; and (B) that has an investment track record that does not meet the requirements to be licensed under section 301; and (31) the term synthetic equity has the meaning given that term in section 409(p)(6) of the Internal Revenue Code of 1986. . (b) Employee equity investment facility Part A of title III of the Small Business Investment Act of 1958 ( 15 U.S.C. 681 et seq. ) is amended by adding at the end the following: 321. Employee equity investment facility (a) Definition of facility In this section, the term facility means the facility established under subsection (b). (b) Establishment The Administrator, acting through the Associate Administrator of the Office of Investment and Innovation of the Administration, shall establish and carry out a facility to provide leverage to licensed employee equity investment companies and non-EEIC companies for the purpose of encouraging covered investments. (c) Application (1) In general An investment firm desiring to participate in the facility shall submit to the Administrator an application— (A) to be licensed to participate in the facility as an employee equity investment company (including as a Protege EEIC)