To authorize the Administrator of the Small Business Administration to establish an Accredited Lenders Program for qualified State and local development companies.

Amends the Small Business Investment Act of 1958 to authorize the Small Business Administration (SBA) to establish an Accredited Lenders Program for qualified State and local development companies that: (1) have been active participants in the development company program for the 12-month period preceding the designation; (2) have qualified personnel who are knowledgeable in the SBA's lending policies and procedures for such program; (3) have the ability to process, close, and service financing for plant and equipment; (4) have a loss rate on their debentures that is acceptable to the SBA; (5) have consistently submitted complete and accurate debenture guarantee application packages; and (6) have demonstrated the ability to serve small business credit needs for financing plant and equipment.

Requires the SBA to expedite the processing of all loan applications and servicing actions submitted by a qualified State or local development company that has been designated as an accredited lender.

Suspends or revokes such designations for failures to meet the requirements of this Act or for violations of SBA regulations.