```

[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2060 Reported in Senate (RS)]

                                                       Calendar No. 561

103d CONGRESS

  2d Session

                                S. 2060

                          [Report No. 103-332]

_______________________________________________________________________

                                 A BILL

                    To amend the Small Business Act.

_______________________________________________________________________

                            August 11, 1994

        Reported with an amendment and an amendment to the title

                                                       Calendar No. 561
103d CONGRESS
  2d Session
                                S. 2060

                          [Report No. 103-332]

                    To amend the Small Business Act.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                  May 3 (legislative day, May 2), 1994

 Mr. Bumpers (for himself, Mr. Pressler, Mr. Nunn, Mr. Levin, Mr. 
        Harkin, Mr. Kerry, Mr. Lieberman, Mr. Wellstone, Mr. Heflin, 
        Ms. Moseley-Braun, and Mr. Chafee) (by request) introduced the 
        following bill; which was read twice and referred to the 
        Committee on Small Business

                            August 11, 1994

  Reported by Mr. Bumpers, with an amendment and an amendment to the 
                                 title
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL

 
                    To amend the Small Business Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, -T-h-a-t -t-h-i-s 
-A-c-t -m-a-y -b-e -c-i-t-e-d -a-s -t-h-e -`-`-S-m-a-l-l 
-B-u-s-i-n-e-s-s -A-d-m-i-n-i-s-t-r-a-t-i-o-n -A-m-e-n-d-m-e-n-t-s -o-f 
-1-9-9-4-'-'-.

                             -T-I-T-L-E -I

    -S-e-c-. -1-0-1-. -S-e-c-t-i-o-n -7-(-m-)-(-1-)-(-B-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y 
-a-d-d-i-n-g -t-h-e -w-o-r-d-s -`-`-, -a -l-e-n-d-e-r -o-r 
-a-l-l-i-a-n-c-e -o-f -l-e-n-d-e-r-s-'-' -a-f-t-e-r -t-h-e -w-o-r-d 
-`-`-A-d-m-i-n-i-s-t-r-a-t-i-o-n-'-'-, -a-n-d -b-y -a-d-d-i-n-g 
-a-f-t-e-r -t-h-e -w-o-r-d -`-`-i-n-t-e-r-m-e-d-i-a-r-i-e-s-'-' -i-n 
-c-l-a-u-s-e -(-i-) -t-h-e-r-e-o-f -t-h-e -f-o-l-l-o-w-i-n-g 
-p-h-r-a-s-e -`-`-p-r-o-v-i-d-e-d -h-o-w-e-v-e-r-, -t-h-a-t -t-h-e 
-A-d-m-i-n-i-s-t-r-a-t-i-o-n -m-a-y -m-a-k-e -i-n -i-t-s -s-o-l-e 
-d-i-s-c-r-e-t-i-o-n -u-p -t-o -1-0-0 -p-e-r-c-e-n-t -d-e-f-e-r-r-e-d 
-p-a-r-t-i-c-i-p-a-t-i-o-n -l-o-a-n-s -t-o -t-e-n 
-i-n-t-e-r-m-e-d-i-a-r-i-e-s -w-h-i-c-h -w-i-l-l -b-e -l-o-c-a-t-e-d 
-i-n -u-r-b-a-n -a-r-e-a-s -a-n-d -t-e-n -i-n-t-e-r-m-e-d-i-a-r-i-e-s 
-w-h-i-c-h -w-i-l-l -b-e -l-o-c-a-t-e-d -i-n -r-u-r-a-l 
-a-r-e-a-s-,-'-'-.
    -S-e-c-. -1-0-2-. -S-e-c-t-i-o-n -7-(-m-)-(-7-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y 
-d-e-l-e-t-i-n-g -t-h-e -n-u-m-b-e-r -`-`-5-0-'-' -f-r-o-m 
-s-u-b-p-a-r-a-g-r-a-p-h -(-B-) -t-h-e-r-e-o-f-, -a-n-d 
-r-e-p-l-a-c-i-n-g -i-t -w-i-t-h -t-h-e -n-u-m-b-e-r -`-`-1-4-0-'-'-, 
-a-n-d -b-y -d-e-l-e-t-i-n-g -t-h-e -p-e-r-i-o-d -a-t -t-h-e -e-n-d 
-t-h-e-r-e-o-f -a-n-d -a-d-d-i-n-g -t-h-e -p-h-r-a-s-e -`-`-: 
-P-r-o-v-i-d-e-d-, -T-h-a-t -n-o -m-o-r-e -t-h-a-n -2-0-0 -t-o-t-a-l 
-m-i-c-r-o-l-o-a-n -p-r-o-g-r-a-m-s -m-a-y -b-e -f-u-n-d-e-d-.-'-'-, 
-a-n-d -b-y -d-e-l-e-t-i-n-g -s-u-b-p-a-r-a-g-r-a-p-h -(-C-) 
-t-h-e-r-e-o-f -a-n-d -i-n-s-e-r-t-i-n-g -i-n -l-i-e-u -t-h-e-r-e-o-f-:
                    -`-`-(-C-) -I-n -n-o -c-a-s-e -s-h-a-l-l -a 
                -S-t-a-t-e -r-e-c-e-i-v-e -m-o-r-e -t-h-a-n -$-5 
                -m-i-l-l-i-o-n -t-o -f-u-n-d -a-l-l -m-i-c-r-o-l-o-a-n 
                -p-r-o-g-r-a-m-s -c-o-n-d-u-c-t-e-d -i-n -t-h-a-t 
                -S-t-a-t-e-.-'-'
    -S-e-c-. -1-0-3-. -S-e-c-t-i-o-n -7-(-m-)-(-3-)-(-C-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y 
-r-e-p-l-a-c-i-n-g -t-h-e -n-u-m-b-e-r -`-`-$-1-,-2-5-0-,-0-0-0-'-' 
-w-i-t-h -t-h-e -n-u-m-b-e-r -`-`-$-1-,-7-5-0-,-0-0-0-'-'-.
    -S-e-c-. -1-0-4-. -S-e-c-t-i-o-n -7-(-m-)-(-3-)-(-F-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y 
-a-d-d-i-n-g -a-f-t-e-r -t-h-e -p-h-r-a-s-e -`-`-1-0 -y-e-a-r-s-'-' 
-i-n -c-l-a-u-s-e -(-i-) -t-h-e -f-o-l-l-o-w-i-n-g-: -`-`-w-i-t-h 
-t-h-e -f-i-r-s-t -f-i-v-e -y-e-a-r-s -o-f -a-n-y -d-e-f-e-r-r-e-d 
-p-a-r-t-i-c-i-p-a-t-i-o-n -l-o-a-n -b-e-i-n-g -a -r-e-v-o-l-v-i-n-g 
-l-i-n-e -o-f -c-r-e-d-i-t -o-n -w-h-i-c-h -o-n-l-y -m-o-n-t-h-l-y 
-p-a-y-m-e-n-t-s -o-f -i-n-t-e-r-e-s-t -w-i-l-l -b-e -r-e-q-u-i-r-e-d 
-a-n-d -t-h-e -b-a-l-a-n-c-e -a-m-o-r-t-i-z-e-d -o-v-e-r -t-h-e 
-s-e-c-o-n-d -f-i-v-e -y-e-a-r -p-e-r-i-o-d-, -w-i-t-h -e-q-u-a-l 
-m-o-n-t-h-l-y -p-a-y-m-e-n-t-s -o-f -p-r-i-n-c-i-p-a-l -a-n-d 
-i-n-t-e-r-e-s-t-'-'-; -a-n-d -b-y -r-e-v-i-s-i-n-g -c-l-a-u-s-e 
-(-i-i-) -t-o -r-e-a-d -a-s -f-o-l-l-o-w-s-:
                            -`-`-(-i-i-) -A-p-p-l-i-c-a-b-l-e 
                        -i-n-t-e-r-e-s-t -r-a-t-e-s-.--
                        -E-x-c-e-p-t-i-o-n -a-s -p-r-o-v-i-d-e-d -i-n 
                        -c-l-a-u-s-e -(-i-i-i-)-, -l-o-a-n-s -m-a-d-e 
                        -b-y -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n 
                        -u-n-d-e-r -t-h-i-s -s-u-b-s-e-c-t-i-o-n -t-o 
                        -a-n -i-n-t-e-r-m-e-d-i-a-r-y -s-h-a-l-l 
                        -b-e-a-r -a-n -i-n-t-e-r-e-s-t -r-a-t-e 
                        -e-q-u-a-l -t-o -t-h-e -r-a-t-e -o-f 
                        -i-n-t-e-r-e-s-t -o-n -c-o-m-p-a-r-a-b-l-e 
                        -f-i-v-e -y-e-a-r -o-b-l-i-g-a-t-i-o-n-s -o-f 
                        -t-h-e -U-n-i-t-e-d -S-t-a-t-e-s 
                        -T-r-e-a-s-u-r-y-.-'-'-.

