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15 U.S.C. § 681 — Organization

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15 U.S.C. § 681 — Organization

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Stable record: federal_law:legal_authorities:record_usc_464e6e7fe1812e4c64b98eab
Source file: Laws/federal/codes/united-states-code/title-15/section-681-organization--daa1a95b4f.md
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Source location: Title 15, Chapter 14B, § 681; chapter-14b-small-business-investment-program.md

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**(a) Incorporation and charter under State law, period of succession; area of operations** A small business investment company shall be an incorporated body, a limited liability company, or a limited partnership organized and chartered or otherwise existing under State law solely for the purpose of performing the functions and conducting the activities contemplated under this subchapter, which, if incorporated, has succession for a period of not less than thirty years unless sooner dissolved by its shareholders, and if a limited partnership, has succession for a period of not less than ten years, and possesses the powers reasonably necessary to perform such functions and conduct such activities. The area in which the company is to conduct its operations, and the establishment of branch offices or agencies (if authorized by the articles), shall be subject to the approval of the Administration. **(b) Articles of incorporation; approval** The articles of any small business investment company shall specify in general terms the objects for which the company is formed, the name assumed by such company, the area or areas in which its operations are to be carried on, the place where its principal office is to be located, and the amount and classes of its shares of capital stock. Such articles may contain any other provisions not inconsistent with this chapter that the company may see fit to adopt for the regulation of its business and the conduct of its affairs. Such articles and any amendments thereto adopted from time to time shall be subject to the approval of the Administration. **(c) Issuance of license** (1) **Submission of application** — Each applicant for a license to operate as a small business investment company under this chapter shall submit to the Administrator an application, in a form and including such documentation as may be prescribed by the Administrator. (2) **Procedures** (A) *Status* — Not later than 90 days after the initial receipt by the Administrator of an application under this subsection, the Administrator shall provide the applicant with a written report detailing the status of the application and any requirements remaining for completion of the application. (B) *Approval or disapproval* — Within a reasonable time after receiving a completed application submitted in accordance with this subsection and in accordance with such requirements as the Administrator may prescribe by regulation, the Administrator shall— (i) approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied; or (ii) disapprove the application and notify the applicant in writing of the disapproval. (3) **Matters considered** — In reviewing and processing any application under this subsection, the Administrator— (A) shall determine whether— (i) the applicant meets the requirements of subsections (a) and (c) of [section 682 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section682&num=0&edition=prelim); and (ii) the management of the applicant is qualified and has the knowledge, experience, and capability necessary to comply with this chapter; (B) shall take into consideration— (i) the need for and availability of financing for small business concerns in the geographic area in which the applicant is to commence business; (ii) the general business reputation of the owners and management of the applicant; and (iii) the probability of successful operations of the applicant, including adequate profitability and financial soundness; (C) shall not take into consideration any projected shortage or unavailability of leverage; and (D) shall give first priority to an applicant that is located in an underlicensed State with below median financing, as determined by the Administrator. (4) **Exception** (A) *In general* — Notwithstanding any other provision of this chapter, the Administrator may, in the discretion of the Administrator and based on a showing of special circumstances and good cause, approve an application and issue a license under this subsection with respect to any applicant that— (i) has private capital of not less than $3,000,000; (ii) would otherwise be issued a license under this subsection, except that the applicant does not satisfy the requirements of [section 682(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section682/a&num=0&edition=prelim); and (iii) has a viable business plan reasonably projecting profitable operations and a reasonable timetable for achieving a level of private capital that satisfies the requirements of [section 682(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section682/a&num=0&edition=prelim). (B) *Leverage* — An applicant licensed pursuant to the exception provided in this paragraph shall not be eligible to receive leverage as a licensee until the applicant satisfies the requirements of [section 682(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section682/a&num=0&edition=prelim), unless the applicant— (i) is located in a State that— (I) is not served by a licensee; or (II) is an underlicensed State; and (ii) agrees to be limited to 1 tier of leverage available under [section 682(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section682/b&num=0&edition=prelim), until the applicant meets the requirements of [section 682(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section682/a&num=0&edition=prelim). **(d) Repealed. Pub. L. 104–208, div. D, title II, § 208(b)(3)(A), Sept. 30, 1996, 110 Stat. 3009–742** **(e) Fees** (1) **In general** — The Administration may prescribe fees to be paid by each applicant for a license to operate as a small business investment company under this chapter. (2) **Use of amounts** — Fees collected under this subsection— (A) shall be deposited in the account for salaries and expenses of the Administration; and (B) are authorized to be appropriated solely to cover the costs of licensing examinations.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 682 — Capital requirements

