Small Business Investment Company Progress Act of 1991

Summary

Small Business Investment Company Progress Act of 1991 - Amends the Small Business Investment Act of 1958 to prescribe minimum private capital requirements for small business investment companies. Sets forth guidelines for the maximum amount of outstanding guarantees which may be provided to small business investment companies under common control. Prohibits the Small Business Administration (SBA) from purchasing or guaranteeing securities or debentures of companies under common control. Sets forth a formula for the maximum amount of outstanding leverage which may be provided by the SBA to any investment company. Repeals provisions authorizing financial assistance as a percent of capital and surplus if the recipients are companies under common control. Sets forth subordination guidelines for debentures purchased or guaranteed by the SBA. Authorizes the inclusion of private or public pension funds within the definition of the private capital of a small business investment company. Mandates that financing made to provide long-term loans or equity capital for small business concerns assist in the establishment, change of ownership or expansion of small business concerns, according to specified guidelines. Authorizes the SBA to disqualify any director of a small business investment company who has been convicted of a criminal offense or moral turnpitude. Directs the SBA to issue guarantee and trust certificates at least every four months.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 27 February 1991

  Open at official source

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