                            -T-I-T-L-E -I-I

    -S-e-c-. -2-0-1-. -S-e-c-t-i-o-n -7-(-a-)-(-2-)-(-B-)-(-i-v-) -o-f 
-t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -t-o 
-r-e-a-d -a-s -f-o-l-l-o-w-s-:
                            -`-`-(-i-v-) -n-o-t -m-o-r-e -t-h-a-n -9-0 
                        -p-e-r-c-e-n-t -o-f -t-h-e -f-i-n-a-n-c-i-n-g 
                        -o-u-t-s-t-a-n-d-i-n-g -a-t -t-h-e -t-i-m-e 
                        -o-f -d-i-s-b-u-r-s-e-m-e-n-t -i-f -s-u-c-h 
                        -f-i-n-a-n-c-i-n-g -i-s -a-n -e-x-t-e-n-s-i-o-n 
                        -o-r -a -r-e-v-o-l-v-i-n-g -l-i-n-e -o-f 
                        -c-r-e-d-i-t -m-a-d-e -u-n-d-e-r 
                        -p-a-r-a-g-r-a-p-h -(-1-4-) -a-n-d -n-o-t 
                        -l-e-s-s -t-h-a-n -9-0 -p-e-r-c-e-n-t -o-f 
                        -t-h-e -f-i-n-a-n-c-i-n-g 
                        -o-u-t-s-t-a-n-d-i-n-g -a-t -t-h-e -t-i-m-e 
                        -o-f -d-i-s-b-u-r-s-e-m-e-n-t -i-f -s-u-c-h 
                        -f-i-n-a-n-c-i-n-g -i-s -a -l-o-a-n -u-n-d-e-r 
                        -p-a-r-a-g-r-a-p-h -(-1-6-)-.-'-'-.
    -S-e-c-. -2-0-2-. -S-e-c-t-i-o-n -7-(-a-)-(-1-4-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -t-o -r-e-a-d 
-a-s -f-o-l-l-o-w-s-:
            -`-`-(-1-4-)-(-A-) -T-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n 
        -u-n-d-e-r -t-h-i-s -s-u-b-s-e-c-t-i-o-n -m-a-y -p-r-o-v-i-d-e 
        -e-x-t-e-n-s-i-o-n-s-, -s-p-e-c-i-f-i-c-a-l-l-y 
        -i-n-c-l-u-d-i-n-g -g-u-a-r-a-n-t-e-e-s -o-f -s-t-a-n-d-b-y 
        -l-e-t-t-e-r-s -o-f -c-r-e-d-i-t -a-n-d -r-e-v-o-l-v-i-n-g 
        -l-i-n-e-s -o-f -c-r-e-d-i-t -f-o-r -e-x-p-o-r-t 
        -p-u-r-p-o-s-e-s-, -a-n-d -f-i-n-a-n-c-i-n-g-s -t-o 
        -e-n-a-b-l-e -s-m-a-l-l -b-u-s-i-n-e-s-s -c-o-n-c-e-r-n-s-, 
        -i-n-c-l-u-d-i-n-g -s-m-a-l-l -b-u-s-i-n-e-s-s -e-x-p-o-r-t 
        -t-r-a-d-i-n-g -c-o-m-p-a-n-i-e-s -a-n-d -s-m-a-l-l 
        -b-u-s-i-n-e-s-s -e-x-p-o-r-t -m-a-n-a-g-e-m-e-n-t 
        -c-o-m-p-a-n-i-e-s-, -t-o -d-e-v-e-l-o-p -f-o-r-e-i-g-n 
        -m-a-r-k-e-t-s-. -A -b-a-n-k -o-r -p-a-r-t-i-c-i-p-a-t-i-n-g 
        -l-e-n-d-i-n-g -i-n-s-t-i-t-u-t-i-o-n -m-a-y -e-s-t-a-b-l-i-s-h 
        -s-u-c-h -r-a-t-e -o-f -i-n-t-e-r-e-s-t -o-n 
        -e-x-t-e-n-s-i-o-n-s-, -r-e-v-o-l-v-i-n-g -l-i-n-e-s -o-f 
        -c-r-e-d-i-t -a-n-d -f-i-n-a-n-c-i-n-g-s -m-a-d-e -u-n-d-e-r 
        -t-h-i-s -p-a-r-a-g-r-a-p-h -a-s -m-a-y -b-e -l-e-g-a-l -a-n-d 
        -r-e-a-s-o-n-a-b-l-e-.-'-'-.
    -S-e-c-. -2-0-3-. -S-e-c-t-i-o-n -7-(-a-)-(-3-)-(-B-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -t-o -r-e-a-d 
-a-s -f-o-l-l-o-w-s-: -`-`-I-f -t-h-e -t-o-t-a-l -a-m-o-u-n-t 
-o-u-t-s-t-a-n-d-i-n-g -a-n-d -c-o-m-m-i-t-t-e-d -(-o-n -a 
-d-e-f-e-r-r-e-d -b-a-s-i-s-) -s-o-l-e-l-y -f-o-r -t-h-e 
-p-u-r-p-o-s-e-s -p-r-o-v-i-d-e-d -i-n -p-a-r-a-g-r-a-p-h -(-1-6-) -t-o 
-t-h-e -b-o-r-r-o-w-e-r -f-r-o-m -t-h-e -B-u-s-i-n-e-s-s 
-G-u-a-r-a-n-t-e-e-d -L-o-a-n -F-i-n-a-n-c-i-n-g -A-c-c-o-u-n-t 
-e-s-t-a-b-l-i-s-h-e-d -b-y -t-h-i-s -A-c-t -w-o-u-l-d -e-x-c-e-e-d 
-$-1-,-0-0-0-,-0-0-0 -s-u-c-h -a-m-o-u-n-t -t-o -b-e -i-n 
-a-d-d-i-t-i-o-n -t-o -a-n-y -f-i-n-a-n-c-i-n-g -s-o-l-e-l-y -f-o-r 
-w-o-r-k-i-n-g -c-a-p-i-t-a-l-, -s-u-p-p-l-i-e-s-, -o-r 
-r-e-v-o-l-v-i-n-g -l-i-n-e-s -o-f -c-r-e-d-i-t -f-o-r -e-x-p-o-r-t 
-p-u-r-p-o-s-e-s -u-p -t-o -a -m-a-x-i-m-u-m -o-f -$-7-5-0-,-0-0-0-: 
-P-r-o-v-i-d-e-d-, -h-o-w-e-v-e-r-, -T-h-a-t -i-n -n-o -e-v-e-n-t 
-m-a-y -b-e -a-g-g-r-e-g-a-t-e -a-m-o-u-n-t -o-u-t-s-t-a-n-d-i-n-g 
-a-n-d -c-o-m-m-i-t-t-e-d -b-y -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n 
-u-n-d-e-r -t-h-i-s -s-u-b-s-e-c-t-i-o-n -e-x-c-e-e-d 
-$-1-,-2-5-0-,-0-0-0-.-'-'-.

                           -T-I-T-L-E -I-I-I

    -S-e-c-. -3-0-1-. -S-e-c-t-i-o-n-s -8-(-b-) -(-2-)-, -(-3-) -a-n-d 
-(-4-) -o-f -t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -a-r-e 
-a-m-e-n-d-e-d -b-y -i-n-s-e-r-t-i-n-g -t-h-e -w-o-r-d-s -`-`-a-n-d 
-o-t-h-e-r-'-' -a-f-t-e-r -t-h-e -w-o-r-d -`-`-s-m-a-l-l-'-' 
-w-h-e-r-e-v-e-r -i-t -a-p-p-e-a-r-s-.

                            -T-I-T-L-E -I-V

    -S-e-c-. -4-0-1-. -S-e-c-t-i-o-n -2-8-[-2-]-(-g-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -d-e-l-e-t-e-d -a-n-d -i-n 
-i-t-s -p-l-a-c-e -t-h-e -f-o-l-l-o-w-i-n-g -i-s 
-s-u-b-s-t-i-t-u-t-e-d-:
    -`-`-(-g-) -T-h-e-r-e -i-s -e-s-t-a-b-l-i-s-h-e-d -w-i-t-h-i-n 
-t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -a-n -O-f-f-i-c-e -o-f 
-W-o-m-e-n-'-s -B-u-s-i-n-e-s-s -O-w-n-e-r-s-h-i-p -w-h-i-c-h 
-s-h-a-l-l -b-e -r-e-s-p-o-n-s-i-b-l-e -f-o-r -t-h-e 
-a-d-m-i-n-i-s-t-r-a-t-i-o-n -u-n-d-e-r -t-h-e -s-u-p-e-r-v-i-s-i-o-n 
-b-y -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -o-f -a-l-l -a-u-t-h-o-r-i-t-y 
-c-o-n-f-e-r-r-e-d -b-y -t-h-i-s -s-e-c-t-i-o-n-. -S-u-c-h -O-f-f-i-c-e 
-s-h-a-l-l -b-e -h-e-a-d-e-d -b-y -a -d-i-r-e-c-t-o-r -w-h-o -s-h-a-l-l 
-b-e -a-p-p-o-i-n-t-e-d -b-y -t-h-e -A-d-m-i-n-i-s-t-r-a-t-o-r-.-'-'

                             -T-I-T-L-E -V

    -S-e-c-. -5-0-1-. -S-e-c-t-i-o-n -8-(-b-)-(-1-)-(-A-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y 
-a-d-d-i-n-g -a-t -t-h-e -e-n-d -t-h-e-r-e-o-f -t-h-e 
-f-o-l-l-o-w-i-n-g -s-e-n-t-e-n-c-e-: 
-`-`-N-o-t-w-i-t-h-s-t-a-n-d-i-n-g -a-n-y -o-t-h-e-r -p-r-o-v-i-s-i-o-n 
-o-f -l-a-w-, -t-h-e -a-u-t-h-o-r-i-t-y -p-r-o-v-i-d-e-d -b-y -t-h-i-s 
-s-u-b-p-a-r-a-g-r-a-p-h -s-h-a-l-l -r-e-m-a-i-n -a-v-a-i-l-a-b-l-e 
-u-n-t-i-l -e-x-p-r-e-s-s-l-y -r-e-p-e-a-l-e-d-.-'-'
    -S-e-c-. -5-0-2-. -S-e-c-t-i-o-n -4-1-1-(-a-)-(-3-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f -1-9-5-8 
-i-s -a-m-e-n-d-e-d -b-y -a-d-d-i-n-g -t-h-e -f-o-l-l-o-w-i-n-g 
-s-e-n-t-e-n-c-e -a-t -t-h-e -e-n-d -t-h-e-r-e-o-f-: 
-`-`-N-o-t-w-i-t-h-s-t-a-n-d-i-n-g -a-n-y -o-t-h-e-r -p-r-o-v-i-s-i-o-n 
-o-f -l-a-w-, -t-h-e -a-u-t-h-o-r-i-t-y -g-r-a-n-t-e-d -b-y -t-h-i-s 
-p-a-r-a-g-r-a-p-h -s-h-a-l-l -r-e-m-a-i-n -a-v-a-i-l-a-b-l-e 
-u-n-t-i-l -e-x-p-r-e-s-s-l-y -r-e-p-e-a-l-e-d-.-'-'
    -S-e-c-. -5-0-3-. -S-e-c-t-i-o-n -5-(-b-)-(-8-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y 
-d-e-l-e-t-i-n-g -t-h-e -w-o-r-d-s -`-`-n-o-t -i-n -e-x-c-e-s-s -o-f 
-s-i-x -m-o-n-t-h-s-'-'-.
