-6e7e2b44af09"><enum>(A)</enum><text display-inline="yes-display-inline">may not exceed $500,000 for any fiscal year
for any 1 institution of higher education;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id8d7e0d24-f2b8-4044-92d0-2d5f3d265df7"><enum>(B)</enum><text display-inline="yes-display-inline">may not be used for any purpose other than
those associated with the direct costs incurred to develop and implement a
curriculum that fosters entrepreneurship and the costs incurred to organize and
run a small business development center on the grounds of the institution;
and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idb8c476e6-262d-4fa1-9e16-f8832474e53d"><enum>(C)</enum><text display-inline="yes-display-inline">may not be used for building expenses,
administrative travel budgets, or other expenses not directly related to the
implementation of the curriculum or activities authorized by this
section.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id5974eaef-ef71-4af0-a6cf-20000f6808e1"><enum>(5)</enum><header>Exception
from Small Business Act requirement</header><text display-inline="yes-display-inline">Subparagraphs (A) and (B) of section
21(a)(4) of the Small Business Act (15 U.S.C. 648(a)(4)) do not apply to
assistance made available under this subsection.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ida24037fa-3483-4677-99eb-318cb284fca2"><enum>(6)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than November 1 of each year, the
Associate Administrator of Entrepreneurial Development of the Administration
shall submit to the Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House of Representatives, a
report evaluating the award and use of grants under this subsection during the
preceding fiscal year, which shall include—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idff673f34-c77b-4bb6-8be1-24773d590a3b"><enum>(A)</enum><text display-inline="yes-display-inline">a description of each entrepreneurship
program developed with grant funds, the date of the award of such grant, and
the number of participants in each such program;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id8468f62c-0174-4878-b5a1-a1ba4ec57450"><enum>(B)</enum><text display-inline="yes-display-inline">the number of small business concerns
assisted by each small business development center established with a grant
under this subsection; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ide0be5ebb-87a2-4c1b-abb8-ebb96b84a9ef"><enum>(C)</enum><text display-inline="yes-display-inline">data regarding the economic impact of the
small business development center counseling provided under a grant under this
subsection.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id79bf55f8-e1fc-4c36-bdf9-0d12403d8e71"><enum>(c)</enum><header>Authorization
of Appropriations</header><text display-inline="yes-display-inline">There is
authorized to be appropriated to carry out this section $10,000,000, to remain
available until expended, for each of fiscal years 2008 and 2010.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idf3c21e71-7dd5-42e4-b1a1-248f3b595576"><enum>(d)</enum><header>Limitation
on use of Other Funds</header><text display-inline="yes-display-inline">The
Administrator shall carry out this section only with amounts appropriated in
advance specifically to carry out this section.</text>
</subsection></section><section id="id7e2cded3-5489-4b59-922b-ba0cb50fea83"><enum>352.</enum><header>Institutions
of higher education</header>
<subsection commented="no" display-inline="no-display-inline" id="id3f410c2f-89ba-4bcd-8219-13f0a5d50483"><enum>(a)</enum><header>In
general</header><text>Section 21(a)(1) of the Small Business Act (15 U.S.C.
648(a)(1)) is amended by striking <quote>: <italic>Provided,
</italic>That</quote> and all that follows through <quote>on such date.</quote>
and inserting the following: <quote>On and after December 31, 2008, the
Administration may only make a grant under this paragraph to an applicant that
is an institution of higher education, as defined in section 101(a) of the
Higher Education Act of 1965 (20 U.S.C. 1001(a)) that is accredited (and not
merely in preaccreditation status) by a nationally recognized accrediting
agency or association, recognized by the Secretary of Education for such
purpose in accordance with section 496 of that Act (20 U.S.C. 1099b), or to a
women's business center operating pursuant to section 29 as a small business
development center, unless the applicant was receiving a grant (including a
contract or cooperative agreement) on December 31, 2008.</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id5fb6bb87-521d-4da5-983f-2b6c5d349af0"><enum>(b)</enum><header display-inline="yes-display-inline">Effective
date</header><text display-inline="yes-display-inline">The amendment made by
subsection (a) shall take effect on December 31, 2008.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idb36d9ea7-d20e-4c99-af59-519ffd9a67b5"><enum>353.</enum><header>Health
insurance options information for small business concerns</header>
<subsection commented="no" display-inline="no-display-inline" id="id77d1d4b3-b10d-4be4-8b4b-f9fe993c6906"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section, the following definitions
shall apply:</text>
<paragraph commented="no" display-inline="no-display-inline" id="id8fd9a443-dabb-43e4-9a67-a4730005b642"><enum>(1)</enum><header>Association</header><text display-inline="yes-display-inline">The term <term>association</term> means an
association established under section 21(a)(3)(A) of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C.
648(a)(3)(A)) representing a majority of small business development
centers.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id04389662-2126-46b2-bf37-1027fe4aacb8"><enum>(2)</enum><header>Participating
small business development center</header><text display-inline="yes-display-inline">The term <term>participating small business
development center</term> means a small business development center described
in section 21 of the <act-name parsable-cite="SBA">Small Business
Act</act-name> (15 U.S.C. 648) that—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="ida70618bc-5535-4a2a-9e03-08962df55532"><enum>(A)</enum><text display-inline="yes-display-inline">is accredited under section 21(k)(2) of the
<act-name parsable-cite="SBA">Small Business Act</act-name> (15 U.S.C.