**(a) Amount** (1) **In general** — Except as provided in paragraph (2), the private capital of each licensee shall be not less than— (A) $5,000,000; or (B) $10,000,000, with respect to each licensee authorized or seeking authority to issue participating securities to be purchased or guaranteed by the Administration under this chapter. (2) **Exception** — The Administrator may, in the discretion of the Administrator and based on a showing of special circumstances and good cause, permit the private capital of a licensee authorized or seeking authorization to issue participating securities to be purchased or guaranteed by the Administration to be less than $10,000,000, but not less than $5,000,000, if the Administrator determines that such action would not create or otherwise contribute to an unreasonable risk of default or loss to the Federal Government. (3) **Adequacy** — In addition to the requirements of paragraph (1), the Administrator shall— (A) determine whether the private capital of each licensee is adequate to assure a reasonable prospect that the licensee will be operated soundly and profitably, and managed actively and prudently in accordance with its articles; and (B) determine that the licensee will be able 11 So in original. Probably should be followed by a comma. both prior to licensing and prior to approving any request for financing, to make periodic payments on any debt of the company which is interest bearing and shall take into consideration the income which the company anticipates on its contemplated investments, the experience of the company’s owners and managers, the history of the company as an entity, if any, and the company’s financial resources. (4) **Exemption from capital requirements** — The Administrator may, in the discreti

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15 U.S.C. § 661 — Congressional declaration of policy

It is declared to be the policy of the Congress and the purpose of this chapter to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources.

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15 U.S.C. § 686 — Aggregate limitations on amount of assistance to any single enterprise

**(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 subchapter for any single enterprise shall not, without the approval of the Administrator, exceed 10 percent of the sum of— (1) the private capital of such company; and (2) the total amount of leverage projected by the company in the company’s business plan that was approved by the Administrator at the time of the grant of the company’s license. **(b) Repealed. Pub. L. 92–595, § 2(f), Oct. 27, 1972, 86 Stat. 1316** **(c) Application of provisions to commitments incurred prior to effective date of section** With respect to obligations or securities acquired prior to the effective date of the Small Business Investment Act Amendments of 1967, and with respect to legally binding commitments issued prior to such date, the provisions of this section as in effect immediately prior to such effective date shall continue to apply.

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15 U.S.C. § 631 — Declaration of policy

**(a) Aid, counsel, assistance, etc., to small business concerns** The essence of the American economic system of private enterprise is free competition. Only through full and free competition can free markets, free entry into business, and opportunities for the expression and growth of personal initiative and individual judgment be assured. The preservation and expansion of such competition is basic not only to the economic well-being but to the security of this Nation. Such security and well-being cannot be realized unless the actual and potential capacity of small business is encouraged and developed. It is the declared policy of the Congress that the Government should aid, counsel, assist, and protect, insofar as is possible, the interests of small-business concerns in order to preserve free competitive enterprise, to insure that a fair proportion of the total purchases and contracts or subcontracts for property and services for the Government (including but not limited to contracts or subcontracts for maintenance, repair, and construction) be placed with small-business enterprises, to insure that a fair proportion of the total sales of Government property be made to such enterprises, and to maintain and strengthen the overall economy of the Nation. **(b) Assistance to compete in international markets** (1) It is the declared policy of the Congress that the Federal Government, through the Administrator of the Small Business Administration, acting through the Associate Administrator for International Trade, and in cooperation with the Department of Commerce and other relevant State and Federal agencies, should aid and assist small businesses, as defined under this chapter, to increase their ability to compete in international markets by— (A) enhancing their abil