    -S-e-c-. -5-0-4-. -T-h-e -s-e-c-o-n-d -s-e-n-t-e-n-c-e -o-f 
-S-e-c-t-i-o-n -7-3-2 -o-f -P-u-b-l-i-c -L-a-w -1-0-0---6-5-6 -i-s 
-r-e-p-e-a-l-e-d-.
    -S-e-c-. -5-0-5-. -S-e-c-t-i-o-n -4-(-c-) -o-f -t-h-e -S-m-a-l-l 
-B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -t-o -r-e-a-d -a-s 
-f-o-l-l-o-w-s-:
    -`-`-(-c-)-(-1-) -T-h-e-r-e -i-s -h-e-r-e-b-y 
-e-s-t-a-b-l-i-s-h-e-d -i-n -t-h-e -T-r-e-a-s-u-r-y -o-n-e -L-o-a-n 
-L-i-q-u-i-d-a-t-i-o-n -F-u-n-d-. -A-l-l -r-e-p-a-y-m-e-n-t -o-f 
-l-o-a-n-s -a-n-d -d-e-b-e-n-t-u-r-e-s-, -p-a-y-m-e-n-t-s -o-f 
-i-n-t-e-r-e-s-t-, -a-n-d -o-t-h-e-r -r-e-c-e-i-p-t-s -a-r-i-s-i-n-g 
-o-u-t -o-f -t-r-a-n-s-a-c-t-i-o-n-s -e-n-t-e-r-e-d -i-n-t-o -b-y 
-t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -p-u-r-s-u-a-n-t -t-o 
-S-e-c-t-i-o-n-s -5-(-e-)-, -5-(-g-)-, -7-(-a-)-, -7-(-b-)-, 
-7-(-c-)-(-2-)-, -7-(-e-)-, -7-(-h-)-, -7-(-l-)-, -7-(-m-)-, -a-n-d 
-8-(-a-) -o-f -t-h-i-s -A-c-t-, -a-n-d -t-i-t-l-e-s -I-I-I-, -I-V-, 
-a-n-d -V -o-f -t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t 
-A-c-t -o-f -1-9-5-8-, -p-r-i-o-r -t-o -O-c-t-o-b-e-r -1-, -1-9-9-1-, 
-s-h-a-l-l -b-e -p-a-i-d -i-n-t-o -s-u-c-h -L-o-a-n -F-u-n-d 
-L-i-q-u-i-d-a-t-i-n-g -A-c-c-o-u-n-t-. -B-a-l-a-n-c-e-s 
-e-x-i-s-t-i-n-g -i-n -t-h-o-s-e -r-e-v-o-l-v-i-n-g -f-u-n-d-s-, -a-s 
-i-n -e-f-f-e-c-t -i-m-m-e-d-i-a-t-e-l-y -p-r-i-o-r -t-o -t-h-e 
-e-f-f-e-c-t-i-v-e -d-a-t-e -o-f -t-h-i-s -p-a-r-a-g-r-a-p-h-, 
-s-h-a-l-l -b-e -t-r-a-n-s-f-e-r-r-e-d -i-n-t-o -s-u-c-h -L-o-a-n 
-L-i-q-u-i-d-a-t-i-o-n -F-u-n-d-. -T-h-i-s -L-o-a-n 
-L-i-q-u-i-d-a-t-i-o-n -F-u-n-d -s-h-a-l-l -h-a-v-e 
-a-v-a-i-l-a-b-l-e-, -w-i-t-h-o-u-t -f-i-s-c-a-l -y-e-a-r 
-l-i-m-i-t-a-t-i-o-n-, -s-u-c-h -f-u-n-d-s -a-s -a-r-e 
-n-e-c-e-s-s-a-r-y -t-o -f-i-n-a-n-c-e -i-t-s -o-p-e-r-a-t-i-o-n-a-l 
-n-e-e-d-s-.
    -`-`-(-2-) -T-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -s-h-a-l-l 
-s-u-b-m-i-t -t-o -t-h-e -C-o-m-m-i-t-t-e-e-s -o-n -S-m-a-l-l 
-B-u-s-i-n-e-s-s -a-n-d -A-p-p-r-o-p-r-i-a-t-i-o-n-s -o-f -t-h-e 
-S-e-n-a-t-e -a-n-d -t-h-e -H-o-u-s-e -o-f 
-R-e-p-r-e-s-e-n-t-a-t-i-v-e-s-, -a-s -s-o-o-n -a-s -p-o-s-s-i-b-l-e 
-a-f-t-e-r -t-h-e -b-e-g-i-n-n-i-n-g -o-f -e-a-c-h -f-i-s-c-a-l 
-y-e-a-r-, -a -f-u-l-l -a-n-d -c-o-m-p-l-e-t-e -r-e-p-o-r-t -o-n -t-h-e 
-s-t-a-t-u-s -o-f -t-h-e -L-o-a-n -L-i-q-u-i-d-a-t-i-o-n -F-u-n-d 
-e-s-t-a-b-l-i-s-h-e-d -p-u-r-s-u-a-n-t -t-o -p-a-r-a-g-r-a-p-h 
-(-1-)-.-'-'-.
    -S-e-c-. -5-0-6-. -S-e-c-t-i-o-n -4-(-c-)-(-5-)-(-B-)-(-i-i-) -o-f 
-t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -t-o 
-r-e-a-d -a-s -f-o-l-l-o-w-s-:
                            -`-`-(-i-i-) -T-h-e 
                        -A-d-m-i-n-i-s-t-r-a-t-i-o-n -s-h-a-l-l -p-a-y 
                        -i-n-t-o -t-h-e -m-i-s-c-e-l-l-a-n-e-o-u-s 
                        -r-e-c-e-i-p-t-s -o-f -t-h-e -T-r-e-a-s-u-r-y 
                        -f-o-l-l-o-w-i-n-g -t-h-e -c-l-o-s-e -o-f 
                        -e-a-c-h -f-i-s-c-a-l -y-e-a-r-, -t-h-e 
                        -a-c-t-u-a-l -i-n-t-e-r-e-s-t -i-t 
                        -c-o-l-l-e-c-t-s -d-u-r-i-n-g -t-h-a-t 
                        -f-i-s-c-a-l -y-e-a-r -o-n -a-l-l 
                        -f-i-n-a-n-c-i-n-g-s -m-a-d-e -u-n-d-e-r -t-h-e 
                        -a-u-t-h-o-r-i-t-y -o-f -t-h-i-s -A-c-t-.-'-'-.
