SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Small Business Investment Expansion Act of 2007’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—SMALL BUSINESS INVESTMENT COMPANY PROGRAM 
Sec. 101. Simplified maximum leverage limits. 
Sec. 102. Increased investments in women-owned and socially disadvantaged 
small businesses. 
Sec. 103. Increased investments in smaller enterprises. 
Sec. 104. Increased investments in small businesses creating new technologies, 
manufactured goods, or materials or providing services to re-
duce carbon emissions in the United States, reduce the use of 
non-renewable resources, minimize environmental impact, and 
relate people with the natural environment. 
Sec. 105. Simplified aggregate investment limitations. 
TITLE II—NEW MARKETS VENTURE CAPITAL PROGRAM 
Sec. 201. Expansion of New Markets Venture Capital Program. 
Sec. 202. Improved nationwide distribution. 
Sec. 203. Increased investment in small manufacturers. 
Sec. 204. Updating definition of low-income geographic area. 
Sec. 205. Study on availability of equity capital. 
Sec. 206. Expanding operational assistance to conditionally approved compa-
nies. 
Sec. 207. Streamlined application for New Markets Venture Capital Program. 
Sec. 208. Elimination of matching requirement. 
Sec. 209. Simplified formula for operational assistance grants. 
Sec. 210. Authorization of appropriations and dedication to small manufac-
turing. 
TITLE III—ANGEL INVESTMENT PROGRAM 
Sec. 301. Establishment of Angel Investment Program. 
TITLE IV—SURETY BOND PROGRAM 
Sec. 401. Study and report. 
Sec. 402. Preferred Surety Bond Program. 
Sec. 403. Denial of liability. 
Sec. 404. Increasing the bond threshold. 
Sec. 405. Fees. 
TITLE V—VENTURE CAPITAL INVESTMENT STANDARDS 
Sec. 501. Determining whether business concern is independently owned and 
operated.
TITLE VI—REGULATIONS 
Sec. 601. Regulations. 
TITLE I—SMALL BUSINESS IN-
VESTMENT 
COMPANY 
PRO-
GRAM 
SEC. 101. SIMPLIFIED MAXIMUM LEVERAGE LIMITS. 
Section 303(b) of the Small Business Investment Act 
of 1958 (15 U.S.C. 683(b)) is amended— 
(1) by amending paragraph (2) to read as fol-
lows: 
‘‘(2) MAXIMUM LEVERAGE.— 
‘‘(A) 
IN
GENERAL.—The 
maximum 
amount of outstanding leverage made available 
to any one company licensed under section 
301(c) of this Act may not exceed the lesser 
of— 
‘‘(i) 300 percent of such company’s 
private capital; or 
‘‘(ii) $150,000,000. 
‘‘(B) MULTIPLE
LICENSES
UNDER
COM-
MON CONTROL.—The maximum amount of out-
standing leverage made available to two or more 
companies licensed under section 301(c) of this 
Act that are commonly controlled (as deter-
mined by the Administrator) and not under
capital 
impairment 
may 
not 
exceed 
$225,000,000.’’; and 
(2) by striking paragraph (4). 
SEC. 102. INCREASED INVESTMENTS IN WOMEN-OWNED 
AND 
SOCIALLY 
DISADVANTAGED 
SMALL 
BUSINESSES. 
Section 303(b)(2) of the Small Business Investment 
Act of 1958 (15 U.S.C. 683(b)(2)), as amended by section 
101, is further amended by adding at the end the fol-
lowing: 
‘‘(C) 
INCREASED
INVESTMENTS
IN 
WOMEN-OWNED AND SOCIALLY DISADVANTAGED 
SMALL
BUSINESSES.—The limits provided in 
subparagraphs 
(A)(ii) 
and 
(B) 
shall 
be 
$175,000,000 and $250,000,000, respectively, 
for any company that certifies in writing that 
not less than 50 percent of the company’s ag-
gregate dollar amount of investments will be 
made in small businesses that prior to the in-
vestment are— 
‘‘(i) majority owned by one or more— 
‘‘(I) socially or economically dis-
advantaged individuals (as defined by 
Administrator);
‘‘(II) veterans of the Armed 
Forces; or 
‘‘(III) current or former members 
of the National Guard or Reserve; or 
‘‘(ii) located in a low-income geo-
graphic area (as defined in section 351).’’. 
SEC. 103. INCREASED INVESTMENTS IN SMALLER ENTER-
PRISES. 
Section 303 of the Small Business Investment Act 
of 1958 (15 U.S.C. 683) is amended by striking sub-
section (d) and inserting the following: 
‘‘(d) INCREASED INVESTMENTS IN SMALLER ENTER-
PRISES.—The Administrator shall require each licensee, 
as a condition of an application for leverage, to certify in 
writing that not less than 25 percent of the licensee’s ag-
gregate dollar amount of financings will be provide to 
smaller enterprises (as defined in section 103(12)).’’.
SEC. 104. INCREASED INVESTMENTS IN SMALL BUSINESSES 
CREATING NEW TECHNOLOGIES, MANUFAC-
TURED GOODS, OR MATERIALS OR PRO-
VIDING SERVICES TO REDUCE CARBON EMIS-
SIONS IN THE UNITED STATES, REDUCE THE 
USE OF NON-RENEWABLE RESOURCES, MINI-
MIZE ENVIRONMENTAL IMPACT, AND RELATE 
PEOPLE WITH THE NATURAL ENVIRONMENT. 
Section 303 of the Small Business Investment Act 
of 1958 (15 U.S.C. 683), as amended by this Act, is fur-
ther amended by adding at the end the following: 
‘‘(k) INCREASED INVESTMENTS
IN SMALL BUSI-
NESSES.—The Administrator shall give consideration to 
investments in small businesses that are creating new 
technologies, manufactured goods, or materials, or pro-
viding services to reduce carbon emissions in the United 
States, reduce the use of non-renewable resources, mini-
mize environmental impact, and relate people with the nat-
ural environment.’’. 
SEC. 105. SIMPLIFIED AGGREGATE INVESTMENT LIMITA-
TIONS. 
Section 306(a) of the Small Business Investment Act 
of 1958 (15 U.S.C. 686(a)) is amended to read as follows: 
‘‘(a) If any small business investment company has 
obtained financing from the Administration and such fi-
nancing remains outstanding, the aggregate amount of se-