A bill to amend the Small Business Act.

Summary

Amends the Small Business Act to make Small Business Administration (SBA) loans available to State and local development companies for plant acquisition, construction, conversion, or expansion (including land acquisition) and to any small business for purposes of such Act. Removes limitations on the primary use of such loans. Increases the maximum amount of such loans from $500,000 to $750,000. Authorizes the SBA to add up to one percent to the interest rate on such loans (currently the SBA may add one-quarter of one percent to the interest rate). Increases the maximum maturity from ten to 30 years. Makes small business concerns owned and controlled by Indian tribes and any public or private organizations which employ handicapped individuals for 75 percent or more of the man-hours required for their business eligible for loans under such Act. Permits the SBA to advance financial assistance to State or local development companies to assist identifiable small business concerns. Eliminates loans to corporations formed and capitalized by small businesses for the purpose of obtaining raw materials, equipment, inventories, supplies, or research and development benefits. Repeals provisions authorizing trade adjustment loans, loans to small businesses in high unemployment and low income areas or owned by low-income individuals, and loans for solar energy and energy conservation measures. Repeals the authorizations for SBA programs, salaries, and expenses for fiscal year 1981.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 May 1981

   Introduced

   Read second time and referred to Senate Committee on Small Business.

   Source: IntroReferral

2. 7 May 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 7 May 1981

  Open at official source

Sponsors

• Sen. Weicker, Lowell P., Jr. [R-CT] · R · Sponsor
• · sssb00 · Standing

Related records

• related to → Small Business Budget Reconciliation and Loan Consolidation/Improvement Act of 1981