Small Business and Capital Ownership Development Act

Small Business and Capital Ownership Development Act - Amends the Small Business Act to revise procedures of the Small Business Administration (SBA) governing financial aid for projects providing technical or management assistance to small business concerns. Expands firms eligible for such assistance to include those under the SBA Federal procurement c contracting program.

Establishes an advisory committee to facilitate the achievement of the SBA's programs: (1) to encourage placement of subcontracts by private business with small business concerns located in areas of high concentration of unemployed or low-income individuals, with small businesses owned by low-income individuals, and small businesses eligible to receive Federal procurement contracts; and (2) to provide incentives to such businesses to aid in the training of potential subcontractors. Requires the General Accounting Office (GAO) to evaluate SBA activities in such areas.

Requires that GAO (previously SBA) evaluate the managerial assistance and other minority business development programs provided by SBA.

Establishes within the SBA a Small Business and Capital Ownership Development Program to provide assistance exclusively to small businesses eligible to receive contracts under the Federal procurement contracting program. Details the nature of the development program, including provision of assistance in financial counseling, accounting, performance monitoring, and procuring of surety bonds. Prohibits small business concerns from receiving procurement contracts unless the program is able to provide such management, technical and financial services as necessary to promote the competitive viability of the concern within a reasonable period of time.