; (7) the term small and emerging manufacturer means any advanced manufacturer that does not exceed the size standard established by the Administrator for the applicable North American Industry Classification System code under section 3 of the Small Business Act ( 15 U.S.C. 632 ); and (8) the term small business concern owned and controlled by socially and economically disadvantaged individuals has the meaning given the term in section 8(d)(3)(C) of the Small Business Act ( 15 U.S.C. 637(d)(3)(C) ). 399B. Establishment (a) In general The Administrator shall establish and carry out a scale-up manufacturing investment company program under which the Administrator shall provide leverage to participating investment funds to support debt and equity investments in qualifying manufacturing projects of small and emerging manufacturers in the United States. (b) Administration of program The program shall be administered by the Administrator acting through the Associate Administrator. 399C. Selection of participating investment funds (a) Application for license (1) Submission of application An investment fund desiring to receive a license to operate under the program shall submit an application to the Administrator at such time and in such manner as the Administrator may require. (2) Requirement An application submitted under paragraph (1) shall demonstrate that the investment fund— (A) has the requisite minimum private capital raised from investors