DEVELOPMENT COMPANY FINANCINGS.

SEC. 214. DEVELOPMENT COMPANY FINANCINGS. (a) Congressional Findings.— Section 501(a) of the Small Business Investment Act of 1958 (15 U.S.C. 695(a)) is amended to read as follows: “(a) The Congress hereby finds and declares that the purpose of this title is to foster economic development and to create or preserve job opportunities in both urban and rural areas by providing long-term financing for small business concerns through the development company program authorized by this title.”. (b) Policy Considerations.—Section 501 of the Small Business Investment Act of 1958 (15 U.S.C. 695) is amended by adding at the end thereof the following new subsection: 104 STAT. 2822 “(d) In order to qualify for assistance under this title, the development company must demonstrate that the project to be funded is directed toward at least one of the following economic development objectives— “(1) the creation of job opportunities within two years of the completion of the project or the preservation or retention of jobs attributable to the project; “(2) improving the economy of the locality, such as stimulating other business development in the community, bringing new income into the area, or assisting the community in diversifying and stabilizing its economy; or “(3) the achievement of one or more of the following public policy goals: “(A) business district revitalization, “(B) expansion of exports, “(C) expansion of minority business development, “(D) rural development, “(E) enhanced economic competition, including the advancement of technology, plan retooling, conversion to robotics, or competition with imports, “(F) changes necessitated by Federal budget cutbacks, including defense related industries, or “(G) business restructuring arising from Federally mandated standards or policies affecting the environment or the safety and health of employees. If eligibility is based upon the criteria set forth in paragraph (2) or (3), the project need not meet the job creation or job preservation criteria developed by the Administration if the overall portfolio of the development company meets or exceeds such job creation or retention criteria.”. (c) Special Loan Limitations.— Section 502 of the Small Business Investment Act of 1958 is amended by striking the period at the end of paragraph (2) and by inserting the following: “, except loans meeting the criteria specified in section 501(d)(3) shall be limited to $1,000,000 for each such identifiable small business concern.”.