Small Business Rural Revitalization Act of 1989

Summary

Small Business Rural Revitalization Act of 1989 - Title I: Capital Formation - Amends the Small Business Investment Act of 1958 to set forth: (1) the capital requirements for small business investment companies operating in designated rural areas; and (2) the maximum amount of Small Business Administration-guaranteed debentures that may be issued by a qualified, certified, rural area development company. Requires that funds obtained pursuant to such debentures be used to establish a revolving fund for specified loans to rural small businesses. Requires that at least 50 percent of a development company's paid-in capital shall be from private investors. Sets forth the maximum aggregate amount of debentures that may be guaranteed by the Small Business Administration (SBA). Title II: Procurement Assistance - Prescribes guidelines under which Federal agencies which allocate funds to States and political subdivisions shall develop mechanisms to facilitate designated rural area participation in Federal procurement activities, Federal research projects, and federally funded construction projects. Amends the Office of Federal Procurement Policy Act to direct the head of each executive agency to give equal consideration to designated rural areas when determining Federal construction activities. Title III: Business Development - Directs the SBA Administrator to make grants to State-chartered development agencies to acquire property in designated rural areas to be used to headquarter small business incubators. (An incubator is a facility fostering growth of new small businesses in which: (1) more than one business is located; (2) services and equipment are shared; and (3) access to professional, technical, and financial resources is provided.) Conditions such grant upon the: (1) provision of non-Federal matching funds; and (2) use by the small business incubator of SBA management and technical assistance resources. Requires that such grants be used to offset the interest charged in financing obtained to acquire property for use by a small business incubator. Title IV: Regulatory Simplification: Miscellaneous Amendments - Sets forth conditions under which, pursuant to an SBA written request, a regulatory agency may waive or modify its rules pertaining to community development or economic revitalization of a designated rural area. Requires the SBA Administrator to report to the Congress the results of a review of all Federal rural economic development programs and laws whose purpose is the promotion of rural area businesses, community development, and enhanced employment opportunities.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 18 May 1989

  Open at official source

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