§ 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;
- (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 et seq.);
- (6) the term "development companies" means enterprises incorporated under
State law with the authority to promote and assist the growth and development of small-business concerns in the areas covered by their operations;
- (7) the term "license" means a license issued by the Administration as
provided in section 681 of this title;
- (8) the term "articles" means articles of incorporation for an incorporated
body and means the functional equivalent or other similar documents specified by the Administrator for other business entities;
- (9) notwithstanding any other provision of law, the term "private capital"
means the private paid-in capital and paid-in surplus of a corporate licensee, or the private partnership capital of an unincorporate licensee, inclusive of (A) any funds invested in the licensee by a public or private pension fund, (B) any funds invested in the licensee by State or local government entities, to the extent that such investment does not exceed 33 percent of a licensee's total private capital and otherwise meets criteria established by the Administration, and (C) unfunded commitments from institutional investors that meet criteria established by the Administration, but it excludes any funds which are borrowed by the licensee from any source or which are obtained or derived, directly or indirectly, from any Federal source, including the Administration: Provided, That no unfunded commitment from an institutional investor may be used for the purpose of meeting the minimum amount of private capital required by this chapter or as the basis for the Administration to issue obligations to provide financing; and
- (10) the term "leverage" includes debentures purchased or guaranteed by the
Administration, participating securities purchased or guaranteed by the Administration, or preferred securities issued by companies licensed under section 681(d) of this title and which have been purchased by the Administration.