Small Business and Capital Ownership Development Act

[AI summary unavailable — showing source text] Small Business and Capital Ownership Development Act - Amends the Small Business Act to revise procedures of the Small Business Administration (SBA) governing financial aid for projects providing technical or management assistance to small business concerns. Expands firms eligible for such assistance to include those under the SBA Federal procurement c contracting program. Establishes an advisory committee to facilitate the achievement of the SBA's programs: (1) to encourage placement of subcontracts by private business with small business concerns located in areas of high concentration of unemployed or low-income individuals, with small businesses owned by low-income individuals, and small businesses eligible to receive Federal procurement contracts; and (2) to provide incentives to such businesses to aid in the training of potential subcontractors. Requires the General Accounting Office (GAO) to evaluate SBA activities in such areas. Requires that GAO (previously SBA) evaluate the managerial assistance and other minority business development programs provided by SBA. Establishes within the SBA a Small Business and Capital Ownership Development Program to provide assistance exclus…