### Question
What does qualified debt mean?


### Answer
**Qualified debt** has the following meaning in *15 U.S.C. § 696*:

> indebtedness—


(aa) that—


(AA) was incurred not less than 2 years before the date of the application for assistance under this subparagraph

#### Citation:
  - *15 U.S.C. § 696*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER V-LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES**