    -S-e-c-. -5-0-7-. -S-e-c-t-i-o-n -3-(-a-)-(-2-) -o-f -t-h-e 
-S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -t-o -r-e-a-d 
-a-s -f-o-l-l-o-w-s-:
            -`-`-(-2-) -I-n -a-d-d-i-t-i-o-n -t-o -t-h-e 
        -c-r-i-t-e-r-i-a -s-p-e-c-i-f-i-e-d -i-n -p-a-r-a-g-r-a-p-h 
        -(-1-)-, -t-h-e -A-d-m-i-n-i-s-t-r-a-t-o-r -m-a-y 
        -s-p-e-c-i-f-y -d-e-t-a-i-l-e-d -d-e-f-i-n-i-t-i-o-n-s -o-r 
        -s-t-a-n-d-a-r-d-s -f-o-r -e-x-a-m-p-l-e-, -b-y -n-u-m-b-e-r 
        -o-f -e-m-p-l-o-y-e-e-s -o-r -d-o-l-l-a-r -v-o-l-u-m-e -o-f 
        -b-u-s-i-n-e-s-s-, -b-y -w-h-i-c-h -a -b-u-s-i-n-e-s-s 
        -c-o-n-c-e-r-n -i-s -t-o -b-e -r-e-c-o-g-n-i-z-e-d -a-s -a 
        -s-m-a-l-l -b-u-s-i-n-e-s-s -c-o-n-c-e-r-n -f-o-r -t-h-e 
        -p-u-r-p-o-s-e-s -o-f -t-h-i-s -A-c-t -o-r -a-n-y -o-t-h-e-r 
        -A-c-t-. -U-n-l-e-s-s -s-p-e-c-i-f-i-c-a-l-l-y 
        -a-u-t-h-o-r-i-z-e-d -b-y -s-t-a-t-u-t-e-, -t-h-e 
        -S-e-c-r-e-t-a-r-y -o-f -a -d-e-p-a-r-t-m-e-n-t -o-r -t-h-e 
        -h-e-a-d -o-f -a -F-e-d-e-r-a-l -a-g-e-n-c-y-, -o-t-h-e-r 
        -t-h-a-n -t-h-e -A-d-m-i-n-i-s-t-r-a-t-o-r -o-f -t-h-e 
        -S-m-a-l-l -B-u-s-i-n-e-s-s -A-d-m-i-n-i-s-t-r-a-t-i-o-n-, 
        -m-a-y -n-o-t -p-r-e-s-c-r-i-b-e -f-o-r -t-h-e -u-s-e -o-f 
        -s-u-c-h -d-e-p-a-r-t-m-e-n-t -o-r -a-g-e-n-c-y -a -s-i-z-e 
        -s-t-a-n-d-a-r-d -f-o-r -c-a-t-e-g-o-r-i-z-i-n-g -a 
        -b-u-s-i-n-e-s-s -c-o-n-c-e-r-n -a-s -a -s-m-a-l-l 
        -b-u-s-i-n-e-s-s -c-o-n-c-e-r-n-, -u-n-l-e-s-s -s-u-c-h 
        -p-r-o-p-o-s-e-d -s-i-z-e -s-t-a-n-d-a-r-d---
                    -`-`-(-A-) -i-s -b-e-i-n-g -p-r-o-p-o-s-e-d 
                -a-f-t-e-r -a-n -o-p-p-o-r-t-u-n-i-t-y -f-o-r 
                -p-u-b-l-i-c -n-o-t-i-c-e -a-n-d -c-o-m-m-e-n-t-;
                    -`-`-(-B-) -p-r-o-v-i-d-e-s -f-o-r 
                -d-e-t-e-r-m-i-n-i-n-g-, -o-v-e-r -a -p-e-r-i-o-d -o-f 
                -n-o-t -l-e-s-s -t-h-a-n -3 -y-e-a-r-s---
                            -`-`-(-i-) -t-h-e -s-i-z-e -o-f -a 
                        -m-a-n-u-f-a-c-t-u-r-i-n-g -c-o-n-c-e-r-n -a-s 
                        -m-e-a-s-u-r-e-d -b-y -i-t-s -a-v-e-r-a-g-e 
                        -e-m-p-l-o-y-m-e-n-t -b-a-s-e-d -u-p-o-n 
                        -e-m-p-l-o-y-m-e-n-t -d-u-r-i-n-g -e-a-c-h -o-f 
                        -t-h-e -c-o-n-c-e-r-n-'-s -p-a-y -p-e-r-i-o-d-s 
                        -f-o-r -t-h-e -p-r-e-c-e-d-i-n-g 
                        -c-o-m-p-l-e-t-e-d -t-w-e-l-v-e 
                        -c-a-l-e-n-d-a-r -m-o-n-t-h-s-; -o-r
                            -`-`-(-i-i-) -t-h-e -s-i-z-e -o-f -a 
                        -c-o-n-c-e-r-n -p-r-o-v-i-d-i-n-g 
                        -s-e-r-v-i-c-e-s -o-n -b-a-s-i-s -o-f -t-h-e 
                        -a-n-n-u-a-l -a-v-e-r-a-g-e -g-r-o-s-s 
                        -r-e-c-e-i-p-t-s -o-f -t-h-e -c-o-n-c-e-r-n 
                        -o-v-e-r -a -p-e-r-i-o-d -o-f -n-o-t -l-e-s-s 
                        -t-h-a-n -t-h-r-e-e -y-e-a-r-s-; -a-n-d
                    -`-`-(-C-) -i-s -a-p-p-r-o-v-e-d -b-y -t-h-e 
                -A-d-m-i-n-i-s-t-r-a-t-o-r-.
            -`-`-(-3-) -W-h-e-n -e-s-t-a-b-l-i-s-h-i-n-g -o-r 
        -a-p-p-r-o-v-i-n-g -a-n-y -s-i-z-e -s-t-a-n-d-a-r-d 
        -p-u-r-s-u-a-n-t -t-o -p-a-r-a-g-r-a-p-h -(-2-)-, -t-h-e 
        -A-d-m-i-n-i-s-t-r-a-t-o-r -s-h-a-l-l -c-o-n-s-i-d-e-r 
        -v-a-r-i-a-t-i-o-n-s -i-n -e-c-o-n-o-m-i-c -a-c-t-i-v-i-t-y 
        -f-r-o-m -i-n-d-u-s-t-r-y -t-o -i-n-d-u-s-t-r-y -u-n-l-e-s-s 
        -t-h-e -A-d-m-i-n-i-s-t-r-a-t-o-r -d-e-t-e-r-m-i-n-e-s -t-h-a-t 
        -s-i-z-e -s-t-a-n-d-a-r-d-s -s-h-o-u-l-d -n-o-t -v-a-r-y -i-n 
        -o-r-d-e-r -t-o -m-e-e-t -p-r-o-g-r-a-m -n-e-e-d-s-.-'-'-.
    -S-e-c-. -5-0-8-. -S-e-c-t-i-o-n -5-(-b-) -o-f -t-h-e -S-m-a-l-l 
-B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y -d-e-l-e-t-i-n-g 
-t-h-e -w-o-r-d -`-`-a-n-d-'-' -a-t -t-h-e -e-n-d -o-f 
-p-a-r-a-g-r-a-p-h -(-1-0-) -t-h-e-r-e-o-f-, -b-y -r-e-m-o-v-i-n-g 
-t-h-e -`-`-.-'-' -a-t -t-h-e -e-n-d -o-f -p-a-r-a-g-r-a-p-h -(-1-1-) 
-t-h-e-r-e-o-f -a-n-d -r-e-p-l-a-c-i-n-g -i-t -w-i-t-h -`-`-, 
-a-n-d-'-' -a-n-d -(-b-) -a-d-d-i-n-g -a -n-e-w -p-a-r-a-g-r-a-p-h 
-(-1-2-) -w-h-i-c-h -r-e-a-d-s -a-s -f-o-l-l-o-w-s-:
            -`-`-(-1-2-) -t-o -i-m-p-o-s-e -r-e-a-s-o-n-a-b-l-e 
        -f-e-e-s -t-o -b-e -c-h-a-r-g-e-d -i-n -c-o-n-n-e-c-t-i-o-n 
        -w-i-t-h -a-p-p-l-i-c-a-t-i-o-n-s -f-o-r -a-s-s-i-s-t-a-n-c-e-, 
        -a-n-d -t-h-e -p-r-o-v-i-s-i-o-n -o-f -a-s-s-i-s-t-a-n-c-e 
        -u-n-d-e-r -t-h-i-s -A-c-t -a-n-d -t-h-e -S-m-a-l-l 
        -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f -1-9-5-8 
        -a-n-d -t-o -r-e-t-a-i-n -s-u-c-h -f-e-e-s -t-o -o-f-f-s-e-t 
        -t-h-e -c-o-s-t-s -o-f -a-d-m-i-n-i-s-t-r-a-t-i-o-n -o-f 
        -s-u-c-h -a-s-s-i-s-t-a-n-c-e-.-'-'-.
    -S-e-c-. -5-0-9-. -S-e-c-t-i-o-n -8-(-b-) -o-f -t-h-e -S-m-a-l-l 
-B-u-s-i-n-e-s-s -A-c-t -i-s -a-m-e-n-d-e-d -b-y -d-e-l-e-t-i-n-g 
-t-h-e -w-o-r-d -`-`-a-n-d-'-' -a-t -t-h-e -e-n-d -o-f 
-p-a-r-a-g-r-a-p-h -(-1-5-)-, -b-y -s-t-r-i-k-i-n-g -t-h-e -p-e-r-i-o-d 
-a-t -t-h-e -e-n-d -o-f -p-a-r-a-g-r-a-p-h -8-(-b-)-(-1-6-) -a-n-d 
-r-e-p-l-a-c-i-n-g -i-t -w-i-t-h -`-`-; -a-n-d-'-'-, -a-n-d -b-y 
-a-d-d-i-n-g -a -n-e-w -p-a-r-a-g-r-a-p-h -8-(-b-)-(-1-7-) -w-h-i-c-h 
-r-e-a-d-s -a-s -f-o-l-l-o-w-s-:
            -`-`-(-1-7-) -t-o -c-h-a-r-g-e -a-n-d -c-o-l-l-e-c-t 
        -s-u-c-h -f-e-e-s -a-s -m-a-y -b-e -n-e-c-e-s-s-a-r-y -t-o 
        -c-o-v-e-r -a-l-l -c-o-s-t-s -a-s-s-o-c-i-a-t-e-d -w-i-t-h 
        -t-h-e -p-r-o-d-u-c-t-i-o-n -a-n-d -d-i-s-s-e-m-i-n-a-t-i-o-n 
        -o-f -c-o-m-p-i-l-a-t-i-o-n-s -o-f -i-n-f-o-r-m-a-t-i-o-n 
        -p-r-o-d-u-c-e-d -b-y -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n 
        -u-n-d-e-r -t-h-e -a-u-t-h-o-r-i-t-y -o-f -t-h-e -S-m-a-l-l 
        -B-u-s-i-n-e-s-s -A-c-t -a-n-d -t-h-e -S-m-a-l-l 
        -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f -1-9-5-8-, 
        -a-n-d -t-o -r-e-t-a-i-n -s-u-c-h -f-e-e-s -a-n-d 
        -u-t-i-l-i-z-e -s-u-c-h -f-e-e-s -t-o -o-f-f-s-e-t -t-h-e 
        -c-o-s-t-s -o-f -p-r-o-d-u-c-t-i-o-n -a-n-d 
        -d-i-s-s-e-m-i-n-a-t-i-o-n -o-f -s-u-c-h 
        -c-o-m-p-i-l-a-t-i-o-n-s -o-f -i-n-f-o-r-m-a-t-i-o-n-.-'-'-.

