A bill to re-establish the authority of the Small Business Administration to make disaster assistance loans in the case of economic injury resulting from currency devaluation.

Summary

Amends the Small Business Act to authorize the Small Business Administration (SBA) to make direct low interest (maximum four percent) disaster loans of up to $100,000 to assist certain small businesses or to refinance all or part of their existing indebtedness. Permits loans only to businesses: (1) located in areas of economic dislocation resulting from extreme fluctuation in the value of the currency of Canada or Mexico and concomitant adjustments in the regulation of the respective monetary system; and (2) unable to obtain credit elsewhere but able to demonstrate the ability to repay the loan. Requires the SBA to report to specified congressional committees on the extent and effectiveness of the loan program.

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1 official file

• Introduced in House

  summary · EN · 16 March 1988

  Open at official source

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