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11 U.S.C. § 109 — Who may be a debtor

**(a)** Notwithstanding any other provision of this section, only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title. **(b)** A person may be a debtor under chapter 7 of this title only if such person is not— (1) a railroad; (2) a domestic insurance company, bank, savings bank, cooperative bank, savings and loan association, building and loan association, homestead association, a New Markets Venture Capital company as defined in section 351 of the Small Business Investment Act of 1958, a small business investment company licensed by the Small Business Administration under section 301 of the Small Business Investment Act of 1958, credit union, or industrial bank or similar institution which is an insured bank as defined in section 3(h) of the Federal Deposit Insurance Act, except that an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 11 See References in Text note below. of the Federal Deposit Insurance Corporation Improvement Act of 1991 may be a debtor if a petition is filed at the direction of the Board of Governors of the Federal Reserve System; or (3) (A) a foreign insurance company, engaged in such business in the United States; or (B) a foreign bank, savings bank, cooperative bank, savings and loan association, building and loan association, or credit union, that has a branch or agency (as defined in section 1(b) of the International Banking Act of 1978) in the United States. **(c)** An entity may be a debtor under chapter 9 of this title if and only if such entity— (1) is a municipality; (2) is specifically au

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12 U.S.C. § 1431 — Powers and duties of banks

**(a) Borrowing money; issuing bonds and debentures; general powers** Each Federal Home Loan Bank shall have power, subject to rules and regulations prescribed by the Director, to borrow and give security therefor and to pay interest thereon, to issue debentures, bonds, or other obligations upon such terms and conditions as the Director may approve, and to do all things necessary for carrying out the provisions of this chapter and all things incident thereto. **(b) Issuance of consolidated Federal Home Loan Bank debentures; restrictions** The Office of Finance, as agent for the Banks, may issue consolidated Federal Home Loan Bank debentures which shall be the joint and several obligations of all Federal Home Loan Banks organized and existing under this chapter, in order to provide funds for any such bank or banks, and such debentures shall be issued upon such terms and conditions as such Office may prescribe. No such debentures shall be issued at any time if any of the assets of any Federal Home Loan Bank are pledged to secure any debts or subject to any lien, and neither the Office of Finance nor any Federal Home Loan Bank shall have power to pledge any of the assets of any Federal Home Loan Bank, or voluntarily to permit any lien to attach to the same while any of such debentures so issued are outstanding. The debentures issued under this section and outstanding shall at no time exceed five times the total paid-in capital of all the Federal Home Loan Banks as of the time of the issue of such debentures. It shall be the duty of the Office of Finance not to issue debentures under this section in excess of the notes or obligations of member institutions held and secured under [section 1430(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-ti

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15 U.S.C. § 633 — Small Business Administration

**(a) Creation; principal, branch, and regional offices** In order to carry out the policies of this chapter there is created an agency under the name “Small Business Administration” (herein referred to as the Administration), which Administration shall be under the general direction and supervision of the President and shall not be affiliated with or be within any other agency or department of the Federal Government. The principal office of the Administration shall be located in the District of Columbia. The Administration may establish such branch and regional offices in other places in the United States as may be determined by the Administrator of the Administration. As used in this chapter, the term “United States” includes the several States, the Territories and possessions of the United States, the Commonwealth of Puerto Rico, the Trust Territory of the Pacific Islands, and the District of Columbia. **(b) Appointment of Administrator, Deputy Administrator, and Associate Administrators; duties of Administrator: preparation of data base and publication of economic indices and annual report; risk management database; computer security and education program** (1) The management of the Administration shall be vested in an Administrator who shall be appointed from civilian life by the President, by and with the advice and consent of the Senate, and who shall be a person of outstanding qualifications known to be familiar and sympathetic with small-business needs and problems. The Administrator shall not engage in any other business, vocation, or employment than that of serving as Administrator. In carrying out the programs administered by the Small Business Administration including its lending and guaranteeing functions, the Administrator shall not discriminate on the

