Small Business Reauthorization and Amendment Act of 1994
| Date | Chamber | What was voted on | Result | Yes–No | |
|---|---|---|---|---|---|
| Sep 21, 1994 | House · vote #428 | On Passage | Passed | 370–48 | See who voted → |
| Sep 21, 1994 | House · vote #427 | On Motion to Recommit with Instructions | Failed | 176–242 | See who voted → |
TABLE OF CONTENTS:
Title I: Authorizations
Title II: Financial Assistance Programs
Title III: Size Standards and Bond Guarantees
Title IV: Management Assistance
Title V: Relief from FFB Debenture Prepayment Penalties
Title VI: Development of Women-Owned Businesses
Title VII: Miscellaneous Amendments
Small Business Reauthorization and Amendment Act of 1994 - Title I: Authorizations - Amends the Small Business Act to authorize appropriations for specified programs under such Act and the Small Business Investment Act of 1958.
Title II: Financial Assistance Programs - Revises provisions regarding the microloan program to authorize the Small Business Administration (SBA), during FY 1995 through 1997 and in lieu of making direct loans to intermediaries, to participate on a deferred basis of up to 100 percent on loans made to intermediaries by for-profit or nonprofit entities. Limits financing on a deferred basis to ten intermediaries in urban and rural areas, respectively, per year. Limits loans to ten-year terms.
(Sec. 202) Repeals specified State limitations with respect to the microloan demonstration program.
(Sec. 203) Increases to 240 the number of microloan demonstration programs authorized to be funded by the SBA.
(Sec. 206) Removes a limitation on the term of financing provided to enable small businesses to develop foreign markets.
(Sec. 209) Amends the Small Business Investment Act of 1958 to authorize SBA to establish an Accredited Lenders Program for qualified State and local development companies that: (1) have been active participants in the development company program for at least the last 12 months; (2) have qualified personnel who are knowledgeable in SBA's lending policies and procedures for such program; (3) have the ability to process, close, and service financing for plant and equipment; (4) have a loss rate on their debentures that is acceptable to the SBA; (5) have a history of submitting complete and accurate debenture guarantee application packages; and (6) have demonstrated the ability to serve small business credit needs for financing plant and equipment.
Requires the SBA to expedite the processing of loan applications or servicing actions submitted by a qualified State or local development company that has been designated as an accredited lender.
Suspends or revokes such designations for failures to meet the eligibility criteria or for violations of SBA regulations.
(Sec. 210) Authorizes the SBA to establish a Premier Lenders Program for certified development companies which meet requirements of this section. Authorizes the SBA to designate a participant in the accredited lenders program as a premier lender if such company: (1) has been an active participant in the accredited lenders program for at least the last 12 months (authorizes a waiver of such requirement prior to January 1, 1996, if the applicant is qualified to participate in the program); (2) has a history of submitting adequately analyzed debenture guarantee application packages to the SBA; and (3) agrees to assume and reimburse the SBA for five percent of any loss substained on account of default by the company in the payment on a debenture issued by the company and guaranteed by the SBA.
Authorizes the SBA, upon designation of a company as a premier lender, to permit a lender to approve loans to be funded with the proceeds of and to authorize the guarantee of a debenture issued by such company.
Suspends or revokes designations of State or local development companies as premier lenders for failures to meet this section's requirements or SBA regulations.
(Sec. 211) Directs the SBA Administrator to appoint an Investment Advisory Council for the Specialized Small Business Investment Company Program. Requires the Council to report on the venture capital needs of socially or economically disadvantaged small business concerns and needed Federal incentives to assist the private sector in meeting such needs.
(Sec. 212) Reserves 50 percent of the annual program level of participating securities for funding small business investment companies (SBICs) with private capital of less than $20 million.
(Sec. 213) Directs the SBA to report on the status and disposition of SBICs and provide a complete accounting of their assets, loss rates, and valuation of the SBIC program investments.
Title III: Size Standards and Bond Guarantees - Revises size standard criteria for purposes of determining whether a business is a small business concern.
(Sec. 303) Extends the SBA's authority to authorize sureties to issue, monitor, and service bonds subject to the SBA's guarantee until September 30, 1997.
(Sec. 304) Requires the SBA to carry out a pilot program to provide procurement opportunities to very small business concerns.
Title IV: Management Assistance - Authorizes Small Business Development Centers to enter into contracts with Federal agencies to provide specific assistance to small business concerns if the contract is approved in advance by the Deputy Associate Administrator of the Small Business Development Center program.
(Sec. 404) Extends the authorization of appropriations for the Central European enterprise development program.
(Sec. 405) Authorizes the Administrator to carry out a mobile resource pilot program to use vehicles to provide technical assistance and other services to traditionally underserved populations. Authorizes appropriations.
Title V: Relief from FFB Debenture Prepayment Penalties - Small Business Prepayment Penalty Relief Act of 1994 - Authorizes the SBA, upon the request of the issuer and the concurrence of the borrower, to transfer to the Federal Financing Bank such sums as necessary to reduce the interest rate on a debenture issued by a certified development company. Requires the Bank, upon receipt of such payment, to modify the interest rate for such debentures.
Permits debentures authorized under provisions of the Small Business Investment Act of 1958 regarding private debenture sales and pooling to be used to refinance debentures issued by State or local development companies if the amount of the new financing is limited to amounts necessary to repay the existing debenture, including any prepayment penalty imposed by the Bank.
(Sec. 503) Authorizes the SBA, upon the request of the issuer, to transfer to the Bank such sums as necessary to reduce the interest rate on a debenture issued by a SBIC under title III of such Act. Requires the Bank, upon receipt of such payment, to modify the interest rate for such debentures.
(Sec. 504) Authorizes the SBA, upon the request of the issuer, to modify the interest rate on a debenture issued by an SBIC financing disadvantaged small business concerns.
(Sec. 505) Requires the SBA, upon enactment of an appropriations Act providing funds to carry out this Act, to evaluate the outstanding portfolio of debentures which are eligible for interest rate relief under this Act.
Authorizes appropriations.
Title VI: Development of Women-Owned Businesses - Amends the Women's Business Ownership Act of 1988 to establish an Interagency Committee on Women's Business Enterprise.
(Sec. 606) Extends the SBA's authority to provide financial assistance to women's small business demonstration projects.
(Sec. 607) Establishes an Office of Women's Business Ownership within the SBA.
(Sec. 609) Authorizes appropriations for the development of women's business enterprises.
Title VII: Miscellaneous Amendments - Permits small business contracts awarded to the handicapped to be extended for up to two additional years.
(Sec. 705) Authorizes the Administrator to carry out a manufacturing modernization pilot program for promoting the award of Federal procurement contracts to small business concerns that participate in certified manufacturing application and education centers. Authorizes appropriations.
(Sec. 706) Denies small business assistance to individuals who are not lawfully within the United States.
(Sec. 708) Directs the Chief Counsel for Advocacy of the SBA to study and report to the Congress on the impact of Federal regulatory paperwork and tax requirements on small business.
Laid on the table. See S. 2060 for further action.