design to produce buildings that reduce the use 
of nonrenewable resources and minimize envi-
ronmental impact. 
‘‘(K) Plant, equipment and process up-
grades of renewable energy sources such as the 
small-scale production of energy for individual 
buildings or communities consumption, com-
monly known as micropower, or renewable fuels 
producers including biodiesel and ethanol pro-
ducers. 
‘‘(4) Debt refinancing to the extent permitted 
by section 508(d). 
‘‘(b) JOB CREATION
AND RETENTION REQUIRE-
MENTS.— 
‘‘(1) IN
GENERAL.—A project meets the job 
creation or retention objective set forth in subsection 
(a)(1) if the project creates or retains one job for 
every $65,000 guaranteed by the Administrator, ex-
cept that the amount shall be $100,000 in the case 
of a project of a small manufacturer. 
‘‘(2) EXCEPTIONS.— 
‘‘(A) Paragraph (1) shall not apply to a 
project for which eligibility is based on the ob-
jectives set forth in subsection (a)(2) or (a)(3) 
if the certified development company’s portfolio 
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of outstanding debentures creates or retains one 
job for every $65,000 guaranteed by the Ad-
ministrator. 
‘‘(B) For projects in Alaska, Hawaii, 
State-designated enterprise zones, empower-
ment zones, enterprise communities, labor sur-
plus areas designated by the Administrator, the 
certified development company’s portfolio may 
average not more than $75,000 per job created 
or retained. 
‘‘(C) Loans for projects of small manufac-
turers shall be excluded from the calculations in 
subparagraphs (A) and (B). 
‘‘(c) COMBINATION OF CERTAIN GOALS.—A small 
business concern that is unconditionally owned by more 
than 1 individual, or a corporation, the stock of which is 
owned by more than 1 individual, shall be deemed to have 
achieved a goal under subsection (a)(3) if a combined own-
ership share of not less than 51 percent is held by individ-
uals who are in 1 of, or a combination of, the groups de-
scribed in subparagraphs (C) or (E) of subsection (a)(1). 
‘‘(d) COMPOSITION OF THE PROJECT.— 
‘‘(1) IN GENERAL.—The projects described in 
this section shall include, but not be limited to, plant 
acquisition, construction, conversion, expansion (in-
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cluding the acquisition of land), equipment and re-
lated project costs, or to acquire the stock of a cor-
poration (as long as the value of the loan for the ac-
quisition of the stock does not exceed the fixed asset 
value attributable to such assets as would be eligible 
for financing under subsection (a). 
‘‘(2) DEBT REFINANCING.—Any financing ap-
proved under this title may include a limited amount 
of debt refinancing if the project involves the expan-
sion of a small business concern. 
‘‘(3) LIMITATION.—The amount of the existing 
indebtedness may be refinanced and added to the ex-
pansion cost if— 
‘‘(A) the existing indebtedness does not ex-
ceed 50 percent of the project cost of the ex-
pansion; 
‘‘(B) the proceeds of the indebtedness were 
used to acquire land, including a building situ-
ated thereon, to construct a building thereon, or 
to purchase equipment; 
‘‘(C) 
the 
existing 
indebtedness 
is 
collateralized by fixed assets; 
‘‘(D) the existing indebtedness was in-
curred for the benefit of the small business con-
cern; 
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‘‘(E) the financing under this title will be 
used only for refinancing existing indebtedness 
or costs relating to the project financed under 
this title; 
‘‘(F) the financing under this title will pro-
vide a substantial benefit to the borrower when 
prepayment penalties, financing fees, and other 
financing costs are accounted for; 
‘‘(G) the borrower has been current on all 
payments due on the existing debt for not less 
than 1 year preceding the date of refinancing; 
and 
‘‘(H) the financing under this title will 
provide better terms or rate of interest than the 
existing indebtedness at the time of refinancing. 
‘‘(e) DEFINITION.—For purposes of subparagraphs 
(J) and (K) of subsection (a)(1), the terms included have 
the meanings given those terms under the Leadership in 
Energy and Environmental Design (more generally re-
ferred to as LEED) standard for green building certifi-
cation, as determined by the Administrator through regu-
lation to be published in the Code of Federal Regulation.’’. 
SEC. 208. PROJECT FUNDING REQUIREMENTS. 
Section 508 of the Small Business Investment Act 
of 1958 (15 U.S.C. 697e) is amended to read as follows: 
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‘‘SEC. 508. PROJECT FUNDING REQUIREMENTS. 
‘‘(a) IN GENERAL.—Any project described in section 
507 must meet the funding standards set forth in this sec-
tion. 
‘‘(b) SIZE OF DEBENTURE.—The Administrator shall 
only be permitted to guarantee debenture issued by a cer-
tified development company up to the following amounts: 
‘‘(1) $3,000,000 for any project of a small busi-
ness concern. 
‘‘(2) $4,000,000 for any project that meets the 
public policy goals set forth in section 507(a)(3). 
‘‘(3) $4,000,000 for any project to be located in 
a low-income community as that term is described in 
section 507(a)(3)(A). 
‘‘(4) $8,000,000 for each project of a small 
manufacturer. 
‘‘(5) $8,000,000 for each project that reduces 
the borrower’s energy consumption by at least 10 
percent. 
‘‘(6) $8,000,000 for each project that generates 
renewable energy or renewable fuels, such as, but 
not limited to, biodiesel or ethanol production. 
‘‘(7) $10,000,000 for each project for a small 
business concern that constitutes a major source of 
employment as that term is used in section 
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