648(k)(2)); and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id80500e6e-6ad1-4b2e-9f54-35125df4aa87"><enum>(B)</enum><text display-inline="yes-display-inline">receives a grant under the pilot
program.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ida8ac0e69-cfcc-4233-a055-a0bb19986935"><enum>(3)</enum><header>Pilot
program</header><text display-inline="yes-display-inline">The term <term>pilot
program</term> means the small business health insurance information pilot
program established under this section.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id7ede3e95-b2dd-4d05-bdcc-e9278170bd58"><enum>(4)</enum><header>State</header><text display-inline="yes-display-inline">The term <term>State</term> means each of
the several States of the United States, the District of Columbia, the
Commonwealth of Puerto Rico, the Virgin Islands, American Samoa, and
Guam.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id72654cf5-ded0-49d0-98a7-93823e726024"><enum>(b)</enum><header>Small
Business Health Insurance Information Pilot Program</header><text display-inline="yes-display-inline">The Administrator shall establish a pilot
program to make grants to small business development centers to provide neutral
and objective information and educational materials regarding health insurance
options, including coverage options within the small group market, to small
business concerns.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id701ec579-6eca-4cc5-ace4-1d36346e9d5e"><enum>(c)</enum><header>Applications</header>
<paragraph commented="no" display-inline="no-display-inline" id="id18771e5e-9b87-4c65-880a-29884ae11677"><enum>(1)</enum><header>Posting of
information</header><text>Not later than 180 days after the date of enactment
of this Act, the Administrator shall post on the website of the Administration
and publish in the Federal Register a guidance document describing—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id994996bc-3079-45e9-a376-cc5385e61c07"><enum>(A)</enum><text>the
requirements of an application for a grant under the pilot program; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id21c9e5ac-fc9c-48a9-b60a-7644e0bccfbd"><enum>(B)</enum><text>the types of
informational and educational materials regarding health insurance options to
be created under the pilot program, including by referencing materials and
resources developed by the National Association of Insurance Commissioners, the
Kaiser Family Foundation, and the Healthcare Leadership Council.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ide0c5f453-b971-48d9-820f-e21f59b1c144"><enum>(2)</enum><header>Submission</header><text>A
small business development center desiring a grant under the pilot program
shall submit an application at such time, in such manner, and accompanied by
such information as the Administrator may reasonably require.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id600f39d8-8c56-4423-867c-7b19631a4e1a"><enum>(d)</enum><header>Selection
of participating small business development centers</header>
<paragraph commented="no" display-inline="no-display-inline" id="id591a47f2-5b74-476f-bbb3-80ebdf1a787d"><enum>(1)</enum><header>In
general</header><text>The Administrator shall select not more than 20 small
business development centers to receive a grant under the pilot program.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id583258d5-86fc-4847-b39b-148af9a68cfb"><enum>(2)</enum><header>Selection
of programs</header><text>In selecting small business development centers under
paragraph (1), the Administrator may not select—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idbced2e4d-3f03-428e-8a28-0de7312e5589"><enum>(A)</enum><text>more than 2
programs from each of the groups of States described in paragraph (3);
and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id6744d67a-598d-4fac-b249-acb29bf4adb8"><enum>(B)</enum><text>more than 1
program in any State.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id1c80cb83-638e-4ced-a38b-f4859c8a1ac2"><enum>(3)</enum><header>Groupings</header><text display-inline="yes-display-inline">The groups of States described in this
paragraph are the following:</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idedaa3142-8fc3-430e-ae31-ff5e3e72e627"><enum>(A)</enum><header>Group
1</header><text display-inline="yes-display-inline">Group 1 shall consist of
Maine, Massachusetts, New Hampshire, Connecticut, Vermont, and Rhode
Island.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id15c087e1-67ea-437e-826f-9be1cc1af820"><enum>(B)</enum><header>Group
2</header><text display-inline="yes-display-inline">Group 2 shall consist of
New York, New Jersey, Puerto Rico, and the Virgin Islands.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id1abaac7c-8b36-4866-8ffd-efeef36ebf18"><enum>(C)</enum><header>Group
3</header><text display-inline="yes-display-inline">Group 3 shall consist of
Pennsylvania, Maryland, West Virginia, Virginia, the District of Columbia, and
Delaware.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id1f7ff468-6ad7-43a6-9877-e0ff5a2109d3"><enum>(D)</enum><header>Group
4</header><text display-inline="yes-display-inline">Group 4 shall consist of
Georgia, Alabama, North Carolina, South Carolina, Mississippi, Florida,
Kentucky, and Tennessee.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id3933488b-3084-4968-b060-c8b66c52b721"><enum>(E)</enum><header>Group
5</header><text display-inline="yes-display-inline">Group 5 shall consist of
Illinois, Ohio, Michigan, Indiana, Wisconsin, and Minnesota.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id21b64ec6-64a1-4e9b-aedc-b8d6f10567c3"><enum>(F)</enum><header>Group
6</header><text display-inline="yes-display-inline">Group 6 shall consist of
Texas, New Mexico, Arkansas, Oklahoma, and Louisiana.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id5b5b847a-10f7-4643-8e0e-fad98bbe8170"><enum>(G)</enum><header>Group
7</header><text display-inline="yes-display-inline">Group 7 shall consist of
Missouri, Iowa, Nebraska, and Kansas.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id950cb287-b296-4636-9239-bdb79082ef88"><enum>(H)</enum><header>Group
8</header><text display-inline="yes-display-inline">Group 8 shall consist of
Colorado, Wyoming, North Dakota, South Dakota, Montana, and Utah.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id13f2494d-4a80-4022-80a1-f1aeecbe768c"><enum>(I)</enum><header>Group
9</header><text display-inline="yes-display-inline">Group 9 shall consist of
California, Guam, American Samoa, Hawaii, Nevada, and Arizona.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id2d76af02-c85b-4d3e-b63a-77412e61bd3c"><enum>(J)</enum><header>Group
10</header><text display-inline="yes-display-inline">Group 10 shall consist of
Washington, Alaska, Idaho, and Oregon.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id22a0a11f-c759-4900-9056-42d33d02ed2a"><enum>(4)</enum><header>Deadline
for selection</header><text display-inline="yes-display-inline">The
Administrator shall make selections under this subsection not later than 6
months after the later of the date on which the information described in
subsection (c)(1) is posted on the website of the Administration and the date
on which the information described in subsection (c)(1) is published in the
Federal Register.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id43fb990d-2e05-4293-b93a-13dc5acf9a40"><enum>(e)</enum><header>Use of
funds</header>
<paragraph commented="no" display-inline="no-display-inline" id="ida50bb0b5-e110-4ce5-b233-c27185305c34"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">A participating small
business development center shall use funds provided under the pilot program
to—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idc21ea43a-6e48-4ae0-9bce-98ae76d21bc4"><enum>(A)</enum><text>create and
distribute informational materials; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idbea3da23-bf00-457a-82cf-05fcb572dc5e"><enum>(B)</enum><text display-inline="yes-display-inline">conduct training and educational
activities.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id81a39805-6e6c-4944-8aa5-07b89dc2837b"><enum>(2)</enum><header>Content of
materials</header>
<subparagraph commented="no" display-inline="no-display-inline" id="id0243f1cf-6df2-4761-bf14-f46855f44fa6"><enum>(A)</enum><header>In
general</header><text>In creating materials under the pilot program, a
participating small business development center shall evaluate and incorporate
relevant portions of existing informational materials regarding health
insurance options, including materials and resources developed by the National
Association of Insurance Commissioners, the Kaiser Family Foundation, and the
Healthcare Leadership Council.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id5760afea-5e6e-48b0-8b4e-d1ddb35c9f68"><enum>(B)</enum><header>Health
insurance options</header><text>In incorporating information regarding health
insurance options under subparagraph (A), a participating small business
development center shall provide neutral and objective information regarding
health insurance options in the geographic area served by the participating
small business development center, including traditional employer sponsored
health insurance for the group insurance market, such as the health insurance
options defined in section 2791 of the Public Health Services Act (42 U.S.C.
