An Act to amend the Small Business Act and the Small Business Investment Act of 1958 to increase loan authorization and surety bond guarantee authority; and to improve the disaster assistance, certificate of competency and small business set-aside programs, and for other purposes.

Summary

Title I: Authorizations and Limitations - Amends the Small Business Investment Act of 1958 to increase the appropriation for surety bond guarantees from $56,500,000 to $71,000,000. Increases from $6,000,000,000 to $8,000,000,000 the amount appropriated for the business loan and investment fund of the Small Business Administration. Increases from $450,000,000 to $525,000,000 the amount appropriated for economic opportunity loans. Increases the funds for small business investment companies from $725,000,000 to $1,100,000,000. Authorizes appropriations and sets program levels for various programs under the Small Business Act for fiscal years 1978 and 1979. Title II: Miscellaneous, Conforming and Technical Amendments - Requires that reports to the President and Congress concerning minority small businesses include: the proportion of loans and other assistance under this Act; the goals of the Administration for the next fiscal year with respect to such concerns: and recommendations for improving assistance. Title III: Amendments to Small Business Administration Loan Authority - Amends the Small Business Act to allow loans to be used for the financing of residential or commercial construction or rehabilitation for sale. States that no payments will be required of the small business while payments are being made by the Small Business Administration pursuant to the assumption of such business's obligation or while the Administration has suspended payment on its own loan. Limits the period of such assumption or suspension to five years. Sets the prerequisites for receiving the loan and the conditions for repayment of such loan. Title IV: Amendments to Small Business Administration Disaster Loan Authority - Expands the coverage of disaster loans to situations which the Small Business Administration determines to be disasters and where no disaster has been declared upon the certification by the Governor of a State to the Small Business Administration that small business concerns have suffered economic injury as a result of such disaster and that financial assistance is not available on reasonable terms in the disaster-stricken area. Title V: Certificate of Competency - Amends the elements to be considered in certification of any small business for the receipt or performance of a specific Government contract. Requires that final disposition of contract awards be made by the Administration. Describes the role of Government procurement officers and officers engaged in the sale and disposal of Federal property. Title VI: Small Business Set-Asides - Provides that any contracting agency, under the Small Business Act, shall place contracts to allow more than one small business concern to perform work, if the amount of a proposed small business set-aside contract exceeds the maximum amount of a contract for which a surety may be guaranteed against loss under the Small Business Administration's surety bond guarantee program.

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Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 5 August 1977

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• Conference report filed in House

  summary · EN · 26 July 1977

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• Introduced in House

  summary · EN · 4 January 1977

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