A bill to amend the Small Business Act.

Amends the Small Business Act to require that the business plans developed by small businesses participating in the Small Business Administration's (SBA) small business and capital ownership development program contain predetermined competitiveness criteria for financial, marketing, and management functions in order to measure the progress toward competitiveness and the estimated time needed to reach a competitive condition. Provides for annual review and necessary revision of the estimated time and the competitiveness criteria. Eliminates the requirement that a small business agree, prior to acceptance in the program, to reach a competitive condition within a fixed period of time.

Permits assistance to be denied to a small business participating in such program only if such participant: (1) voluntarily elects not to participate; (2) is denied assistance pursuant to an action by the SBA for termination based on good cause or on the participant's failure to make adequate progress toward achieving its competitiveness criteria; or (3) successfully achieves a substantial portion of its competitiveness criteria.

Sets forth requirements with which such criteria must comply.

Establishes a schedule for the publication of rules and regulations implementing this Act.

Requires that all determinations regarding participation under the small business and capital ownership development program and eligibility for Government procurement contract awards be made pursuant to this Act.