,,ii  #aafth ,,congress  #ast ,session  
,s4 #bahh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #ah1     
#bjai ,mr4 ,hawley 7for himself and ,mr4
 ,coons7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,small ,business and     
,entrepreneurship  ,a ,,bill  ,to amend 
the ,small ,business ,investment ,act of
 #aieh to improve the license           
application process for small business  
investment companies1 and for other     
purposes4  #a4 ,short title  ,this ,act 
may be cited as the ,,sbic ,licensing   
,improvement ,act4  #b4 ,approval or    
disapproval of ,,sbic license           
applications ,section #cja of the ,small
 ,business ,investment ,act of #aieh    
7#ae ,u4,s4,c4 #fha7 is amended-- 7#a7  
in subsection 7a71 by inserting after   
the first sentence the following3       
,notwithstanding the preceding sentence1
 a small business investment company may
 be a ,state development company that   
qualifies for assistance under title ,v 

if the development company possesses the
 powers reasonably necessary to perform 
the functions and activities            
contemplated under this title42 and     
7#b7 in subsection 7c77#b7-- 7,a7 in    
subparagraph 7,b7--  7i7 by striking    
clause 7i7 and inserting the following3 
7i7 if the requirements of this section 
are satisfied1 approve the application  
and1 not later than #aj business days   
after the date of that approval1 issue a
 license for such operation to the      
applicant2 or  2 and  7ii7 in clause    
7ii71 by inserting 1 which shall include
 specific reasons for the disapproval   
that are based on items in the          
application after disapproval2 and  7,b7
 by adding at the end the following3    
7,c7 ,effect of disapproval ,with       
respect to an application that the      
,administrator disapproves1 the         
applicant may submit to the             
,administrator a request for a written  
decision regarding that disapproval4    
7,d7 ,appeals ,an applicant that submits

 an application with respect to which   
the ,administration denies may submit an
 appeal as follows3  7i7 ,with respect  
to an application that is denied by the 
,investment ,committee of the ,office of
 ,investment and ,innovation of the     
,administration or the ,investment      
,division ,licensing ,committee of the  
,administration--  7,i7 not later than  
#cj days after the date on which the    
applicable committee so denies the      
application1 the applicant may submit an
 appeal to the ,chair of the ,agency    
,licensing ,committee of the            
,administration 7referred to in this    
subparagraph as the ,chair72 and  7,,ii7
 not later than #cj days after the date 
on which the applicant submits an appeal
 under subclause 7,i71 the ,chair       
shall--  7aa7 issue a ruling with       
respect to the appeal2 and  7bb7 notify 
the applicant regarding the ruling of   
the ,chair4  7ii7 ,with respect to an   
application that the ,chair denies in an
 appeal submitted under clause 7i7--    

7,i7 not later than #cj days after the  
date on which the ,chair submits the    
notification required under subclause   
7,,ii77bb7 of that clause1 the applicant
 may submit to the ,administrator an    
appeal of the ruling made by the ,chair2
 and  7,,ii7 not later than #cj days    
after the date on which the applicant   
submits an appeal under subclause 7,i71 
the ,administrator shall--  7aa7 issue a
 final ruling with respect to the       
appeal2 and  7bb7 notify the applicant  
regarding the ruling of the             
,administrator4  4