                            -T-I-T-L-E -V-I

    -S-e-c-. -6-0-1-. -S-e-c-t-i-o-n-s -2-0-(-k-) -t-h-r-o-u-g-h 
-2-0-(-p-) -o-f -t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -A-c-t -a-r-e 
-r-e-p-e-a-l-e-d -a-n-d -t-h-e -f-o-l-l-o-w-i-n-g -i-s 
-s-u-b-s-t-i-t-u-t-e-d -i-n -t-h-e-i-r -p-l-a-c-e-:
    -`-`-(-k-) -T-h-e -f-o-l-l-o-w-i-n-g -p-r-o-g-r-a-m -l-e-v-e-l-s 
-a-r-e -a-u-t-h-o-r-i-z-e-d -f-o-r -f-i-s-c-a-l -y-e-a-r -1-9-9-5-:
            -`-`-(-1-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -t-h-i-s -A-c-t-, -t-h-e 
        -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s -a-u-t-h-o-r-i-z-e-d -t-o 
        -m-a-k-e -$-1-3-,-9-1-0-,-0-0-0-,-0-0-0 -i-n -d-e-f-e-r-r-e-d 
        -p-a-r-t-i-c-i-p-a-t-i-o-n -l-o-a-n-s -a-n-d -o-t-h-e-r 
        -f-i-n-a-n-c-i-n-g-s-; -a-n-d -o-f -s-u-c-h -s-u-m-, -t-h-e 
        -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s -a-u-t-h-o-r-i-z-e-d -t-o 
        -m-a-k-e -$-1-1-,-5-0-0-,-0-0-0-,-0-0-0 -i-n -g-e-n-e-r-a-l 
        -b-u-s-i-n-e-s-s -l-o-a-n-s -a-s -p-r-o-v-i-d-e-d -i-n 
        -s-e-c-t-i-o-n -7-(-a-)-, -$-1-1-0-,-0-0-0-,-0-0-0 -i-n 
        -l-o-a-n-s -a-s -p-r-o-v-i-d-e-d -i-n -s-e-c-t-i-o-n -7-(-m-)-, 
        -a-n-d -$-2-,-3-0-0-,-0-0-0-,-0-0-0 -i-n -f-i-n-a-n-c-i-n-g-s 
        -a-s -p-r-o-v-i-d-e-d -i-n -s-e-c-t-i-o-n -7-(-a-)-(-1-3-) 
        -a-n-d -s-e-c-t-i-o-n -5-0-4 -o-f -t-h-e -S-m-a-l-l 
        -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f -1-9-5-8-.
            -`-`-(-2-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -t-i-t-l-e -I-I-I -o-f -t-h-e 
        -S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f 
        -1-9-5-8-, -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s 
        -a-u-t-h-o-r-i-z-e-d -t-o -m-a-k-e -$-2-3-,-0-0-0-,-0-0-0 -i-n 
        -p-u-r-c-h-a-s-e-s -o-f -p-r-e-f-e-r-r-e-d -s-t-o-c-k-, 
        -$-2-7-5-,-0-0-0-,-0-0-0 -i-n -g-u-a-r-a-n-t-e-e-s -o-f 
        -d-e-b-e-n-t-u-r-e-s -o-f -w-h-i-c-h -$-6-5-,-0-0-0-,-0-0-0 
        -i-s -a-u-t-h-o-r-i-z-e-d -f-o-r -g-u-a-r-a-n-t-e-e-s -o-f 
        -d-e-b-e-n-t-u-r-e-s -o-f -c-o-m-p-a-n-i-e-s -o-p-e-r-a-t-i-n-g 
        -p-u-r-s-u-a-n-t -t-o -s-e-c-t-i-o-n -3-0-1-(-d-) -o-f -s-u-c-h 
        -A-c-t-, -a-n-d -$-5-5-0-,-0-0-0-,-0-0-0 -i-n 
        -g-u-a-r-a-n-t-e-e-s -o-f -p-a-r-t-i-c-i-p-a-t-i-n-g 
        -s-e-c-u-r-i-t-i-e-s-.
            -`-`-(-3-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -p-a-r-t -B -o-f -t-i-t-l-e -I-V -o-f 
        -t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t 
        -o-f -1-9-5-8-, -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s 
        -a-u-t-h-o-r-i-z-e-d -t-o -e-n-t-e-r -i-n-t-o 
        -g-u-a-r-a-n-t-e-e-s -n-o-t -t-o -e-x-c-e-e-d 
        -$-2-,-0-0-0-,-0-0-0-,-0-0-0-.
    -`-`-(-l-) -T-h-e-r-e -a-r-e -a-u-t-h-o-r-i-z-e-d -t-o -b-e 
-a-p-p-r-o-p-r-i-a-t-e-d -t-o -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n 
-f-o-r -f-i-s-c-a-l -y-e-a-r -1-9-9-5 -s-u-c-h -s-u-m-s -a-s -m-a-y 
-b-e -n-e-c-e-s-s-a-r-y -t-o -c-a-r-r-y -o-u-t -s-u-b-s-e-c-t-i-o-n 
-(-k-)-, -i-n-c-l-u-d-i-n-g -s-a-l-a-r-i-e-s -a-n-d -e-x-p-e-n-s-e-s 
-o-f -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n-.
    -`-`-(-m-) -T-h-e -f-o-l-l-o-w-i-n-g -p-r-o-g-r-a-m -l-e-v-e-l-s 
-a-r-e -a-u-t-h-o-r-i-z-e-d -f-o-r -f-i-s-c-a-l -y-e-a-r -1-9-9-6-:
            -`-`-(-1-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -t-h-i-s -A-c-t-, -t-h-e 
        -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s -a-u-t-h-o-r-i-z-e-d -t-o 
        -m-a-k-e -$-1-7-,-4-7-5-,-0-0-0-,-0-0-0 -i-n -d-e-f-e-r-r-e-d 
        -p-a-r-t-i-c-i-p-a-t-i-o-n -l-o-a-n-s -a-n-d -o-t-h-e-r 
        -f-i-n-a-n-c-i-n-g-s-; -a-n-d -o-f -s-u-c-h -s-u-m-, -t-h-e 
        -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s -a-u-t-h-o-r-i-z-e-d -t-o 
        -m-a-k-e -$-1-3-,-5-0-0-,-0-0-0-,-0-0-0 -i-n -g-e-n-e-r-a-l 
        -b-u-s-i-n-e-s-s -l-o-a-n-s -a-s -p-r-o-v-i-d-e-d -i-n 
        -s-e-c-t-i-o-n -7-(-a-)-, -$-1-7-5-,-0-0-0-,-0-0-0 -i-n 
        -l-o-a-n-s -a-s -p-r-o-v-i-d-e-d -i-n -s-e-c-t-i-o-n -7-(-m-)-, 
        -a-n-d -$-3-,-8-0-0-,-0-0-0-,-0-0-0 -i-n -f-i-n-a-n-c-i-n-g-s 
        -a-s -p-r-o-v-i-d-e-d -i-n -s-e-c-t-i-o-n -7-(-a-)-(-1-3-) 
        -a-n-d -s-e-c-t-i-o-n -5-0-4 -o-f -t-h-e -S-m-a-l-l 
        -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f -1-9-5-8-.
            -`-`-(-2-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -t-i-t-l-e -I-I-I -o-f -t-h-e 
        -S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f 
        -1-9-5-8-, -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s 
        -a-u-t-h-o-r-i-z-e-d -t-o -m-a-k-e -$-2-4-,-0-0-0-,-0-0-0 -i-n 
        -p-u-r-c-h-a-s-e-s -o-f -p-r-e-f-e-r-r-e-d -s-t-o-c-k-, 
        -$-3-2-0-,-0-0-0-,-0-0-0 -i-n -g-u-a-r-a-n-t-e-e-s -o-f 
        -d-e-b-e-n-t-u-r-e-s -o-f -w-h-i-c-h -$-7-0-,-0-0-0-,-0-0-0 
        -i-s -a-u-t-h-o-r-i-z-e-d -f-o-r -g-u-a-r-a-n-t-e-e-s -o-f 
        -d-e-b-e-n-t-u-r-e-s -o-f -c-o-m-p-a-n-i-e-s -o-p-e-r-a-t-i-n-g 
        -p-u-r-s-u-a-n-t -t-o -s-e-c-t-i-o-n -3-0-1-(-d-) -o-f -s-u-c-h 
        -A-c-t-, -a-n-d -$-1-,-1-0-0-,-0-0-0-,-0-0-0 -i-n 
        -g-u-a-r-a-n-t-e-e-s -o-f -p-a-r-t-i-c-i-p-a-t-i-n-g 
        -s-e-c-u-r-i-t-i-e-s-.