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15 U.S.C. § 634 — General powers

**(a) Seal; appointment and compensation of personnel; use of other services and facilities** The Administration shall have power to adopt, alter, and use a seal, which shall be judicially noticed. The Administrator is authorized, subject to the civil service and classification laws, to select, employ, appoint, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary to carry out the provisions of this chapter; to define their authority and duties; and to pay the costs of qualification of certain of them as notaries public. The Administration, with the consent of any board, commission, independent establishment, or executive department of the Government, may avail itself on a reimbursable or nonreimbursable basis of the use of information, services, facilities (including any field service thereof), officers, and employees thereof, in carrying out the provisions of this chapter. **(b) Powers of Administrator** In the performance of, and with respect to, the functions, powers, and duties vested in him by this chapter the Administrator may— (1) sue and be sued in any court of record of a State having general jurisdiction, or in any United States district court, and jurisdiction is conferred upon such district court to determine such controversies without regard to the amount in controversy; but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Administrator or his property; (2) under regulations prescribed by him, assign or sell at public or private sale, or otherwise dispose of for cash or credit, in his discretion and upon such terms and conditions and for such consideration as the Administrator shall determine to be reasonable, any evidence of debt, contract, claim, p

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15 U.S.C. § 636 — Additional powers

**(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations** The Administration is empowered to the extent and in such amounts as provided in advance in appropriation Acts to make loans for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to any qualified small business concern, including those owned by qualified Indian tribes, for purposes of this chapter. Such financings may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred (guaranteed) basis. These powers shall be subject, however, to the following restrictions, limitations, and provisions: (1) **In general.—** (A) *Credit elsewhere.—* (i) *In general.—* — The Administrator has the authority to direct, and conduct oversight for, the methods by which lenders determine whether a borrower is able to obtain credit elsewhere. No financial assistance shall be extended pursuant to this subsection if the applicant can obtain credit elsewhere. No immediate participation may be purchased unless it is shown that a deferred participation is not available; and no direct financing may be made unless it is shown that a participation is not available. (ii) *Liquidity.—* — On and after October 1, 2015, the Administrator may not guarantee a loan under this subsection if the lender determines that the borrower is unable to obtain credit elsewhere solely because the liquidity of the lender depends upon the guaranteed portion of the loan being sold on the secondary market. (B) *Background checks.—* — Prior to the approval of any loan made pursuant to this subsecti

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15 U.S.C. § 662 — Definitions

As used in this chapter— (1) the term “Administration” means the Small Business Administration; (2) the term “Administrator” means the Administrator of the Small Business Administration; (3) the terms “small business investment company”, “company”, and “licensee” mean a company approved by the Administration to operate under the provisions of this chapter and issued a license as provided in [section 681 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section681&num=0&edition=prelim); (4) the term “State” includes the several States, the territories and possessions of the United States, the Commonwealth of Puerto Rico, and the District of Columbia; (5) the term “small-business concern” shall have the same meaning as in the Small Business Act [[15 U.S.C. 631](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section631&num=0&edition=prelim) et seq.], except that, for purposes of this chapter— (A) an investment by a venture capital firm, investment company (including a small business investment company) employee welfare benefit plan or pension plan, or trust, foundation, or endowment that is exempt from Federal income taxation— (i) shall not cause a business concern to be deemed not independently owned and operated regardless of the allocation of control during the investment period under any investment agreement between the business concern and the entity making the investment; (ii) shall be disregarded in determining whether a business concern satisfies size standards established pursuant to section 3(a)(2) of the Small Business Act [[15 U.S.C. 632(a)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632/a/2&num=0&edition=prelim)]; and (iii) shall be disregarded in

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