42 U.S.C. § 9815: Small Business Administration…

Summary

Grants made under this subchapter that are put, directly or indirectly, into a small investment company, local development company, limited small business investment company, or a small business investment company licensee under section 681(d) of title 15 must be counted as paid-in capital and surplus for the purposes of sections 682, 683, and 696 of title 15. Within 90 days after August 13, 1981, the Small Business Administration’s Administrator, after talking with the Secretary, must write rules so community development corporations can use programs that support the goals of this subchapter, including programs under section 637(a) of title 15. Areas chosen for help under this subchapter are treated as “redevelopment areas” under section 401 of the Public Works and Economic Development Act of 1965. They qualify for assistance under titles I and II of that Act and meet the overall economic development program rules in section 202(b)(10). Within 90 days after August 13, 1981, the Secretary of Commerce must issue rules so community development corporations and cooperatives qualify for and can receive Economic Development Administration programs that support this subchapter.

Title 42, §9815

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(a)(1)Funds granted under this subchapter which are invested directly or indirectly, in a small investment company, local development company, limited small business investment company, or small business investment company licensee under section 681(d) of title 15 shall be included as “private paid-in capital and paid-in surplus”, “combined paid-in capital and paid-in surplus”, and “paid-in capital” for purposes of section 682, 683, and 696, respectively, of title 15.

(2)Not later than 90 days after August 13, 1981, the Administrator of the Small Business Administration, after consultation with the Secretary, shall promulgate regulations to ensure the availability to community development corporations of such programs as shall further the purposes of this subchapter, including programs under section 637(a) of title 15.

(b)(1)Areas selected for assistance under this subchapter shall be deemed “redevelopment areas” within the meaning of section 401 of the Publc Works and Economic Development Act of 1965,1 shall qualify for assistance under the provisions of title I and title II of such Act, and shall be deemed to have met the overall economic development program requirements of section 202(b)(10) of such Act.

(2)Not later than 90 days after August 13, 1981, the Secretary of Commerce shall prescribe regulations which will ensure that community development corporations and cooperatives shall qualify for assistance and shall be eligible to receive such assistance under all such programs of the Economic Development Administration as shall further the purposes of this subchapter.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 681(d) of title 15, referred to in subsec. (a)(1), was repealed by Pub. L. 104–208, div. D, title II, § 208(b)(3)(A), Sept. 30, 1996, 110 Stat. 3009–742. The Public Works and Economic Development Act of 1965, referred to in subsec. (b)(1), is Pub. L. 89–136, Aug. 26, 1965, 79 Stat. 552. Titles I to VI of the Act of 1965 were repealed and new titles I to VI were enacted by Pub. L. 105–393, title I, § 102(a), Nov. 13, 1998, 112 Stat. 3597. As so enacted, section 401 of the Act no longer defines “redevelopment areas” and section 202 of the Act no longer contains a subsec. (b). For complete classification of this Act to the Code, see

Short Title

note set out under section 3121 of this title and Tables.

§9815 Small Business Administration and Department of Commerce Economic Development Programs; Regulations