### Question
How is the "qualified State or local development company" defined?


### Answer
The term **qualified State or local development company** is defined in *15 U.S.C. § 697* as follows -

> any State or local development company which, as determined by the Administration, has—


(A) a full-time professional staff

#### Citation:
  - *15 U.S.C. § 697*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER V-LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES**

