Minority Business Development Act of 1980

Summary

Minority Business Development Act of 1980 - Redesignates the Minority Business Development Agency in the Department of Commerce as the Minority Business Development Administration. Provides that the Administration shall be headed by an Assistant Secretary of Commerce. Title I: Market Development - Charges the Minority Business Development Administration with: (1) assisting disadvantaged businesses in penetrating domestic and foreign markets; (2) encouraging such businesses to establish joint ventures; and (3) assisting and cooperating with State and local governments in promoting the position of such businesses in the local economy. Authorizes the Administration to provide financial assistance for such purposes. Title II: Capital Formation - Authorizes the Administration to defray all or part of the costs of pilot or demonstration projects to assist disadvantaged businesses in obtaining access to equity capital. Establishes a revolving fund in the Treasury for such purpose. Authorizes the Administration to use the proceeds of this fund to purchase equity investments in disadvantaged businesses under specified circumstances. Limits the amount of any such purchase to $2,000,000. Title III: Management Educational Development - Directs the Administration to promote and assist the education of disadvantaged individuals in business management. Title IV: Research and Information - Directs the Administration to conduct research and perform evaluations with respect to disadvantaged business and to report to Congress within one year of enactment on the resources needed to advance disadvantaged business. Authorizes the Administration to maintain a data bank and information clearinghouse on disadvantaged business. Title V: Administrative and Miscellaneous Powers of the Administration - Sets forth administrative provisions. Directs the Assistant Secretary to report annually to the President on the Administration's activities. Authorizes appropriations to carry out this Act.

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1 official file

• Introduced in House

  summary · EN · 3 February 1981

  Open at official source

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