A bill to provide the Small Business Administration with additional authority to assist small business concerns in obtaining financing and for other purposes.

Summary

Amends the Small Business Act to modify certain terms and restrictions on loans to small businesses made by the Small Business Administration (SBA). Increases from $500,000 to $750,000 the ceiling on loan amounts which may be made from the revolving fund. Increases from one quarter of one percent to one percent the additional amount of interest for the SBA's share of any loan. Extends from ten to 20 years (25 for real property or construction loans) the period for which loans may be made. States that no guarantee fee shall be paid by a small business receiving a loan. Permits a loan to provide for the payment of interest only during the first part of its term, upon the election of the borrower, lender, and the SBA. Permits a lender in such case to charge a one-time fee of one percent of the loan amount. Allows refinancing or extension of loans in which the SBA has agreed to participate on a deferred basis. Permits the lender to charge an additional service fee if the term of indebtedness then exceeds ten years. Authorizes the SBA to decline to participate in a loan on a deferred basis solely because the loan is for refinancing, only if certain determinations are made. Repeals the provisions of this Act as of October 1, 1983. Directs the SBA to report to the congressional small business committees on the number, value, and default rate of loans made in certain amounts and over specified periods. Makes it a felony to kill an employee of the SBA who is performing official duties.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.