300gg–91) or section 125 of the Internal Revenue Code of 1986, and Federal and
State health insurance programs.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id13eb0156-71e5-43bb-89df-ac6fe6273976"><enum>(f)</enum><header>Grant
amounts</header><text display-inline="yes-display-inline">Each participating
small business development center program shall receive a grant in an amount
equal to—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id571fb859-30bf-4c2f-b012-9ce5a87bf51d"><enum>(1)</enum><text display-inline="yes-display-inline">not less than $150,000 per fiscal year;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id49363746-4231-44e1-a4d6-90dd4ea74408"><enum>(2)</enum><text display-inline="yes-display-inline">not more than $300,000 per fiscal
year.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id45838f69-9a0b-459b-b376-08dd3cdf5347"><enum>(g)</enum><header>Matching
requirement</header><text display-inline="yes-display-inline">Subparagraphs (A)
and (B) of section 21(a)(4) of the <act-name parsable-cite="SBA">Small Business
Act</act-name> (15 U.S.C. 648(a)(4)) shall apply to assistance made available
under the pilot program.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ideb3cc259-c8cb-4f2e-9ef4-c71bde82669f"><enum>(h)</enum><header>Reports</header><text display-inline="yes-display-inline">Each participating small business
development center shall transmit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on Small Business of the House
of Representatives, a quarterly report that includes—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id9737de6b-497a-48c3-bbc1-39d74041883f"><enum>(1)</enum><text display-inline="yes-display-inline">a summary of the information and
educational materials regarding health insurance options provided by the
participating small business development center under the pilot program;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id2ad816ae-5827-435a-995c-503cbd4d8308"><enum>(2)</enum><text display-inline="yes-display-inline">the number of small business concerns
assisted under the pilot program.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id06bd6ee3-a9e3-486c-89d8-561796eed380"><enum>(i)</enum><header>Authorization
of appropriations</header>
<paragraph commented="no" display-inline="no-display-inline" id="idb759d30d-9bd0-4936-955e-8c2960bd380c"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">There are authorized
to be appropriated to carry out this section—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idadefb1e4-7a74-4dea-8db5-d82497fbcb57"><enum>(A)</enum><text display-inline="yes-display-inline">$5,000,000 for the first fiscal year
beginning after the date of enactment of this Act; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id851f8565-af07-454a-ba61-58744d61dc98"><enum>(B)</enum><text display-inline="yes-display-inline">$5,000,000 for each of the 3 fiscal years
following the fiscal year described in subparagraph (A).</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id02afdb8f-dfb0-4d0e-8152-e536d9f3e982"><enum>(2)</enum><header>Limitation
on use of other funds</header><text display-inline="yes-display-inline">The
Administrator may carry out the pilot program only with amounts appropriated in
advance specifically to carry out this section.</text>
</paragraph></subsection></section><section id="id7d945106-9141-4819-84a9-e6e247a5b9c5"><enum>354.</enum><header>National
Small Business Development Center Advisory Board</header><text display-inline="no-display-inline">Section 21(i)(1) of the Small Business Act
(15 U.S.C. 648(i)(1)) is amended by striking <quote>nine members</quote> and
inserting <quote>10 members</quote>.</text>
</section><section id="id6208a6af-c262-4344-9e1a-2592b158852d"><enum>355.</enum><header>Office of
Native American Affairs pilot program</header>
<subsection id="idd3109307-d243-4dce-970d-6c8298353a84"><enum>(a)</enum><header>Definition</header><text>In
this section, the term <term>Indian tribe</term> means any band, nation, or
organized group or community of Indians located in the contiguous United
States, and the Metlakatla Indian Community, whose members are recognized as
eligible for the services provided to Indians by the Secretary of the Interior
because of their status as Indians.</text>
</subsection><subsection id="id34dd223c-75e4-41ac-bcde-62439a3845c7"><enum>(b)</enum><header>Authorization</header><text>The
Office of Native American Affairs of the Administration may conduct a pilot
program—</text>
<paragraph id="idc901a15f-553d-4909-81fc-f05ca7b64881"><enum>(1)</enum><text>to develop
and publish a self-assessment tool for Indian tribes that will allow such
tribes to evaluate and implement best practices for economic development;
and</text>
</paragraph><paragraph id="id3979d634-3f0a-4eb2-bff6-1a9d8fcd7a3d"><enum>(2)</enum><text>to provide
assistance to Indian tribes, through the Inter-Agency Working Group, in
identifying and implementing economic development opportunities available from
the Federal Government and private enterprise, including—</text>
<subparagraph id="id1cd353ee-a742-43b1-a118-39f49080e50b"><enum>(A)</enum><text>the
Administration;</text>
</subparagraph><subparagraph id="ida498ff1a-0de9-40f7-9590-a1339eb0ef4d"><enum>(B)</enum><text>the
Department of Energy;</text>
</subparagraph><subparagraph id="id7e2b2821-9cf5-4d0e-8242-040382e759a0"><enum>(C)</enum><text>the
Environmental Protection Agency;</text>
</subparagraph><subparagraph id="idfb900cab-fe56-48b0-b22a-83540caeb4a0"><enum>(D)</enum><text>the
Department of Commerce;</text>
</subparagraph><subparagraph id="iddc93064f-0390-467e-a6ce-4c1ab576aea8"><enum>(E)</enum><text>the Federal
Communications Commission;</text>
</subparagraph><subparagraph id="idecbb85c2-2c8d-4948-ac31-453ec2c6dd3f"><enum>(F)</enum><text>the
Department of Justice;</text>
</subparagraph><subparagraph id="id6979b796-3c4b-4a30-b5dd-c1054188cce1"><enum>(G)</enum><text>the
Department of Labor;</text>
</subparagraph><subparagraph id="id4ad84c50-ea87-4544-bc25-7764d58998cc"><enum>(H)</enum><text>the Office of
National Drug Control Policy; and</text>
</subparagraph><subparagraph id="id0b46e60b-c922-4bc0-a1e5-297433edb8aa"><enum>(I)</enum><text>the
Department of Agriculture.</text>
</subparagraph></paragraph></subsection><subsection id="idf89ae28d-ab0e-49eb-828a-f32dd0c6ab92"><enum>(c)</enum><header>Termination
of program</header><text>The authority to conduct a pilot program under this
section shall terminate on September 30, 2010.</text>
</subsection><subsection id="id6c44ae1b-b622-44f2-8036-6cd866a452d2"><enum>(d)</enum><header>Report</header><text>Not
later than September 30, 2010, the Office of Native American Affairs shall
submit a report to the Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House of Representatives
regarding the effectiveness of the self-assessment tool developed under
subsection (b)(1).</text>
</subsection></section><section id="id60e14fb9-ede1-4bb0-b48e-85ab2ef31add"><enum>356.</enum><header>Privacy
requirements for SCORE chapters</header><text display-inline="no-display-inline">Section 8 of the Small Business Act (15
U.S.C. 637) is amended by inserting after subsection (b) the following</text>
<quoted-block display-inline="no-display-inline" id="id6a58bcfc-e595-4416-ab66-90988b199cb9" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="id85542aa5-b11e-4d5f-b528-f3d443c3456c"><enum>(c)</enum><header display-inline="yes-display-inline">Privacy requirements</header>
