A bill to amend the Small Business Investment Act of 1958.

Summary

Amends the Small Business Investment Act of 1958 to establish the Development Investment Committee in the Small Business Administration (SBA). Authorizes the SBA to provide financial assistance to small businesses by purchasing development investments in such concerns if they have high growth potential and: (1) are owned and controlled by socially and economically disadvantaged individuals; or (2) are located and agree to perform a substantial proportion of their production in a labor surplus area. Conditions such assistance upon findings by the Development Investment Committee that: (1) the assistance requested is not otherwise available; (2) the business will be able to operate successfully within a reasonable time period with such assistance; (3) the assistance will be used for capital improvements or working capital; (4) the terms under which the assistance is provided will not be breached by the business; (5) the business will create or maintain at least one full-time job for every $15,000 of assistance received; and (6) the salaries of the employees of the business are not unreasonable. Defines "development investments" as certain nonvoting stocks, nonvoting equity interests in noncorporate small businesses, and certain unsecured debt instruments. Establishes a revolving fund in the Treasury to finance the SBA's functions under this Act. Authorizes appropriations to such fund.

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Documents

1 official file

• Introduced in House

  summary · EN · 2 February 1983

  Open at official source

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