Certified Development Company Enhancement and Improvement Act of 1997

Certified Development Company Enhancement and Improvement Act of 1997 - Amends the Small Business Act to authorize appropriations for FY 1998 through 2000 for the certified development company (CDC) program of the Small Business Investment Act of 1958 (the Act).

(Sec. 3) Amends the Act to limit the fee authorized to be assessed and collected by the Small Business Administration (SBA) for each loan made from the proceeds of SBA debentures to a specified percentage of the outstanding balance of the loan. Requires the amount of the fee authorized for administrative expenses under the CDC program to be established annually by the SBA in the minimal amount necessary to reduce to zero the SBA cost of purchasing and issuing debentures under the Act. Extends the applicability of the prescribed fees to financings approved before October 1, 2000.

(Sec. 4) Repeals a provision limiting to 15 the number of CDC participants in the Premier Certified Lenders Program (Program). Revises requirements for Program participation and the required loss reserve for Program financings. Requires loss reserve replenishment within 30 days after its use. Requires companies participating in the Program to establish a goal of processing a minimum of at least 50 percent of their total loan applications for CDC program assistance pursuant to the Program. Revises the period for the promulgation of Program regulations and guidelines.

(Sec. 12) Repeals a provision which provided for termination of the Program on October 1, 1997.

(Sec. 13) Authorizes approved certified lenders to authorize, service, close, and liquidate loans under the Program.

(Sec. 16) Allows up to 25 percent of a Program project for plant acquisition, construction, conversion, or expansion to be leased by the small business assisted under the project, provided such business meets specified conditions and requirements. Permits any development company assisted under a project to finance any required project down payment. Provides for property valuation of collateral being provided by a small business under a project.