<paragraph commented="no" display-inline="no-display-inline" id="id1bf282da-08ba-4769-bbf3-aa902c981f99"><enum>(1)</enum><header>In
general</header><text>A chapter of the SCORE program authorized by subsection
(b)(1) or an agent of such a chapter may not disclose the name, address, or
telephone number of any individual or small business concern receiving
assistance from that chapter or agent without the consent of such individual or
small business concern, unless—</text>
<subparagraph id="id998ea182-8138-4e89-8fb4-8e688e3606de"><enum>(A)</enum><text>the
Administrator is ordered to make such a disclosure by a court in any civil or
criminal enforcement action initiated by a Federal or State agency; or</text>
</subparagraph><subparagraph id="idd7503e5d-09d7-4533-83c3-fa2bca251b00"><enum>(B)</enum><text>the
Administrator considers such a disclosure to be necessary for the purpose of
conducting a financial audit of a chapter of the SCORE program authorized by
subsection (b)(1), but a disclosure under this subparagraph shall be limited to
the information necessary for such audit.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idf3dbaea1-f623-4826-b9e1-9a71f374efcf"><enum>(2)</enum><header>Administrator
use of information</header><text>This subsection shall not—</text>
<subparagraph id="id5ff91346-cd53-4a79-96c6-baa2f45aa24f"><enum>(A)</enum><text>restrict
Administrator access to program activity data; or</text>
</subparagraph><subparagraph id="idf707f45c-53d0-4c28-bcd4-da4950836f96"><enum>(B)</enum><text>prevent the
Administrator from using client information to conduct client surveys.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idf81ad7f8-d145-4c17-9ad6-2624d0f8bd6d"><enum>(3)</enum><header>Regulations</header>
<subparagraph id="idb799851d-c05e-4f17-a605-252b9216be24"><enum>(A)</enum><header>In
general</header><text>The Administrator shall issue regulations to establish
standards—</text>
<clause id="id311d654b-42f0-43f2-8a67-92c5c0ba7313"><enum>(i)</enum><text>for
disclosures with respect to financial audits under paragraph (1)(B); and</text>
</clause><clause id="id517cf873-8dd5-4791-84da-1d6b659f4cc8"><enum>(ii)</enum><text>for client
surveys under paragraph (2)(B), including standards for oversight of such
surveys and for dissemination and use of client information.</text>
</clause></subparagraph><subparagraph id="id45d246cc-9033-4f2c-ad71-8c73f0f9dbbf"><enum>(B)</enum><header>Maximum
privacy protection</header><text>Regulations under this paragraph shall, to the
extent practicable, provide for the maximum amount of privacy
protection.</text>
</subparagraph><subparagraph id="iddfc90e9d-cf48-4128-abbd-6f08f724a26f"><enum>(C)</enum><header>Inspector
general</header><text>Until the effective date of regulations under this
paragraph, any client survey and the use of such information shall be approved
by the Inspector General who shall include such approval in the semi-annual
report of the Inspector
General.</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="idd1f6f636-2e75-4771-a7ac-ac69a26a167f"><enum>357.</enum><header>National
small business summit</header>
<subsection id="id5ab8c8ec-a659-4b1e-b870-13b7d0c69cfe"><enum>(a)</enum><header>In
general</header><text>Not later than December 31, 2010, the President shall
convene a National Small Business Summit to examine the present conditions and
future of the community of small business concerns in the United States. The
summit shall include owners of small business concerns, representatives of
small business groups, labor, academia, Federal, State, and tribal government,
Federal research and development agencies, and nonprofit policy groups
concerned with the issues of small business concerns.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id8a536c7b-9ab9-4b78-90f4-341526f92f5c"><enum>(b)</enum><header>Report</header><text>Not
later than 90 days after the date of the conclusion of the summit convened
under subsection (a), the President shall issue a report on the results of the
summit. The report shall identify key challenges and recommendations for
promoting entrepreneurship and the growth of small business concerns.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id4CED80995EF04FC68BB163B97A383708"><enum>358.</enum><header>SCORE
program</header>
<subsection commented="no" display-inline="no-display-inline" id="id59E00E60668943CF8D8A6DAD80236E79"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 8(b)(1)(B) of
the Small Business Act (15 U.S.C. 637(b)(1)(B)) is amended by striking <quote>a
Service Corps of Retired Executives (SCORE)</quote> and inserting <quote>the
SCORE</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id28BBAAF0AF8048789EB851C3131E527E"><enum>(b)</enum><header>Technical and
conforming amendments</header>
<paragraph commented="no" display-inline="no-display-inline" id="id3AA70F0C691A4E0E9BDAF99BE77E5BE5"><enum>(1)</enum><header>In
general</header><text>The Small Business Act (15 U.S.C. 631 et seq.) is
amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id3FDF001E59BC435296DA76437C18F0C7"><enum>(A)</enum><text>in section
7(m)(3)(A)(i)(VIII), by striking <quote>Service Corps of Retired
Executives</quote> and inserting <quote>SCORE</quote>; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id4D0B4F021EE94D58A919D8A1AE27C4D1"><enum>(B)</enum><text>in section
33(b)(2), by striking <quote>Service Corps of Retired Executives</quote> and
inserting <quote>SCORE</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idCA91EE85ECDC4715B587CE0BC40DBA78"><enum>(2)</enum><header>Other
law</header><text>Section 337(d)(2) of the Energy Policy and Conservation Act
(42 U.S.C. 6307(d)(2)) is amended by striking <quote>Service Corps of Retired
Executives (SCORE)</quote> and inserting <quote>SCORE</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idB581F1AEF7BC45379E12F020FA4B63B7"><enum>(c)</enum><header>References</header><text>Any
reference to the Service Corps of Retired Executives established under section
8(b)(1)(B) of the Small Business Act (15 U.S.C. 637(b)(1)(B)), as in effect on
the day before the date of enactment of this Act, in any law, rule, regulation,
certificate, directive, instruction, or other official paper shall be
considered to refer to the SCORE established under section 8(b)(1)(B) of the
Small Business Act, as amended by this Act.</text>
</subsection></section></subtitle><enum>IV</enum><header>Lender
oversight</header>
<section id="idC0284E2E74224C01B550DEDC55092A93"><enum>401.</enum><header>Findings</header><text display-inline="no-display-inline">Congress finds the following:</text>
<paragraph id="IDc4823f30bb1e4eea9b1718315fbc38ba"><enum>(1)</enum><text>Recent reports by
the Government Accountability Office have recommended that the Small Business
Administration develop better measurements and methods for measuring the
performance of lending programs and the effectiveness of lender
oversight.</text>
</paragraph><paragraph id="ID6fa4b7361a0f4aec9ac1f8a7a2613ae4"><enum>(2)</enum><text>A July 2007
report by the Government Accountability Office entitled <quote>Small Business
Administration: Additional Measures Needed to Assess 7(a) Loan Program’s
Performance</quote> found the following:</text>
<subparagraph id="ID1c707b0aa182411bb9db2c3835b12a74"><enum>(A)</enum><text>Determining the
