Small Business Assistance Act

Summary

Small Business Assistance Act - Empowers the Small Business Administration to make such loans (either directly or in cooperation with banks or other lending institutions) as the Administration may determine to be necessary or appropriate to assist, or refinance the existing indebtedness of any small business concern to permit such concern to adjust to adverse economic effects that are determined by the Administration to be the direct or indirect result of national or regional shortages of energy, energy-related raw materials, or other raw materials or resources, if the Administration determines that such concern has experienced or is likely to experience substantial economic injury in the absence of such assistance. States that for purposes of this subsection, the Administration shall give special consideration to concerns doing a majority of their business or intending to locate or relocate in areas in which the level of unemployment meets the definition of "persistent unemployment" promulgated by the Secretaty of Labor; or in which a shortage in any specific type of energy, material, or resource is substantially greater than in the country as a whole. States that the interest rate on the Administration's share of any loan made under this Act shall not exceed 3 percent per year. Authorizes an appropriation to the disaster loan fund established pursuant to the Small Business Act of $100,000,000 solely for the purpose of carrying out this Act.

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1 official file

• Introduced in Senate

  summary · EN · 22 March 1974

  Open at official source

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