            -`-`-(-3-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -p-a-r-t -B -o-f -t-i-t-l-e -I-V -o-f 
        -t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t 
        -o-f -1-9-5-8-, -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s 
        -a-u-t-h-o-r-i-z-e-d -t-o -e-n-t-e-r -i-n-t-o 
        -g-u-a-r-a-n-t-e-e-s -n-o-t -t-o -e-x-c-e-e-d 
        -$-2-,-0-0-0-,-0-0-0-,-0-0-0-.
    -`-`-(-n-) -T-h-e-r-e -a-r-e -a-u-t-h-o-r-i-z-e-d -t-o -b-e 
-a-p-p-r-o-p-r-i-a-t-e-d -t-o -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n 
-f-o-r -f-i-s-c-a-l -y-e-a-r -1-9-9-6-, -s-u-c-h -s-u-m-s -a-s -m-a-y 
-b-e -n-e-c-e-s-s-a-r-y -t-o -c-a-r-r-y -o-u-t -s-u-b-s-e-c-t-i-o-n 
-(-m-)-, -i-n-c-l-u-d-i-n-g -s-a-l-a-r-i-e-s -a-n-d -e-x-p-e-n-s-e-s 
-o-f -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n-.
    -`-`-(-o-) -T-h-e -f-o-l-l-o-w-i-n-g -p-r-o-g-r-a-m -l-e-v-e-l-s 
-a-r-e -a-u-t-h-o-r-i-z-e-d -f-o-r -f-i-s-c-a-l -y-e-a-r -1-9-9-7-:
            -`-`-(-1-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -t-h-i-s -A-c-t-, -t-h-e 
        -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s -a-u-t-h-o-r-i-z-e-d -t-o 
        -m-a-k-e -$-2-1-,-4-5-0-,-0-0-0-,-0-0-0 -i-n -d-e-f-e-r-r-e-d 
        -p-a-r-t-i-c-i-p-a-t-i-o-n -l-o-a-n-s -a-n-d -o-t-h-e-r 
        -f-i-n-a-n-c-i-n-g-s-; -a-n-d -o-f -s-u-c-h -s-u-m-, -t-h-e 
        -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s -a-u-t-h-o-r-i-z-e-d -t-o 
        -m-a-k-e -$-1-5-,-5-0-0-,-0-0-0-,-0-0-0 -i-n -g-e-n-e-r-a-l 
        -b-u-s-i-n-e-s-s -l-o-a-n-s -a-s -p-r-o-v-i-d-e-d -i-n 
        -s-e-c-t-i-o-n -7-(-a-)-, -$-2-5-0-,-0-0-0-,-0-0-0 -i-n 
        -l-o-a-n-s -a-s -p-r-o-v-i-d-e-d -i-n -s-e-c-t-i-o-n -7-(-m-)-, 
        -a-n-d -$-5-,-7-0-0-,-0-0-0-,-0-0-0 -i-n -f-i-n-a-n-c-i-n-g-s 
        -a-s -p-r-o-v-i-d-e-d -i-n -s-e-c-t-i-o-n -7-(-a-)-(-1-3-) 
        -a-n-d -s-e-c-t-i-o-n -5-0-4 -o-f -t-h-e -S-m-a-l-l 
        -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -a-c-t -o-f -1-9-5-8-.
            -`-`-(-2-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -t-i-t-l-e -I-I-I -o-f -t-h-e 
        -S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t -o-f 
        -1-9-5-8-, -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s 
        -a-u-t-h-o-r-i-z-e-d -t-o -m-a-k-e -$-2-5-,-0-0-0-,-0-0-0 -i-n 
        -p-u-r-c-h-a-s-e-s -o-f -d-e-f-e-r-r-e-d -s-t-o-c-k-, 
        -$-3-8-5-,-0-0-0-,-0-0-0 -i-n -g-u-a-r-a-n-t-e-e-s -o-f 
        -d-e-b-e-n-t-u-r-e-s -o-f -w-h-i-c-h -$-7-5-,-5-0-0-,-0-0-0 
        -i-s -a-u-t-h-o-r-i-z-e-d -f-o-r -g-u-a-r-a-n-t-e-e-s -o-f 
        -d-e-b-e-n-t-u-r-e-s -o-f -c-o-m-p-a-n-i-e-s -o-p-e-r-a-t-i-n-g 
        -p-u-r-s-u-a-n-t -t-o -s-e-c-t-i-o-n -3-0-1-(-d-) -o-f -s-u-c-h 
        -A-c-t-, -a-n-d -$-1-,-7-0-0-,-0-0-0-,-0-0-0 -i-n 
        -g-u-a-r-a-n-t-e-e-s -o-f -p-a-r-t-i-c-i-p-a-t-i-n-g 
        -s-e-c-u-r-i-t-i-e-s-.
            -`-`-(-3-) -F-o-r -t-h-e -p-r-o-g-r-a-m-s 
        -a-u-t-h-o-r-i-z-e-d -b-y -p-a-r-t -B -o-f -t-i-t-l-e -I-V -o-f 
        -t-h-e -S-m-a-l-l -B-u-s-i-n-e-s-s -I-n-v-e-s-t-m-e-n-t -A-c-t 
        -o-f -1-9-5-8-, -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n -i-s 
        -a-u-t-h-o-r-i-z-e-d -t-o -e-n-t-e-r -i-n-t-o 
        -g-u-a-r-a-n-t-e-e-s -n-o-t -t-o -e-x-c-e-e-d 
        -$-2-,-0-0-0-,-0-0-0-,-0-0-0-.
    -`-`-(-p-) -T-h-e-r-e -a-r-e -a-u-t-h-o-r-i-z-e-d -t-o -b-e 
-a-p-p-r-o-p-r-i-a-t-e-d -t-o -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n 
-f-o-r -f-i-s-c-a-l -y-e-a-r -1-9-9-7-, -s-u-c-h -s-u-m-s -a-s -m-a-y 
-b-e -n-e-c-e-s-s-a-r-y -t-o -c-a-r-r-y -o-u-t -s-u-b-s-e-c-t-i-o-n 
-(-o-)-, -i-n-c-l-u-d-i-n-g -s-a-l-a-r-i-e-s -a-n-d -e-x-p-e-n-s-e-s 
-o-f -t-h-e -A-d-m-i-n-i-s-t-r-a-t-i-o-n-.-'-'-.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Small Business 
Administration Reauthorization and Amendment Act of 1994''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.

                        TITLE I--AUTHORIZATIONS

Sec. 101. Authorizations.

                TITLE II--FINANCIAL ASSISTANCE PROGRAMS

Sec. 201. Microloan financing pilot.
Sec. 202. Eligibility of Native American tribal governments to be 
                            microloan intermediaries.
Sec. 203. Microloan program extension.
Sec. 204. Microloan program funding and State limitations.
Sec. 205. Distribution of intermediaries.
Sec. 206. Microloan intermediary loan limitation.
Sec. 207. Microloan technical assistance to nonborrowers.
Sec. 208. Microloan demonstration program grants.
Sec. 209. Eligibility to participate as a microloan intermediary and a 
                            technical assistance provider.
Sec. 210. Loans to exporters.
Sec. 211. Working capital international trade loans.
Sec. 212. Guarantees on international trade loans.
Sec. 213. Accredited lenders program.
Sec. 214. Interest rate on certified development company loans.
Sec. 215. Certifications of eligibility for SBIC and SSBIC financing.
Sec. 216. Participating securities for smaller SBICs.

             TITLE III--SIZE STANDARDS AND BOND GUARANTEES

Sec. 301. Size standard criteria.
Sec. 302. Sunset on preferred surety bond guarantee program.
Sec. 303. Manufacturing contracts through manufacturing application and 
                            education centers.

               TITLE IV--BUSINESS DEVELOPMENT ASSISTANCE

                     Subtitle A--General Provisions

Sec. 401. Sunset on cosponsored training.
Sec. 402. Small business development center program level.
Sec. 403. Federal contracts with small business development centers.
Sec. 404. Small business development center program examination and 
                            certification.
Sec. 405. Service Corps of Retired Executives (SCORE) program.
Sec. 406. Information concerning franchising.

           Subtitle B--Development of Woman-Owned Businesses

Sec. 411. Extension of authority for demonstration projects.
Sec. 412. Establishment of Office of Women's Business Ownership.
Sec. 413. National Commission on Women in Business.

          TITLE V--RELIEF FROM DEBENTURE PREPAYMENT PENALTIES

Sec. 501. Short title.
Sec. 502. Prepayment of development company debentures.

                   TITLE VI--MISCELLANEOUS AMENDMENTS

Sec. 601. Consolidation of funding accounts.
Sec. 602. Imposition of fees.
Sec. 603. Job creation and community benefit.
Sec. 604. Microloan program amendments.
Sec. 605. Technical clarification.
Sec. 606. Secondary market study due date.
