Small Business Administration State Development Company Program Amendments of 1983 - Amends the Small Business Investment Act of 1958 to authorize the Small Business Administration (SBA) to purchase or guarantee any debenture issued by a qualified State development company unless such debenture is collateralized by industrial development bonds. Requires debentures so purchased or guaranteed to be treated on an equal basis in repayment and liquidation with those funds borrowed by the qualified State development company unless the SBA determines that such debentures may be subordinate to the company's other debts and obligations.