,,ii #aag? ,,congress #a/ ,session ,s4 #agei ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #bj1 #bjba,mr4 ,hick5loop] 7= himself & ,mr4 ,ris*7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ,a ,,bill ,to e/abli% a ,micro,cap small bus9ess inve/m5t company designation1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,micro,cap ,small ,bus9ess ,inve/+ ,act ( #bjba4 #b4 ,micro,cap small bus9ess inve/m5t company designation 7a7 ,9 g5]al ,title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq47 is am5d$-- 7#a7 9 section #cja7;c7 7#ae ,u4,s4,c4 #fha7;c771 by add+ at ! end ! foll[+3 7#e7 ,micro,cap small bus9ess inve/m5t company lic5se 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 ! ,adm9i/rator may approve an application & issue n m ?an #aj lic5ses annually "u ?is subsection ) respect to any applicant-- 7i7 t w\ld o!rwise be issu$ a lic5se "u ?is subsection1 except t ! managem5t ( ! applicant does n satisfy ! qualification requirem5ts "u p>agraph 7#c77;,a77ii7 to ! ext5t t su* requirem5ts relate to inve/m5t exp]i5ce & track record1 includ+ any su* requirem5ts fur!r set =? 9 section #ajg4cje ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7ii7 = :i* ! fund manag]s h-- 7,i7 a docum5t$ record ( successful bus9ess exp]i5ce2 7,,ii7 a record ( bus9ess managem5t success2 or 7,,iii7 k 9 ! p>ticul> indu/ry or bus9ess 9 :i* ! inve/m5t /rategy is be+ pursu$2 & 7iii7 t1 9 addition to any o!r requirem5t applicable to ! applicant "u ?is title or ! rules issu$ to c>ry out ?is title 7includ+ section #aba4cja7;c77#b7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation71 w make n less ?an #be p]c5t ( its inve/m5ts 9-- 7,i7 l[-income communities1 z t t]m is def9$ 9 section #de;,d7e7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 7,,ii7 a community t has be5 designat$ z a qualifi$ opportunity zone "u section #adjj,z-#a ( ! ,int]nal ,rev5ue ,code ( #aihf2 7,,iii7 bus9esses prim>ily engag$ 9 rese>* & developm5t2 7,,iv7 manufactur]s2 7,v7 bus9esses prim>ily own$ or controll$ by individuals 9 und]s]v$ communities be=e receiv+ capital f ! applicant2 & 7,,vi7 rural areas1 z t t]m is def9$ by ! ,bureau ( ! ,c5sus4 7,b7 ,priority2 /reaml9$ process ,) respect to an application = a lic5se pursuant to ?is p>agraph1 ! ,adm9i/rator %all-- 7i7 give priority to an applicant = su* a lic5se t is locat$ 9 an und]lic5s$ ,/ate2 & 7ii7 e/abli% a /reaml9$ process = applicants submitt+ su* an application4 7,c7 ,tim+ = issuance ( lic5se ,not)/&+ p>agraph 7#b71 ) respect to an application = a lic5se submitt$ to ! ,adm9i/rator pursuant to ?is p>agraph1 ! ,adm9i/rator %all-- 7i7 n lat] ?an #fj days aft] ! date on :i* ! application is submitt$ to ! ,adm9i/rator1 process & provide complete fe$back ) respect to any pre-lic5se application requirem5ts applicable to ! applicant2 7ii7 n re/rict ! submission ( any application mat]ials2 & 7iii7 n lat] ?an #ij days aft] ! date on :i* ! application is submitt$ to ! ,adm9i/rator-- 7,i7 approve ! application & issue a lic5se = su* op]ation to ! applicant1 if ! requirem5ts = ! lic5se are satisfi$2 or 7,,ii7 bas$ ^u facts 9 ! record-- 7aa7 disapprove ! application2 & 7bb7 provide ! applicant )-- 7,,aa7 a cle>1 writt5 explanation ( ! reason = ! disapproval2 & 7,,bb7 a *ance to rem$y any issues ) ! application & imm$iately reapply1 ) te*nical assi/ance provid$ z ne$$ & a new det]m9ation made by ! ,adm9i/rator n lat] ?an #cj days aft] ! date on :i* ! applicant re-submits ! application4 7,d7 ,lev]age ,a company lic5s$ pursuant to ?is p>agraph %all-- 7i7 n be eligible to receive lev]age 9 an am\nt t is m ?an #be1jjj1jjj2 & 7ii7 access lev]age 9 an am\nt t is n m ?an #ajj p]c5t ( ! private capital ( ! applicant4 7,e7 ,inve/m5t committee 7i7 ,9 g5]al ,ea* company lic5s$ pursuant to ?is p>agraph %all h n few] ?an #b indep5d5t memb]s on ! inve/m5t committee ( ! company 9 a mann] t complies ) ! foll[+ requirem5ts3 7,i7 ,! indep5d5t memb]s ( ! inve/m5t committee are or h be5 lic5s$ manag]s ( small bus9ess inve/m5t companies )9 ! prec$+ #aj-ye> p]iod4 7,,ii7 ,no small bus9ess inve/m5t company describ$ 9 subclause 7,i7 may adv]sely affect$ by ! relation%ip ( ! indep5d5t memb]s ( ! inve/m5t committee ) ! company lic5s$ pursuant to ?is p>agraph4 7,,iii7 ,! indep5d5t memb]s ( ! inve/m5t committee are requir$ to approve ea* inve/m5t made by ! company4 7,,iv7 ,! indep5d5t memb]s ( ! inve/m5t committee %all n be paid a managem5t fee1 b may receive paid exp5ses & a portion ( any c>ri$ int]e/4 7ii7 ,lev]age limits ,any lev]age associat$ ) a company lic5s$ pursuant to ?is p>agraph %all n be c\nt$ t[>d ! lev]age limits ( ! indep5d5t memb]s ( ! inve/m5t committee ( ! company "u ?is title4 2 & 7#b7 9 section #cjc7;d7 7#ae ,u4,s4,c4 #fhc7;d771 by ins]t+ 7or1 ) respect to a company lic5s$ "u section #cja7;c77#e71 #ej p]c5t7 aft] #be p]c5t4 7b7 ,,sba requirem5ts 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration2 & 7,b7 ! t]m cov]$ company means an entity t is lic5s$ to op]ate z a small bus9ess inve/m5t company pursuant to p>agraph 7#e7 ( section #cja7;c7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha7;c771 z add$ by subsection 7a74 7#b7 ,rules ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all issue rules to c>ry out ?is section & ! am5dm5ts made by ?is section4 7#c7 ,annual report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 & annually !reaft]1 ! ,adm9i/rator %all publicly publi% a report t details1 = ! ye> cov]$ by ! report-- 7,a7 ! numb] ( cov]$ companies lic5s$ by ! ,adm9i/rator2 7,b7 ! indu/ries 9 :i* cov]$ companies h inve/$2 7,c7 ! geographic locations ( cov]$ companies2 & 7,d7 ! aggregate p]=mance ( cov]$ companies4