It is hereby found and declared that:
(1) There exist in the state conditions of substantial and persistent unemployment, underemployment, diminished social and economic opportunity, and other forms of economic distress, which adversely affect the general welfare of the people of the state;
(2) Such conditions of distress could be alleviated and avoided in the future by the expanded development and retention of small business concerns which, as a whole, have demonstrated a capacity to provide high levels of employment and income growth, as well as expanded social and economic opportunity, especially for disadvantaged persons;
(3) The capacity of small business concerns to produce socially beneficial effects and to maintain a competitive free enterprise system is being seriously hampered by the lack of technical expertise available for small business development and by the lack of availability of equity capital, long-term subordinated loans, and other financial assistance to finance the development, expansion, and retention of small business concerns;
(4) The creation of a quasi-governmental body to provide technical assistance regarding the financing, development, and expansion of small businesses and to provide equity capital, long-term subordinated loans, and other financial assistance to finance the development, expansion, and retention of small business concerns, as a means of alleviating and avoiding conditions of economic distress, is necessary and is a public purpose and in the public interest; and
(5) The authorization for a quasi-governmental body to engage in cooperative financing endeavors with the United States or its agencies, political subdivisions, any public or private association or corporation, or individuals for the purpose of providing equity capital and long-term subordinated loans to finance the development, expansion, and retention of small business concerns in the state is necessary and is a public purpose and in the public interest.