success of the loan programs under section 7(a) of the Small Business Act (15
U.S.C. 636(a)) <quote>is difficult as the performance measures show only
outputs—the number of loans provided—and not outcomes, or the fate of the
businesses borrowing with the guarantee.</quote>.</text>
</subparagraph><subparagraph id="ID22c61646322345a7b14a37e5cfccab92"><enum>(B)</enum><text><quote>The
current measures do not indicate how well the agency is meeting its strategic
goal of helping small businesses.</quote>.</text>
</subparagraph><subparagraph id="ID701b0b370f024876b95ef6b994268a5e"><enum>(C)</enum><text><quote>To better
ensure that the 7(a) program is meeting its mission responsibility of helping
small firms succeed through guaranteed loans, we recommend that the SBA
administrator complete and expand the SBA’s current work on evaluating the
program’s performance measures. As part of that effort, at a minimum, the SBA
should further utilize the loan performance information it already collects,
including but not limited to defaults, prepayments, and number of loans in good
standing, to better report how small businesses fare after they participate in
the 7(a) program.</quote>.</text>
</subparagraph></paragraph><paragraph id="ID516daf2e8044475b84e113a83fa505d1"><enum>(3)</enum><text>A June 2004
report by the Government Accountability Office entitled <quote>Small Business
Administration: New Services for Lender Oversight Reflect Some Best Practices
but Strategy for Use Lags Behind</quote> found that <quote>Best practices
dictate the need for a clear and transparent understanding of how a risk
management service and the tools it provides will be used.</quote>.</text>
</paragraph></section><section id="id6EF01C3F81C34191A96D71C6A3C8B6F7"><enum>402.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title—</text>
<paragraph id="ID61284d26073f41739a556bc4848684ac"><enum>(1)</enum><text>the term
<term>base year</term> means the year in which a covered loan recipient
receives a loan under section 7(a) of the Small Business Act (15 U.S.C. 636(a))
or the 504 Loan Program;</text>
</paragraph><paragraph id="id34C180859B0946B3BE6DC6915679252D"><enum>(2)</enum><text>the term
<term>covered lender</term> means—</text>
<subparagraph id="id72CA8B82B12048429C313741640FC002"><enum>(A)</enum><text>a lender
participating in the guarantee loan program under section 7(a) of the Small
Business Act (15 U.S.C. 636(a)); and</text>
</subparagraph><subparagraph id="id09A410850BA647B8A46345E45FF70672"><enum>(B)</enum><text>a State or local
development company participating in the 504 Loan Program;</text>
</subparagraph></paragraph><paragraph id="idE585EB44F2A94B269AFC1D54E33E345B"><enum>(3)</enum><text>the term
<term>covered loan recipient</term> means a person that receives a loan under
section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or the 504 Loan
Program;</text>
</paragraph><paragraph id="ID558acb6e85034dcebe4ff4f9acf37c5e"><enum>(4)</enum><text>the term
<term>economic performance evaluation measurements</term> means the economic
performance evaluation measurements established under section 407(a);
and</text>
</paragraph><paragraph id="idB0147BEC458F4CAEA5BB87F4349247EC"><enum>(5)</enum><text>the term
<term>portfolio quality evaluation standards</term> means the portfolio quality
evaluation standards established under section 404(a)(1).</text>
</paragraph></section><section id="id1AE557FACB884E9BAEF7C12B7434D90A"><enum>403.</enum><header>Authority</header><text display-inline="no-display-inline">Section 5 of the Small Business Act (15
U.S.C. 634) is amended—</text>
<paragraph id="idDF7BBC0376484A8EA4ACBE5407203F54"><enum>(1)</enum><text>in subsection
(b)(14), by striking <quote>other lender oversight activities</quote> and
inserting <quote>used to improve portfolio performance and lender oversight
through technology and software programs designed to increase program loan
quality, management, accuracy, and efficiency and program underwriting accuracy
and efficiency</quote>; and</text>
</paragraph><paragraph id="ID56aec76eded649cd9ac516978781702b"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id283D3AD8D3A945E6BF7DFAE1B41557BC" style="OLC">
<subsection id="id12C1F0B16D4C4B5593A3896027E3C161"><enum>(i)</enum><text>In establishing
lender oversight review fees described in subsection (b)(14), the Administrator
shall follow cost containment and cost control best practices that ensure that
such fees are reasonable and do not become burdensome or
excessive.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="idAFB861244F6D4217B1AB2DD5D34D8922"><enum>404.</enum><header>Portfolio
quality evaluation standards</header>
<subsection id="idE62347BDD1F840119B90E47EC0F89421"><enum>(a)</enum><header>Standards</header>
<paragraph id="id743512D5889843E899D6958F27D2E770"><enum>(1)</enum><header>In
general</header><text>Not later than 1 year after the date of enactment of this
Act, the Administrator shall develop and publish in the Federal Register
portfolio quality evaluation standards for covered lenders, which shall include
portfolio quality criteria, including—</text>
<subparagraph id="idED2C34A3DE7043E79756CA02EB07600E"><enum>(A)</enum><text>a liquidation
rate;</text>
</subparagraph><subparagraph id="id93C795DE283544B3B11DBDBD23B5B793"><enum>(B)</enum><text>a currency
rate;</text>
</subparagraph><subparagraph id="id2B3A11C4258D47AF9CBA66E496E1706C"><enum>(C)</enum><text>a recovery
rate;</text>
</subparagraph><subparagraph id="id0B89D850D03E4987A1606A23DBB7F246"><enum>(D)</enum><text>a delinquency
rate; and</text>
</subparagraph><subparagraph id="idAEE8218E71E342CCBA66044FFA62E3BC"><enum>(E)</enum><text>other portfolio
risk indicators.</text>
</subparagraph></paragraph><paragraph id="id5BBF0BD05F4C4D54ADD1DB2445DC5774"><enum>(2)</enum><header>Use</header><text>The
Administration shall use the portfolio quality evaluation standards—</text>
<subparagraph id="id9836F747ED704FC083B4539DA254020D"><enum>(A)</enum><text>to determine the
portfolio quality of a covered lender, in comparison to the portfolio quality
of all covered lenders; and</text>
</subparagraph><subparagraph id="idFC41D85C9D0745F698F8BB7A76464D02"><enum>(B)</enum><text>for conducting
lender oversight of covered lenders.</text>
</subparagraph></paragraph></subsection><subsection id="id7D1DB0CF8FDF4286859BE701C0902B4D"><enum>(b)</enum><header>Implementation</header><text>The
Administrator shall—</text>
<paragraph id="id09741AE61E8947599C527C483F8809D5"><enum>(1)</enum><text>rank and
determine a separate score for each covered lender, on each of the portfolio
quality evaluation standards;</text>
</paragraph><paragraph id="idF731EB395B834317A89D469086FE611A"><enum>(2)</enum><text>combine the
portfolio quality rankings described in paragraph (1) to establish the overall
lender portfolio quality score for each covered lender, based on the compliance
of that covered lender with the portfolio quality evaluation standards;</text>
</paragraph><paragraph id="id77687CDB78164751A5E79D93FEF3A4A2"><enum>(3)</enum><text>provide a covered
lender access to—</text>
<subparagraph id="id69ECF9AA4B7846EC80254233C4414C8A"><enum>(A)</enum><text>the score of that
covered lender for each of the portfolio quality evaluation standards;
and</text>
</subparagraph><subparagraph id="id5E7B4725F2B7408F992852BA039C4870"><enum>(B)</enum><text>the overall
