; and (2) shall permit such participating investment funds to incur third-party debt only on such terms and subject to such conditions as may be established by the Administrator, by regulation or otherwise. (f) Calculation of subsidy rate All fees, interest, and profits received and retained by the Administration under this section and section 399D shall be included in the calculations made by the Director of the Office of Management and Budget to offset the cost (as that term is defined in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a )) to the Administration of purchasing and guaranteeing debentures and preferred securities under this Act. 399F. Investments in small business concerns (a) In general A participating investment fund shall use leverage received under section 399D to make debt and equity investments in small and emerging manufacturers to carry out qualifying manufacturing projects. (b) Limitation Not more than 50 percent of the amount provided by a participating investment fund to a small and emerging manufacturer under subsection (a) for a qualifying manufacturing project shall consist of leverage provided to the participating investment fund under the program. (c) Portfolio management A single investment made by a participating investment fund under subsection (a) may not exceed 10 percent of the total capital of the participating investment fund, which includes private capital and any leverage projected to be provided to the participating investment fund, if applicable. (d) Increased outreach The Administration shall issue policy directives to provide for enhanced outreach efforts to increase investments by participating investment funds in— (1) a small business concern owned and controlled by socially and economically disadvantaged individuals; and (2) small business concerns owned and controlled by— (A) women; (B) veterans