A bill to amend the Small Business Act to restore the authority to make loans for economic dislocation and to clarify that such dislocations include foreign currency devaluations.

Summary

Amends the Small Business Act to authorize the Small Business Administration (SBA) to make loans to small businesses in areas of economic dislocation. Provides that economic dislocation includes: (1) extraordinary, severe, and temporary natural conditions; (2) foreign currency devaluations; and (3) other economic dislocations determined by the SBA. Requires that such economic dislocation be of such magnitude that without the benefit of the loans under this Act a significant number of otherwise financially sound small businesses in those areas would become insolvent or would be unable to return quickly to their former level of operation. Limits each loan to a maximum of $100,000. Prohibits loan proceeds from being used to reduce other loans. Permits the deferral of loan repayment for one year.

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1 official file

• Introduced in House

  summary · EN · 3 March 1983

  Open at official source

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