portfolio quality score for that covered lender; and</text>
</subparagraph></paragraph><paragraph id="IDe477ee79deb24422ad94ec3fd7f2ec55"><enum>(4)</enum><text>provide a written
explanation of the factors affecting the score described in paragraph (3)(A)
for a covered lender to that covered lender.</text>
</paragraph></subsection><subsection id="idF3098F4E6019424BB8D715717D45C490"><enum>(c)</enum><header>Quarterly
evaluations</header><text>Not less frequently than once each quarter, the
Administrator shall evaluate each covered lender to determine whether—</text>
<paragraph id="id01E3DFE8273A4080A0520BD340B3EF98"><enum>(1)</enum><text>there has been a
statistically significant adverse change in the criteria evaluated under the
portfolio quality evaluation standards relating to a covered lender; and</text>
</paragraph><paragraph id="id6112FBA066694E0285955370F98F8F8E"><enum>(2)</enum><text>the portfolio of
that covered lender has a higher concentration of loans made to businesses in a
specific North American Industry Classification System code (or any successor
thereto) than is typical for businesses in that code, as determined by the
Administrator.</text>
</paragraph></subsection><subsection id="ID7b4fad08359f4c419808ad9d0601685c"><enum>(d)</enum><header>Additional
onsite review</header>
<paragraph id="ID68a745f99da7451b9e54443e31d0b3ca"><enum>(1)</enum><header>Deterioration
in loan portfolio</header><text>If the Administrator determines that there is
significant and sustained statistically adverse change in the loan portfolio of
a covered lender, based on the quarterly evaluation of that covered lender
under subsection (c), the Administrator shall—</text>
<subparagraph id="IDd6dc89d593e44d4f859067e870f74106"><enum>(A)</enum><text>determine the
reason for such deterioration;</text>
</subparagraph><subparagraph id="IDf79f484526f8487daacf19f12fc91c2a"><enum>(B)</enum><text>determine if the
deterioration should lead to an onsite review of the loan portfolio of that
covered lender;</text>
</subparagraph><subparagraph id="IDd21937093e79465191156fc6af488280"><enum>(C)</enum><text>taking into
consideration the opinion of the relevant district director of the
Administration, determine whether it is appropriate for the Administrator to
adjust the preferred lender or other loan making status of that covered
lender;</text>
</subparagraph><subparagraph id="IDcb037a1792a54759a8d59e714670c0bf"><enum>(D)</enum><text>document the
decision by the Administrator regarding whether to conduct an onsite review or
adjust the loan making status of that covered lender; and</text>
</subparagraph><subparagraph id="ID9e477fb282444be885e58d6a12824c9f"><enum>(E)</enum><text>inform that
covered lender of any statistically adverse change in loan quality of the
portfolio of that covered lender.</text>
</subparagraph></paragraph><paragraph id="idC221D57F52A34ABEBC9C249647722299"><enum>(2)</enum><header>Adverse
changes</header><text>If the Administrator determines there has been a
statistically significant adverse change in the criteria evaluated under the
portfolio quality evaluation standards relating to a covered lender, the
Administrator shall determine whether it is necessary to conduct an onsite
review of that covered lender.</text>
</paragraph><paragraph id="IDd8157b878069447599aff9004635e0f0"><enum>(3)</enum><header>Scope of
review</header><text>Any onsite review of a covered lender under this
subsection shall focus on—</text>
<subparagraph id="id922C7E1678BC4E9892B6025DD36EC16D"><enum>(A)</enum><text>the credit
quality of the loans within the portfolio of that covered lender;</text>
</subparagraph><subparagraph id="id960CBDE5CD81482F888EED829019798A"><enum>(B)</enum><text>the soundness of
the credit evaluation and underwriting processes and procedures of that covered
lender;</text>
</subparagraph><subparagraph id="idB660671C396E4963AE6EA1135782B158"><enum>(C)</enum><text>the adherence by
that covered lender to the policies and procedures of the Administration;
and</text>
</subparagraph><subparagraph id="id35B9A4EC57054111AC860B0FAF90E82B"><enum>(D)</enum><text>any other
measures that the Administrator determines appropriate.</text>
</subparagraph></paragraph></subsection><subsection id="ID0a03c89bc7414facbde84a284ee4b444"><enum>(e)</enum><header>Defaults</header><text>The
Administrator shall provide to a covered lender information relating to any
indicator under the portfolio quality evaluation standards that indicate an
increased risk of default for specific loans.</text>
</subsection><subsection commented="no" id="idC1C22AF8504E4D349C3935B7E54EF9A0"><enum>(f)</enum><header>Document
retention</header><text>The Administrator shall maintain an electronic copy of
any document relating to any portfolio quality evaluation or onsite review
under this section (including documents relating to any determination regarding
whether to conduct such a review).</text>
</subsection><subsection id="IDbb3dbe8f89f347e78c2ecf5daf0daae3"><enum>(g)</enum><header>Data
collection</header><text>The Administrator shall enter into a contract with a
fiscal and transfer agent of the Administration under which that fiscal and
transfer agent shall provide to the Administrator the data necessary to conduct
the quarterly evaluation of covered lenders using the portfolio quality
evaluation standards under this section.</text>
</subsection></section><section id="ID021c78fdabea469f81c90fa46d779f3a"><enum>405.</enum><header>Default
rate</header>
<subsection id="id8278094EA0C34319BEA50FCFF2BABAA0"><enum>(a)</enum><header>In
general</header><text>Using established industry standards for calculating loan
default rates, and not later than 1 year after the date of enactment of this
Act, and every year thereafter, the Administrator shall calculate a loan
default rate for—</text>
<paragraph id="idD1FDDB687FBA4935AB1274EFF663A045"><enum>(1)</enum><text>loans under
section 7(a) of the Small Business Act (15 U.S.C. 636(a));</text>
</paragraph><paragraph id="id8A32EC0F1DE04AED90696F53782DA2FA"><enum>(2)</enum><text>loans under the
504 Loan Program; and</text>
</paragraph><paragraph id="id0B456D1C7C1A46C0BF5679B6B62C884B"><enum>(3)</enum><text>specialty loan
programs under section 7(a) of the Small Business Act or the 504 Loan Program,
including the Express Loan Program under section 7(a)(31) of the Small Business
Act and the Export Working Capital Program under section 7(a)(14) of the Small
Business Act.</text>
</paragraph></subsection><subsection id="id6277CDC70D7E48A1ACB24701305BE812"><enum>(b)</enum><header>Methodology</header><text>Not
later than 1 year after the date of enactment of this Act, the Administrator
shall publish in the Federal Register the methodology the Administrator will
use to calculate default rates under subsection (a).</text>
</subsection><subsection id="id5F65EE5FF38F4230B475A0354FEDA20E"><enum>(c)</enum><header>Purpose</header><text>The
purpose of the default rates calculated under subsection (a) is to provide a
cumulative default rate for loans under section 7(a) of the Small Business Act
(15 U.S.C. 636(a)) and loans under the 504 Loan Program that may be compared
directly to the default rates of other commercial loans.</text>
</subsection></section><section id="ID4571e7e7481844b4b036bb44c3a1b465"><enum>406.</enum><header>Computer
modeling</header>
