PUBLIC LAW 103-403—OCT. 22, 1994 108 STAT. 4185 "(B) EXCEPTION.—During the last quarter of each fiscal year, if the Administrator determines that there is a lack of qualified applicants with private capital of not more than $20,000,000, the Administrator may utilize all or any part of the program level for securities reserved under subparagraph (A) for qualified applicants with private capital of more than $20,000,000.". SEC. 216. REPORT ON SBIC PROGRAM. Not later than May 15, 1995, the Small Business Administration shall submit to the Committees on Small Business of the House of Representatives and the Senate a comprehensive report on— (1) the status and disposition of all small business investment companies participating in the Small Business Investment Company Program under subsections (c) and (d) of section 301 of the Small Business Investment Act of 1958, whether active or in liquidation; (2) a complete accounting of the assets in and the basis of the portfolios of such companies; (3) the projected and actual loss rates for all portfolios in liquidation or active; and (4) a detailed accounting of valuation of the Small Business Investment Company Program's investments. SEC. 217. PREMIER CERTIFIED LENDERS PROGRAM. (a) IN GENERAL. —Title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) is amended by adding at the end the following new section: "SEC. 508. PREMIER CERTIFIED LENDERS PROGRAM. 15 USC 697e. "(a) ESTABLISHMENT,— On a pilot program basis, the Administration may establish a Premier Certified Lenders Program for not more than 15 certified development companies that meet the requirements of subsection (b). "(b) REQUIREMENTS.— "(1) APPLICATION. —To be eligible to participate in the Premier Certified Lenders Program established under subsection (a), a certified development company shall prepare and submit to the Administration an application at such time, in such manner, and containing such information as the Administration may require. "(2) DESIGNATION. — The Administration may designate a certified development company as a premier certified lender if such company— "(A) has been an active participant in the accredited lenders program during the 12-month period preceding the date on which the company submits an application under paragraph (1), except tnat, prior to January 1, 1996, the Administration may waive this requirement if the company is qualified to participate in the accredited lenders program; "(B) has a history of submitting to the Administration adequately analyzed debenture guarantee application packages; and "(C) agrees to assume and to reimburse the Administration for 10 percent of any loss sustained by the Administration as a result of default by the company in the pay- ment of principal or interest on a debenture issued by
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