Premier Lenders Program Authorization Act of 1994

Summary

Premier Lenders Program Authorization Act of 1994 - Amends the Small Business Investment Act of 1958 to authorize the Small Business Administration (SBA) to establish a Premier Lenders Program for certified development companies which meet requirements under this Act. Authorizes the SBA to designate a participant in an accelerated lenders program as a premier lender if such company: (1) has been an active participant in the accelerated lenders program for at least the last 12 months (waives such requirement if, prior to January 1, 1996, the applicant is qualified to participate in the program); (2) has a history of submitting adequately analyzed debenture guaranty application packages to the SBA; and (3) agrees to assume and reimburse the SBA for five percent of any loss sustained on account of default by the company in the payment on a debenture issued by the company and guaranteed by the SBA. Requires certified development companies, upon approval of an applicant as a premier lender, to establish a loss reserve in an amount equal to the anticipated losses to the company based on the historic loss rate on debentures or three percent of the aggregate principal amount of debentures issued by the company, whichever is greater. Authorizes the SBA, upon designation of a company as a premier lender, to permit a lender to approve loans to be funded with the proceeds of and to authorize the guaranty of a debenture issued by such company. Suspends or revokes designations of State or local development companies as premier lenders for failures to meet this Act's requirements or SBA regulations.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 30 June 1994

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• Introduced in House (PDF)

  Introduced in House · EN · 30 June 1994

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• Introduced in House

  summary · EN · 30 June 1994

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