<subsection id="idC5946ABD92624D9D95D4AC7747A50228"><enum>(a)</enum><header>Transparency in
ranking criteria</header><text>The Administrator—</text>
<paragraph id="id0461252C4FCF42BA8510B65AFADAE905"><enum>(1)</enum><text>shall provide
each covered lender with the data, factors, statistical methods, ranking
criteria, indicators, and other measures used to make the ranking described in
section 404(b); and</text>
</paragraph><paragraph id="idADB428C7F050428780D7AD8429807F8B"><enum>(2)</enum><text>may not charge a
fee for providing the information described in paragraph (1).</text>
</paragraph></subsection><subsection id="id5147039598404666BEFE51C85A9C4DD9"><enum>(b)</enum><header>Failure To
provide</header><text>In ranking a covered lender under section 404(b), the
Administrator may not use any data, factor, statistical method, ranking
criteria, indicator, or other measure that the Administrator has not provided
to that covered lender.</text>
</subsection><subsection commented="no" id="ID081f36bbbdd04d0b89410c4a8cae98c3"><enum>(c)</enum><header>Contracts</header><text>Before
establishing or modifying any system or mechanism for evaluating the making of
loans, the accounting for loans, the underwriting of loans, or otherwise
overseeing loans made by covered lenders, the Administrator shall consult with
relevant covered lenders.</text>
</subsection></section><section id="ID67b76d566c1d4658a0581cbdda79a226"><enum>407.</enum><header>Economic
performance evaluation measurements</header>
<subsection id="ID55b6d5a0db64425d8d547b34ffa25068"><enum>(a)</enum><header>Measurements</header><text>Not
later than 1 year after the date of enactment of this Act, the Administrator
shall develop and publish in the Federal Register economic performance
evaluation measurements for evaluating the economic performance and economic
outcomes of each covered loan recipient, which shall include—</text>
<paragraph id="IDebee0cc5870044dfbc77023ad854862e"><enum>(1)</enum><text>number of
individuals employed by that covered loan recipient;</text>
</paragraph><paragraph id="ID6039daf2573f4f29b4392fb3639a317e"><enum>(2)</enum><text>the annual sales
receipts of that covered loan recipient;</text>
</paragraph><paragraph id="IDc9d037f554814c13a9cd3fe0ea939347"><enum>(3)</enum><text>an estimate of
the total annual Federal income tax paid by that covered loan recipient;</text>
</paragraph><paragraph id="IDe147e4673e434db494f3887c58dbea58"><enum>(4)</enum><text>whether the
covered loan recipient prepaid the covered loan;</text>
</paragraph><paragraph id="id2C69AA3D486F44C0A9FA6966496F4C7B"><enum>(5)</enum><text>whether the
covered loan recipient defaulted on the covered loan;</text>
</paragraph><paragraph id="IDfee369785720467eb965b4c36beaf6bb"><enum>(6)</enum><text>the number of
businesses operated by covered loan recipients that cease operations;
and</text>
</paragraph><paragraph id="ID43fe7047fb164cc6a7eb7b70fb740427"><enum>(7)</enum><text>the number of
covered loan recipients that establish a new business relating to the business
for which that covered loan recipient received a loan under section 7(a) of the
Small Business Act (15 U.S.C. 636(a)) or the 504 Loan Program.</text>
</paragraph></subsection><subsection id="ID92f34ffc87dc4b47a9a5fccaef64b420"><enum>(b)</enum><header>Collection of
information</header>
<paragraph id="idE3701812192145F09160862301CD7F76"><enum>(1)</enum><header>In
general</header><text>On and after the date that is 2 years after the date of
enactment of this Act, the Administrator shall electronically collect, as part
of the loan application process, from the person applying for a loan under
section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or the 504 Loan
Program—</text>
<subparagraph id="id0B8F479A41E94A5180B0E9762BF03E6E"><enum>(A)</enum><text>the number of
individuals employed by the applicant;</text>
</subparagraph><subparagraph id="idFDECF68B0C004DCB8FEE625268728A6A"><enum>(B)</enum><text>the annual sales
receipts of the applicant for the year before the date of the application;
and</text>
</subparagraph><subparagraph id="ID11011bb162a543d4ad533db758ce30b1"><enum>(C)</enum><text>an estimate of
the total annual Federal income tax paid by that covered loan recipient.</text>
</subparagraph></paragraph><paragraph id="idE2985455F3D24108ABB337F019E43DB2"><enum>(2)</enum><header>Base
year</header><text>The Administrator shall use the information collected under
paragraph (1) to establish the base year statistics for the applicant.</text>
</paragraph><paragraph id="IDc1a4aa38a6da4d2ea99c8bbbad6a6298"><enum>(3)</enum><header>Information
compliance</header>
<subparagraph id="id3FFB34930E3946FF8B50DBAE23D079C0"><enum>(A)</enum><header>In
general</header><text>During the 12-year period beginning on the date that a
covered loan recipient receives a loan under section 7(a) of the Small Business
Act or the 504 Loan Program, as the case may be, the covered loan recipient
shall provide to the Administrator information relating to the economic
performance evaluation measurements upon requested.</text>
</subparagraph><subparagraph id="idC68F3968548A4EA18440A002E272DD63"><enum>(B)</enum><header>Frequency</header><text>The
Administrator shall request information from a covered loan recipient under
subparagraph (A) not less frequently than once every 4 years.</text>
</subparagraph></paragraph></subsection><subsection id="id642EB9382D1448C9BA807D3851FD9E91"><enum>(c)</enum><header>Reporting</header>
<paragraph id="id8AB104FB46C34EDCB350327C0E8A6860"><enum>(1)</enum><header>In
general</header><text>Not later than 6 years after the date of enactment of
this Act, and every 4 years thereafter, the Administrator shall publish a
report assessing the information relating to the economic performance
evaluation measurements submitted by covered loan recipients during the period
described in paragraph (2), including an evaluation of the aggregate changes,
if any, in the economic performance evaluation measurements since the relevant
base years for such covered loan recipients.</text>
</paragraph><paragraph id="idCACD233DD6FD4EE59B024F5C177CE49D"><enum>(2)</enum><header>Period</header><text>The
period described in this paragraph is—</text>
<subparagraph id="id70A4BA48862A45A2B2E51ECC3F893298"><enum>(A)</enum><text>for the first
report submitted under this subsection, not shorter than the 4-year period
before the date of that report;</text>
</subparagraph><subparagraph id="id9EBAD347300D4D34863BBBDB064279E1"><enum>(B)</enum><text>for the second
report submitted under this subsection, not shorter than the 8-year period
before the date of that report; and</text>
</subparagraph><subparagraph id="id56CD54F211144F57A62799C9CB22FB8E"><enum>(C)</enum><text>for the third
report submitted under this subsection, and each report submitted thereafter,
not shorter than the 12-year period before the date of that report.</text>
</subparagraph></paragraph></subsection></section><section id="idC33367B2EE6445A7AB14DA005E3A5F9F"><enum>408.</enum><header>Privacy</header><text display-inline="no-display-inline">In collecting data and preparing reports
under this title, the Administrator shall ensure that the privacy and
information of covered loan recipients is protected.</text>
</section><section id="id12C023EE66524EA991170F263295CE8C"><enum>409.</enum><header>Executive
compensation</header><text display-inline="no-display-inline">Section 503 of
