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 disaster loans to assist, or refinance all or part of the existing indebtedness (including any direct loans which were made to small businesses affected by currency fluctuations and exchange freezes) of, any small business located in an area of economic dislocation that is the result of the drastic fluctuation in the value of the currency of a country contiguous to the United States and adjustments in the regulation of its monetary system, if such business is unable to obtain credit elsewhere and can demonstrate its ability to repay such loan. Authorizes the Governor of a State to certify to the SBA that: (1) small business concerns within the State have suffered substantial economic injury as a result of such economic dislocation; and (2) such concerns are in need of financial assistance which is not available on reasonable terms. Limits the amount of and interest rate on such loans. Prohibits loan proceeds from being used to reduce the exposure of any other lender. Authorizes the SBA to defer payment of the principal and interest for one year on such loans.

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1 official file

• Introduced in Senate

  summary · EN · 17 December 1987

  Open at official source

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