110 STAT. 3009 -741 PUBLIC LAW 104-208—SEPT. 30, 1996 "(B) similar plans not covered by such Act that have been established and that are maintained by the Federal Government or any State or political subdivision, or any agency or instrumentality thereof, for the benefit of employ- ees; "(15) the term 'member' means, with respect to a licensee that is a limited liability company, a holder of an ownership interest or a person otherwise admitted to membership in the limited liability company; and "(16) the term 'limited liability company' means a business entity that is organized and operating in accordance with a State limited liability company statute approved by the Administration.". (b) ORGANIZATION OF SMALL BUSINESS INVESTMENT COMPA- NIES. — (1) LIMITED LIABILITY COMPANIES.— Section 301(a) (15 U.S.C. 681(a)) is amended in the first sentence, by striking "body or" and inserting "body, a limited liability company, or". (2) ISSUANCE OF LICENSE.—Section 301(c) (15 U.S.C. 681(c)) is amended to read as follows: " (c) ISSUANCE OF LICENSE. — "(1) SUBMISSION OF APPLICATION.— Each applicant for a license to operate as a small business investment company under this Act shall submit to the Administrator an application, in a form and including such documentation as may be prescribed by the Administrator. "(2) PROCEDURES.— "(A) STATUS. — Not later than 90 days after the initial receipt by the Administrator of an application under this subsection, the Administrator shall provide the applicant with a written report detailing the status of the application and any requirements remaining for completion of the application. "(B) APPROVAL OR DISAPPROVAL.—Within a reasonable time after receiving a completed application submitted in accordance with this subsection and in accordance with such requirements as the Administrator may prescribe by regulation, the Administrator shall— "(i) approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied; or "(ii) disapprove the application and notify the applicant in writing of the disapproval. "(3) MATTERS CONSIDERED.— In reviewing and processing any application under this subsection, the Administrator— "(A) shall determine whether— "(i) the applicant meets the requirements of subsections (a) and (c) of section 302; and "(ii) the management of the applicant is qualified and has the knowledge, experience, and capability necessary to comply with this Act; "(B) shall take into consideration— "(i) the need for and availability of financing for small business concerns in the geographic area in which the applicant is to commence business;
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