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

Summary

Amends the Small Business Investment Act to establish the Development Investment Committee in the Small Business Administration (SBA). Authorizes the SBA to purchase development investments in any small business which: (1) has high growth potential and is owned and controlled by one or more socially and economically disadvantaged individuals; or (2) is located and agrees to perform a substantial proportion of its production in a labor surplus area. Conditions such assistance on enumerated determinations by the Development Investment Committee, including that: (1)the type and amount of assistance is otherwise unavailable; and (2) the business will create or maintain at least one full-time job for each $15,000 received. Limits the amount purchased by the SBA from a business to $2,000,000. Defines "development investments" to mean certain nonvoting stocks, equity interests in noncorporate small businesses, and certain unsecured debt instruments. Authorizes the SBA to provide financial assistance to public or private organizations to pay the cost of feasibility studies, planning, or marketing research which are necessary to make the Committee's determinations. Establishes a revolving fund in the Treasury for financing functions under this Act. Authorizes the SBA to make and issue notes to the Secretary of the Treasury to obtain funds for discharging obligations under the revolving fund. Limits the amount of notes issued in fiscal year 1982 to $500,000,000.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 February 1981

  Open at official source

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