Small Business Amendments of 1974

Summary

Small Business Amendments - Makes technical changes to the Small Business Act in terms of program funding, repayments to revolving funds, and program ceilings transferring to the Small Business Act authority previously embodied in title IV of the Economic Opportunity Act of 1964. Removes loans under title IV of the Economic Opportunity Act as permissible loans from the business loan and investment fund of the Small Business Administration. Limits the amount of loans, guarantees, and other obligations of the Small Business Administration that may be outstanding at one time. 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 quaranteed 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 SBA for the remaining term of the outstanding indebtedness. Prohibits loans under the business loan and investment fund if the amount already committed to a borrower exceeds $500,000. Creates within the Treasury, under the Small Business Investment Act, separate funds for guarantees which shall be available to the Administrator without fiscal year limitation as revolving funds for the purposes of this Act. Authorizes appropriations to the funds from time to time in such amounts not to exceed $10,000,000 for the lease fund and $35,000,000 for the surety bond fund to provide capital for the fund.

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Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 24 August 1974

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• Public Law

  summary · EN · 23 August 1974

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• Introduced in Senate

  summary · EN · 9 April 1974

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