Official Summary

3/10/2010--Introduced.Small Business Reform Act of 2010 or Not Too Small to Succeed in Business Act of 2010 - Amends the Small Business Act to extend from: (1) 9 to 11 years the period that a small business may receive developmental assistance under the Minority Small Business and Capital

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Official Summary

3/10/2010--Introduced.Small Business Reform Act of 2010 or Not Too Small to Succeed in Business Act of 2010 - Amends the Small Business Act to extend from:
(1) 9 to 11 years the period that a small business may receive developmental assistance under the Minority Small Business and Capital Ownership Development Program (Program); and
(2) five to seven years the period that such a small business may spend in the Program's transitional stage. Allows small businesses that previously completed the 9-year period, above, and whose current net worth exceeds $750,000 but is less than $2.25 million to participate for an additional two years. Sets net worth limits for individual Program participants at:
(1) $750,000, for Program admission;
(2) $2.25 million, for continued Program participation after admission; and
(3) $500,000 adjusted gross income, for Program admission and continued eligibility. Provides that, if the Administrator of the Small Business Administration (SBA) graduated a small business from the Program prior to the date of enactment of this Act on the basis that the small business did not meet standards relating to economic disadvantage and the small business now meets such standards, the small business may participate in the Program for 11 years less any period of previous participation.

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