Small Business Administration State Development Company Program Amendments of 1982

Small Business Administration State Development Company Program Amendments of 1982 - Amends the Small Business Investment Act of 1958 to authorize the Small Business Administration (SBA) to purchase or guarantee debentures issued by State development companies. Makes such debentures subordinate to the other debts and obligations of such companies unless the SBA determines otherwise. Requires that the proceeds of such financing be used solely to assist identifiable small businesses for sound business purposes.