Certified Development Company Improvement Act

[AI summary unavailable — showing source text] Amends the Small Business Investment Company Act of 1958 to prohibit the Small Business Administration (SBA) from declining to guarantee State and local development company debentures issued to finance small business expansion projects on the grounds that such projects are also being financed by industrial development bonds. Permits loans made with the proceeds of any such debentures to be subordinated to other obligations. Prohibits the SBA and other Federal agencies from restricting the use of guaranteed debentures for projects financed by industrial development bonds if such projects otherwise comply with SBA regulations and procedures.…