Public Law 111–5 111th Congress An Act - US Department of ...

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123 STAT. 156 PUBLIC LAW 111–5—FEB. 17, 2009
‘‘(vi) 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
‘‘(vii) the financing under section 504 will provide
better terms or rate of interest than the existing
indebtedness at the time of refinancing.’’.
(b) JOB CREATION GOALS.—Section 501(e)(1) and section
501(e)(2) of the Small Business Investment Act (15 U.S.C. 695)
are each amended by striking ‘‘$50,000’’ and inserting ‘‘$65,000’’.
SEC. 505. INCREASING SMALL BUSINESS INVESTMENT. (a) SIM-
PLIFIED MAXIMUM LEVERAGE LIMITS.—Section 303(b) of the Small
Business Investment Act of 1958 (15 U.S.C. 683(b)) is amended
as follows:
(1) By striking so much of paragraph (2) as precedes subparagraphs
(C) and (D) and inserting the following:
‘‘(2) MAXIMUM LEVERAGE.—
‘‘(A) IN GENERAL.—The maximum amount of outstanding
leverage made available to any one company
licensed under section 301(c) of this Act may not exceed
the lesser of—
‘‘(i) 300 percent of such company’s private capital;
or
‘‘(ii) $150,000,000.
‘‘(B) MULTIPLE LICENSES UNDER COMMON CONTROL.—
The maximum amount of outstanding leverage made available
to two or more companies licensed under section 301(c)
of this Act that are commonly controlled (as determined
by the Administrator) and not under capital impairment
may not exceed $225,000,000.’’;
(2) By amending paragraph (2)(C) by inserting ‘‘(i)’’ before
‘‘In calculating’’ and adding the following at the end thereof:
‘‘(ii) The maximum amount of outstanding leverage
made available to—
‘‘(I) any 1 company described in clause (iii)
may not exceed the lesser of 300 percent of private
capital of the company, or $175,000,000; and
‘‘(II) 2 or more companies described in clause
(iii) that are under common control (as determined
by the Administrator) may not exceed
$250,000,000.
‘‘(iii) A company described in this clause is a company
licensed under section 301(c) in the first fiscal
year after the date of enactment of this clause or
any fiscal year thereafter 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 are located in a low-income geographic area (as
that term is defined in section 351).’’.
(3) By striking paragraph (4).
(b) SIMPLIFIED AGGREGATE INVESTMENT LIMITATIONS.—Section
306(a) of the Small Business Investment Act of 1958 (15 U.S.C.
686(a)) is amended to read as follows:
‘‘(a) PERCENTAGE LIMITATION ON PRIVATE CAPITAL.—If any
small business investment company has obtained financing from
the Administrator and such financing remains outstanding, the
aggregate amount of securities acquired and for which commitments
may be issued by such company under the provisions of this title
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