Sec. 607. Study and data base: Guaranteed Business Loan Program and 
                            Development Company Program.
Sec. 608. SBIR vendors.
Sec. 609. Program extension.
Sec. 610. Prohibition on the use of funds for individuals not lawfully 
                            within the United States.
Sec. 611. Office of advocacy employees.
Sec. 612. Prohibition on the provision of assistance.
Sec. 613. Certification of compliance with child support obligations.

                        TITLE I--AUTHORIZATIONS

SEC. 101. AUTHORIZATIONS.

    Section 20 of the Small Business Act (15 U.S.C. 631 note) is 
amended by striking subsections (k) (as added by section 405(3) of the 
Small Business Credit and Business Opportunity Enhancement Act of 1992) 
through (p) and inserting the following:
    ``(l) The following program levels are authorized for fiscal year 
1995:
            ``(1) For the programs authorized by this Act, the 
        Administration is authorized to make $110,000,000 in direct and 
        immediate participation loans, and $45,000,000 in technical 
        assistance grants as provided in section 7(m).
            ``(2) For the programs authorized by this Act, the 
        Administration is authorized to make $13,315,000,000 in 
        deferred participation loans and other financings. Of such sum, 
        the Administration is authorized to make--
                    ``(A) $9,000,000,000 in general business loans as 
                provided in section 7(a);
                    ``(B) $2,300,000,000 in financings as provided in 
                section 7(a)(13) and section 504 of the Small Business 
                Investment Act of 1958;
                    ``(C) $2,000,000,000 in loans as provided in 
                section 7(a)(21); and
                    ``(D) $15,000,000 in loans as provided in section 
                7(m).
            ``(3) For the programs authorized by title III of the Small 
        Business Investment Act of 1958, the Administration is 
        authorized to make--
                    ``(A) $33,000,000 in purchases of preferred 
                securities;
                    ``(B) $275,000,000 in guarantees of debentures, of 
                which $65,000,000 is authorized in guarantees of 
                debentures from companies operating pursuant to section 
                301(d) of such Act; and
                    ``(C) $500,000,000 in guarantees of participating 
                securities.
            ``(4) For the programs authorized by part B of title IV of 
        the Small Business Investment Act of 1958, the Administration 
        is authorized to enter into guarantees not to exceed 
        $1,800,000,000, of which not more than $450,000,000 may be in 
        bonds approved pursuant to the provisions of section 411(a)(3) 
        of such Act.
            ``(5) The Administration is authorized to make grants or 
        enter into cooperative agreements--
                    ``(A) for the Service Corps of Retired Executives 
                program authorized by section 8(b)(1), $3,500,000;
                    ``(B) for the Small Business Institute program 
                authorized by section 8(b)(1), $3,000,000; and
                    ``(C) for activities of small business development 
                centers pursuant to section 21(c)(3)(G), $25,000,000, 
                to remain available until expended.
    ``(m) There are authorized to be appropriated to the Administration 
for fiscal year 1995 such sums as may be necessary to carry out the 
provisions of this Act, including administrative expenses and necessary 
loan capital for disaster loans pursuant to section 7(b), and to carry 
out the provisions of the Small Business Investment Act of 1958, 
including salaries and expenses of the Administration.
    ``(n) The following program levels are authorized for fiscal year 
1996:
            ``(1) For the programs authorized by this Act, the 
        Administration is authorized to make $175,000,000 in direct and 
        immediate participation loans, and $65,000,000 in technical 
        assistance grants as provided in section 7(m).
            ``(2) For the programs authorized by this Act, the 
        Administration is authorized to make $15,320,000,000 in 
        deferred participation loans and other financings. Of such sum, 
        the Administration is authorized to make--
                    ``(A) $10,000,000,000 in general business loans as 
                provided in section 7(a);
                    ``(B) $2,800,000,000 in financings as provided in 
                section 7(a)(13) and section 504 of the Small Business 
                Investment Act of 1958;
                    ``(C) $2,500,000,000 in loans as provided in 
                section 7(a)(21); and
                    ``(D) $20,000,000 in loans as provided in section 
                7(m).
            ``(3) For the programs authorized by title III of the Small 
        Business Investment Act of 1958, the Administration is 
        authorized to make--
                    ``(A) $39,000,000 in purchases of preferred 
                securities;
                    ``(B) $300,000,000 in guarantees of debentures, of 
                which $70,000,000 is authorized in guarantees of 
                debentures from companies operating pursuant to section 
                301(d) of such Act; and
                    ``(C) $750,000,000 in guarantees of participating 
                securities.
            ``(4) For the programs authorized by part B of title IV of 
        the Small Business Investment Act of 1958, the Administration 
        is authorized to enter into guarantees not to exceed 
        $2,000,000,000, of which not more than $500,000,000 may be in 
        bonds approved pursuant to the provisions of section 411(a)(3) 
        of such Act.
            ``(5) The Administration is authorized to make grants or 
        enter cooperative agreements--
                    ``(A) for the Service Corps of Retired Executives 
                program authorized by section 8(b)(1), $3,750,000;
                    ``(B) for the small business institute program 
                authorized by section 8(b)(1), $3,250,000; and
                    ``(C) for activities of small business development 
                centers pursuant to section 21(c)(3)(G), not to exceed 
                $25,000,000, to remain available until expended.
    ``(o) There are authorized to be appropriated to the Administration 
for fiscal year 1996 such sums as may be necessary to carry out the 
provisions of this Act, including administrative expenses and necessary 
loan capital for disaster loans pursuant to section 7(b), and to carry 
out the provisions of the Small Business Investment Act of 1958, 
including salaries and expenses of the Administration.
    ``(p) The following program levels are authorized for fiscal year 
1997:
            ``(1) For the programs authorized by this Act, the 
        Administration is authorized to make $250,000,000 in direct and 
        immediate participation loans and $98,000,000 in technical 
        assistance grants as provided in section 7(m), to remain 
        available until expended.
            ``(2) For the programs authorized by this Act, the 
        Administration is authorized to make $19,020,000,000 in 
        deferred participation loans and other financings. Of such sum, 
        the Administration is authorized to make--
                    ``(A) $12,000,000,000 in general business loans as 
                provided in section 7(a);
                    ``(B) $3,500,000,000 in financings as provided in 
                section 7(a)(13) and section 504 of the Small Business 
                Investment Act of 1958;
                    ``(C) $3,500,000,000 in loans as provided in 
                section 7(a)(21); and
                    ``(D) $20,000,000 in loans as provided in section 
                7(m).
            ``(3) For the programs authorized by title III of the Small 
        Business Investment Act of 1958, the Administration is 
        authorized to make--
                    ``(A) $45,000,000 in purchases of preferred 
                securities;
                    ``(B) $375,000,000 in guarantees of debentures, of 
                which $75,000,000 is authorized in guarantees of 
                debentures from companies operating pursuant to section 
                301(d) of such Act; and
                    ``(C) $1,125,000,000 in guarantees of participating 
                securities.
            ``(4) For the programs authorized by part B of title IV of 
        the Small Business Investment Act of 1958, the Administration 
        is authorized to enter into guarantees not to exceed 
        $2,200,000,000, of which not more than $650,000,000 may be in 
        bonds approved pursuant to the provisions of section 411(a)(3) 
        of such Act.
            ``(5) The Administration is authorized to make grants or 
        enter cooperative agreements--
                    ``(A) for the Service Corps of Retired Executives 
                program authorized by section 8(b)(1), $4,000,000;
                    ``(B) for the small business institute program 
                authorized by section 8(b)(1), $3,500,000; and
                    ``(C) for activities of small business development 
                centers pursuant to section 21(c)(3)(G), not to exceed 
                $25,000,000, to remain available until expended.
    ``(q) There are authorized to be appropriated to the Administration 
for fiscal year 1997 such sums as may be necessary to carry out the 
provisions of this Act, including administrative expenses and necessary 
loan capital for disaster loans pursuant to section 7(b), and to carry 
out the provisions of the Small Business Investment Act of 1958, 
including salaries and expenses of the Administration.''.

                TITLE II--FINANCIAL ASSISTANCE PROGRAMS

SEC. 201. MICROLOAN FINANCING PILOT.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is 
amended by adding at the end the following new paragraph:
            ``(12) Deferred participation loan pilot.--In lieu of 
        making direct loans to intermediaries as authorized in 
        paragraph (1)(B), during fiscal years 1995 through 1997, the 
        Administration may, on a pilot program basis, participate on a 
        deferred basis of not less than 90 percent and not more than 
        100 percent on loans made to intermediaries by a for-profit or 
        nonprofit entity or by alliances of such entities, subject to 
        the following conditions:
                    ``(A) Number of loans.--In carrying out this 
                paragraph, the Administration shall not participate in 
                providing financing on a deferred basis to more than 10 
                intermediaries in urban areas or more than 10 
                intermediaries in rural areas.
                    ``(B) Term of loans.--The term of each loan shall 
                be 10 years. During the first year of the loan, the 
                intermediary shall not be required to repay any 
                interest or principal. During the second through fifth 
                years of the loan, the intermediary shall be required 
                to pay interest only. During the sixth through tenth 
                years of the loan, the intermediary shall be required 
                to make interest payments and fully amortize the 
                principal.
                    ``(C) Interest rate.--The interest rate on each 
                loan shall be the rate specified by paragraph (3)(F) 
                for direct loans. Subject to the availability of 
                appropriations, the Administration may make payments to 
                lenders on behalf of intermediaries in order to achieve 
                such interest rate.''.