the Small Business Investment Act of 1958 (15 U.S.C. 697) is amended by adding
at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idD1F51EB9D1ED4BA5B7965892F695626B" style="OLC">
<subsection id="ID10a7f8fe11c94a24b5c8a6ba76b3f184"><enum>(j)</enum><header>Executive
compensation</header>
<paragraph id="idD126994CBF5E4229857DFE51371D7CC3"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (4), a State or local
development company shall have a written contract with each executive or highly
paid employee of that development company relating to the employment of that
executive or highly paid employee, which shall include, for that executive or
employee, the amount of compensation, benefits, and any transfer of anything of
value to that executive or highly paid employee, including any rental or
sale.</text>
</paragraph><paragraph id="ID7590a7c1ab664137b7dd9020329cb0a6"><enum>(2)</enum><header>Approval by
board of directors</header>
<subparagraph id="idF42B0A1B3B03477D853F423497450736"><enum>(A)</enum><header>In
general</header><text>A written contract described in paragraph (1) shall be
approved by the board of directors of the State or local development
company.</text>
</subparagraph><subparagraph id="id3AD4F28EC0C34D7E94163EB9CDEFFC19"><enum>(B)</enum><header>Evaluation</header><text>In
evaluating a contract described in paragraph (1), the members of the board of
directors of a State or local development company shall—</text>
<clause id="id7FDB0DE3922649E69C70C96A16A4C76E"><enum>(i)</enum><text>determine the
fair market value of the benefits received by an executive or highly paid
employee from that development company; and</text>
</clause><clause id="idBFE7201BDE39465F9B5EAFC2A48EE210"><enum>(ii)</enum><text>evaluate the
amount paid by other State or local development companies and commercial
lenders for comparable services, including, if a rental of property for that
executive or highly paid employee is part of that contract, the amount of
annual rent paid locally for comparable property.</text>
</clause></subparagraph><subparagraph id="ID9e324c28ee854a358e5796685819aa68"><enum>(C)</enum><header>Distribution of
evaluation</header><text>The board of directors of a State or local development
company shall ensure that the information described in subparagraph (B) is made
available to each member of that board of directors before the date of the
meeting at which the board of directors will determine whether to approve the
relevant contract and include the information described in subparagraph (B) in
the minutes of that meeting.</text>
</subparagraph><subparagraph id="ID151b444f354446b5a82d5d06eed07c20"><enum>(D)</enum><header>Participation</header><text>An
executive or highly paid official, and any other party with personal interest
in a contract, shall not attend a meeting of the board of directors to
determine whether to approve the contract with that executive or highly paid
official, unless the members of the board of directors request that executive
or highly paid official respond to questions.</text>
</subparagraph><subparagraph id="idD3E801A4DEE34A929BC4DD4A032B39EE"><enum>(E)</enum><header>Voting</header><text>An
executive or highly paid official, and any other party with personal interest
in a contract, shall not be present during, and shall not vote on, whether to
approve the contract with that executive or highly paid official.</text>
</subparagraph></paragraph><paragraph id="id2228A70C27674B64A07405908E6CB08D"><enum>(3)</enum><header>Annual
reports</header><text>A State or local development company shall report
annually to the Administration regarding the terms of each contract with each
executive or highly paid official of that development company.</text>
</paragraph><paragraph id="ID222bdaa17df9460fa6c2fe1db83c04b9"><enum>(4)</enum><header>Exception</header><text>This
subsection shall not apply to—</text>
<subparagraph id="idD594253999AB4842A56FFBE40FB3F333"><enum>(A)</enum><text>a small State or
local development company;</text>
</subparagraph><subparagraph id="id562892297F3F4B4C95A34748C0D3F99C"><enum>(B)</enum><text>a State or local
development company that makes a low number of loans under the 504 Loan
Program; or</text>
</subparagraph><subparagraph id="id2C724A779BB243898A4157EA35EF86E4"><enum>(C)</enum><text>a State or local
development company regulated by a State or local government.</text>
</subparagraph></paragraph><paragraph id="idF909B0C983A149E3B8F89A27648B45B3"><enum>(5)</enum><header>Regulations</header><text>The
Administrator shall promulgate regulations to carry out this subsection,
including defining the terms <term>executive</term>, <term>highly paid</term>,
<term>small State or local development company</term>, and <term>low number of
loans</term>.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="idEEBF6E4E691A47F5A2893A1C0CB6E25B"><enum>410.</enum><header>Study and
report on examination and review fees</header>
<subsection id="ID48d12acdf9fe42efbca116315de525e4"><enum>(a)</enum><header>Study</header><text>The
Comptroller General of the United States shall conduct a study of the Loan
Guaranty Program under section 7(a) of the Small Business Act to
determine—</text>
<paragraph id="IDe2a6d0deb87f47a1a1f6c8e951d0c5e2"><enum>(1)</enum><text>the scope of
lender oversight needed by the Administration;</text>
</paragraph><paragraph id="ID6e3f5f625b4947499a4e26e7ae9b6025"><enum>(2)</enum><text>what other
entities regulate the lenders that participate in that loan guaranty program,
what activities are being reviewed, and the scope of such reviews;</text>
</paragraph><paragraph id="IDc4fc4d98937f4d03a8e39b4e49bafb86"><enum>(3)</enum><text>how the amounts
of examination and review fees are determined by such other regulatory
entities, who pays for such fees, and how they compare with examination and
review fees proposed in regulations issued by the Administration on May 4,
2007;</text>
</paragraph><paragraph id="ID10e436a639a04de69c6da2eb58b3296d"><enum>(4)</enum><text>how examination
and review fees factor into the risk-adjusted return on capital (or
<quote>RAROC</quote>) ratings of lenders;</text>
</paragraph><paragraph id="ID32e01a0141be4f3c81aa8ea133dfe64a"><enum>(5)</enum><text>what would be
reasonable fees to be charged for Administration lender oversight;</text>
</paragraph><paragraph id="ID37a2ba01459c4a9297c7a2530eb4beeb"><enum>(6)</enum><text>whether
Administration lender oversight functions can be executed in conjunction with
other lender reviews currently required by other regulatory entities, including
those that review Federal banks, credit unions, or entities reviewed by the
Farm Credit Administration; and</text>
</paragraph><paragraph id="ID8e0abe0826394db3a97238ad01d57b6f"><enum>(7)</enum><text>the impact of
lender oversight fees proposed by the Administration on lending to borrowers,
including cost changes, availability of credit, and increased or decreased
lender participation.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID4e5ef240717e4c54852d5ced19eddbb8"><enum>(b)</enum><header>Report</header><text>The
Comptroller General shall submit to Congress a report on the results of the
study required by subsection (a) not later than 1 year after the date of
enactment of this Act.</text>
</subsection></section>
April 28, 2008
Read the second time and placed on the
calendar