Small Business Loan Enhancement Act

Summary

Small Business Loan Enhancement Act - Amends the Small Business Investment Act (SBIA): (1) to include women-owned business development among the public policy goals for projects eligible for small business development company loans; and (2) to direct the Administrator of the Small Business Adminstration to require an appraisal of real estate if a loan made for plant acquisition, construction, conversion or expansion includes more than $250,000 for a real estate transaction, or to authorize the lender to require such an appraisal if the loan involves the use of $250,000 or less for such a transaction. Amends the Small Business Act to: (1) authorize loans to small businesses for assistance in meeting Year 2000 technology requirements; and (2) set forth the same real estate appraisal requirements for loans under such Act as prescribed for SBIA loans above. Repeals provisions concerning the payment of accrued interest with respect to SBA-guaranteed small business loans. Amends the SBA's Microloan Program to: (1) require its loan loss reserve fund to be maintained at a level equal to not more than 15 percent of the outstanding balance of the microloans owed to the intermediary; and (2) allow such fund to be reduced below such level if the intermediary can demonstrate to the Administrator, after a five-year participation period, that the average loan loss rate during such period is less than 15 percent, and the Administrator determines that no other factors are likely to impair the intermediary's ability to repay all obligations owed to the SBA. Directs the Administrator to then reduce such rate accordingly, except that such rate cannot be reduced to less than ten percent of the outstanding balance of the microloans owed to such intermediary.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 8 September 1998

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 8 September 1998

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 8 September 1998

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.