Small Business Amendments

Summary

Small Business Amendments - Makes technical changes to the Small Business Act in terms of program funding, repayments to revolving funds, and program ceilings by transferring to the Small Business Act authority previously embodied in title IV of the Economic Opportunity Act of 1964. Transfers to the Small Business Act the authority to render financial assistance to socially or economically disadvantaged persons. Empowers the Small Business Administration to make or guarantee loans, with particular emphasis on the preservation or establishment of small business concerns located in urban or rural areas with high proportions of unemployed or low-income individuals or owned by low-income individuals. Provides that in the case of loans guaranteed by the Small Business Administration pursuant to the Small Business Act, for purpose of which the participating institution has made a valid demand under the terms of the guarantee, a rate of interest not to exceed that charged by the institution may continue to be charged by the SBA for the remaining term of the outstanding indebtedness. Provides an increase from $10,000,000 to $35,000,000 for the lease guarantee and the surety bond programs. Authorizes to be appropriated to the revolving fund sums necessary for the operation of both programs.

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1 official file

• Introduced in Senate

  summary · EN · 8 March 1974

  Open at official source

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