Small Business Investment Company Modernization Act of 2009

[AI summary unavailable — showing source text] Small Business Investment Company Modernization Act of 2009 - Amends the Small Business Investment Act of 1958 to increase the amount that a state or local governmental entity may invest in a small business investment company (SBIC) applicant or licensee from 33% to 45% of the private capital of such applicant or licensee. Requires the Administrator of the Small Business Administration (SBA) to: (1) approve within 60 days after receipt an application for licensing as an SBIC, as long as the applicant meets specified experiential and operational requirements; and (2) notify and provide an opportunity to an applicant to cure any nonconformance with such requirements. Revises the maximum amount of outstanding leverage of SBICs. Provides a limit on the maximum rate of interest authorized to be charged by SBICs for long-term small business loans. Directs the Administrator to exclude the cost basis of any equity investment made by an SBIC in small businesses owned and controlled by veterans when calculating outstanding SBIC leverage limits. Authorizes an SBIC to invest in certain passive entities wholly-owned by the SBIC. Provides that an SBIC with earmarked assets shall not be deemed in…