DEVELOPMENT COMPANY LOANS—POLICY.

SEC. 115. DEVELOPMENT COMPANY LOANS—POLICY. (a) Policy.— Section 501 of the Small Business Investment Act of 1958 (15 U.S.C. 695) is amended by redesignating subsections (a) and (b) as subsections (b) and (c), respectively, and by adding the following new subsection prior thereto: “(a) The Congress hereby finds and declares that the purpose of this title is to foster economic development in both urban and rural areas by providing long term financing for small business concerns through the development company program authorized by this title. In order to carry out this objective, the Administration is hereby directed to place greater emphasis on the needs of rural areas and the promotion of the development company program in such areas, and is further directed to develop a plan for greater outreach of procurement and export trade seminars in such areas. As used in this title, the term ‘rural areas’ means those localities with populations of less than 20,000.”. (b) Technical Amendments to the Section.— (1) Title V of such Act is further amended by inserting the following heading at the beginning of section 501: “state development companies”. (2) The table of contents of such Act is amended by inserting before the item relating to section 502 the following new item: “Sec. 502. State development companies.”.