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 increase from $500,000 to $750,000 the ceiling on loan amounts for small businesses from the business loan and development fund. Removes the ceiling on the rate of additional interest to be charged for the Small Business Administration's (SBA) share of any direct or immediate participation loan. Permits an SBA loan agreement to provide for the payment of interest only during the first part of its term, upon the election of the borrower, the SBA, and the lender. Permits a lender in such a case to charge a one-time fee of one percent of the loan amount. Repeals the authorization of interest-only payment periods on October 1, 1985. Requires the SBA to report to the congressional Small Business Committees on: (1) the number, dollar value, and default rate of all SBA loans made in excess of $500,000 and of all SBA loans made since the enactment of this Act not in excess of $500,000; and (2) the number, dollar value, default rate, and geographic location of recipients of SBA loans with interest-only payment periods. Makes it a felony to kill an employee of the SBA engaged in his or her official duties.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1983

  Open at official source

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