Business Opportunity Development Reform Act of 1988

Here's the summary: The Small Business Act has undergone key reforms to enhance its effectiveness in promoting small business development. The Capital Ownership Development Program provides financial, technical, and management assistance to socially and economically disadvantaged individuals. Eligibility criteria include ownership, control, and economic disadvantage. Time limitations for program participation have been set at nine years, with a maximum of four years in the developmental stage and five years in the transitional stage. Business development objectives focus on fostering business ownership and development among minority groups. Program participants must submit annual reports and personal financial statements to determine continued eligibility.