authorizing statute (SSBICs) must restrict eligibility of small concerns financed by such investment companies to those owned and operated by individuals whose participation in the free enterprise system has been hampered by social or economic disadvantages. Debentures are issued by the SBIC and guaranteed by SBA for a term not to exceed 10 years, and participating securities for a 15- year maximum. All investment companies generally may not self-deal, take control, finance "big business," or invest over 20 percent (30 percent for SSBICs) of private capital in any single small concern. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Any chartered small business investment company having private capital of not less than $3,000,000, having qualified management, and giving evidence of sound operation, and establishing the need for SBIC financing in the geographic area in which the applicant proposes to operate. Beneficiary Eligibility: Individual businesses (single proprietorship, partnership or corporation) which satisfy the established criteria of a small business. SSBICs beneficiary must also be a business owned and operated by socially or economically disadvantaged individuals. Credentials/Documentation: Investment company must be chartered as a corporation, limited partnership (with individuals, corporation, partnership, or limited liability company as general partner), or limited
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