SEC. 202. ELIGIBILITY OF NATIVE AMERICAN TRIBAL GOVERNMENTS TO BE 
              MICROLOAN INTERMEDIARIES.

    Section 7(m)(11)(A) of the Small Business Act (15 U.S.C. 
636(m)(11)(A)) is amended--
            (1) in clause (iii), by striking ``or'' at the end;
            (2) in clause (iv), by striking the comma at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following new clause:
                            ``(v) an agency of or nonprofit entity 
                        established by a Native American Tribal 
                        Government,''.

SEC. 203. MICROLOAN PROGRAM EXTENSION.

    Section 609(j) of Public Law 102-140 (105 Stat. 831) is amended by 
striking ``5 years after the date of enactment of this Act'', and 
inserting ``on October 1, 1998''.

SEC. 204. MICROLOAN PROGRAM FUNDING AND STATE LIMITATIONS.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is 
amended--
            (1) in paragraph (5)(A)--
                    (A) by striking ``25 grants'' and inserting ``50 
                grants''; and
                    (B) by striking ``$125,000'' and inserting 
                ``$150,000''; and
            (2) by striking paragraph (7) and inserting the following:
            ``(7) Program funding for microloans.--
                    ``(A) Number of participants.--In carrying out 
                paragraph (1)(B)(i), the Administration may fund, on a 
                competitive basis, not more than--
                            ``(i) 150 microloan programs in fiscal year 
                        1995; and
                            ``(ii) 200 microloan programs in each 
                        succeeding fiscal year.
                    ``(B) State limitations.--A State shall not receive 
                more than $10,000,000 in loan funds during any year of 
                program participation.''.

SEC. 205. DISTRIBUTION OF INTERMEDIARIES.

    Section 7(m)(8) of the Small Business Act (15 U.S.C. 636(m)(8)) is 
amended to read as follows:
            ``(8) Distribution of intermediaries.--In approving 
        microloan program applicants under this subsection, the 
        Administration shall select such intermediaries as will further 
        microloan availability for small businesses in all industries 
        located throughout each State, especially small businesses 
        located in economically distressed urban and rural areas.''.

SEC. 206. MICROLOAN INTERMEDIARY LOAN LIMITATION.

    Section 7(m)(3)(C) of the Small Business Act (15 U.S.C. 
636(m)(3)(C)) is amended by striking ``$1,250,000'' and inserting 
``$2,000,000''.

SEC. 207. MICROLOAN TECHNICAL ASSISTANCE TO NONBORROWERS.

    Section 7(m)(4) of the Small Business Act (15 U.S.C. 636(m)(4)) is 
amended by adding at the end the following new subparagraph:
                    ``(E) Assistance to certain small business 
                concerns.--Each intermediary may expend an amount not 
                to exceed 20 percent of the grant funds authorized 
                under paragraph (1)(B)(ii) to provide marketing, 
                management, and technical assistance to small business 
                concerns that are not borrowers under this 
                subsection.''.

SEC. 208. MICROLOAN DEMONSTRATION PROGRAM GRANTS.

    Section 7(m)(4) of the Small Business Act (15 U.S.C. 636(m)(4)) is 
amended--
            (1) in subparagraph (B), by inserting ``except for a grant 
        made to an intermediary that provides not less than 50 percent 
        of its loans to small business concerns owned by one or more 
        members of a federally recognized Indian tribe,'' after ``under 
        subparagraph (A),''; and
            (2) in subparagraph (C), by striking clause (i) and 
        inserting the following:
                            ``(i) In general.--In addition to grants 
                        made under subparagraph (A), each intermediary 
                        shall be eligible to receive a grant equal to 5 
                        percent of the total outstanding balance of 
                        loans made to the intermediary under this 
                        subsection if--
                                    ``(I) the intermediary provides not 
                                less than 25 percent of its loans to 
                                small business concerns owned by one or 
                                more members of a federally recognized 
                                Indian tribe; or
                                    ``(II) the intermediary has a 
                                portfolio of loans made under this 
                                subsection that averages not more than 
                                $7,500 during the period of the 
                                intermediary's participation in the 
                                program.''.

SEC. 209. ELIGIBILITY TO PARTICIPATE AS A MICROLOAN INTERMEDIARY AND A 
              TECHNICAL ASSISTANCE PROVIDER.

    Section 7(m)(2) of the Small Business Act (15 U.S.C. 636(m)(2)) is 
amended--
            (1) by striking ``(2) Eligibility for participation.--An'' 
        and inserting the following:
            ``(2) Eligibility for participation.--
                    ``(A) In general.--An'';
            (2) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively, and indenting accordingly; and
            (3) by adding at the end the following new subparagraph:
                    ``(B) Participation as intermediary and technical 
                assistance provider.--A single entity may 
                simultaneously receive 1 grant as an intermediary 
                pursuant to paragraph (1)(B)(ii) and 1 grant as a 
                nonintermediary technical assistance provider pursuant 
                to paragraph (1)(B)(iii) if the Administration 
                determines that--
                            ``(i) the purposes of the grants are not 
                        duplicative;
                            ``(ii) the grants will enable the entity to 
                        provide technical assistance to different 
                        geographic areas, or to support both guaranteed 
                        and direct loans in the same geographic area; 
                        and
                            ``(iii) the entity meets all of the 
                        requirements of the programs authorized 
                        pursuant to clauses (ii) and (iii) of paragraph 
                        (1)(B).''.

SEC. 210. LOANS TO EXPORTERS.

    Section 7(a)(14)(A) of the Small Business Act (15 U.S.C. 
636(a)(14)(A)) is amended to read as follows:
            ``(14)(A) The Administration may provide extensions of 
        credit, standby letters of credit, revolving lines of credit 
        for export purposes, and other financing to enable small 
        business concerns, including small business export trading 
        companies and small business export management companies, to 
        develop foreign markets. A bank or participating lending 
        institution may establish the rate of interest on such 
        financings as may be legal and reasonable.''.

SEC. 211. WORKING CAPITAL INTERNATIONAL TRADE LOANS.

    Section 7(a)(3)(B) of the Small Business Act (15 U.S.C. 
636(a)(3)(B)) is amended to read as follows:
                    ``(B) if the total amount outstanding and committed 
                (on a deferred basis) solely for the purposes provided 
                in paragraph (16) to the borrower from the business 
                loan and investment fund established by this Act would 
                exceed $1,250,000, of which not more than $750,000 may 
                be used for working capital, supplies, or financings 
                under section 7(a)(14) for export purposes; and''.

SEC. 212. GUARANTEES ON INTERNATIONAL TRADE LOANS.

    Section 7(a)(2)(B)(iv) of the Small Business Act (15 U.S.C. 
636(a)(2)(B)(iv)) is amended to read as follows:
                            ``(iv) not less than 85 percent nor more 
                        than 90 percent of the financing outstanding at 
                        the time of disbursement if such financing is a 
                        loan under paragraph (14) or (16).''.

SEC. 213. ACCREDITED LENDERS PROGRAM.

    (a) Establishment.--Title V of the Small Business Investment Act of 
1958 (15 U.S.C. 695 et seq.) is amended by adding at the end the 
following new section:

``SEC. 507. ACCREDITED LENDERS PROGRAM.

    ``(a) Establishment.--The Administration is authorized to establish 
an Accredited Lenders Program for qualified State and local development 
companies that meet the requirements of subsection (b).
    ``(b) Requirements.--The Administration may designate a qualified 
State or local development company as an accredited lender if such 
company--
            ``(1) has been an active participant in the Development 
        Company Program authorized by sections 502, 503, and 504 for 
        not less than the preceding 12 months;
            ``(2) has well-trained, qualified personnel who are 
        knowledgeable in the Administration's lending policies and 
        procedures for such Development Company Program;
            ``(3) has the ability to process, close, and service 
        financing for plant and equipment under such Development 
        Company Program;
            ``(4) has a reasonable and acceptable loss rate on the 
        company's debentures;
            ``(5) has a history of submitting to the Administration 
        complete and accurate debenture guaranty application packages; 
        and
            ``(6) has demonstrated the ability to serve small business 
        credit needs for financing plant and equipment through the 
        Development Company Program authorized by sections 502, 503, 
        and 504.
    ``(c) Expedited Processing of Loan Applications.--The 
Administration shall develop an expedited procedure for processing a 
loan application or servicing action submitted by a qualified State or 
local development company that has been designated as an accredited 
lender in accordance with subsection (b).
    ``(d) Suspension or Revocation of Designation.--
            ``(1) In general.--The designation of a qualified State or 
        local development company as an accredited lender may be 
        suspended or revoked if the Administration determines that--
                    ``(A) the development company has not continued to 
                meet the criteria for eligibility under subsection (b); 
                or
                    ``(B) the development company has failed to adhere 
                to the Administration's rules and regulations or is 
                violating any other applicable provision of law.
            ``(2) Effect.--A suspension or revocation under paragraph 
        (1) shall not affect any outstanding debenture guarantee.
    ``(e) Definition.--For purposes of this section, the term 
`qualified State or local development company' has the same meaning as 
in section 503(e).''.
    (b) Regulations.--Not later than 120 days after the date of 
enactment of this Act, the Administration shall promulgate final 
regulations to carry out this section.
    (c) Report.--Not later than 1 year after the effective date of 
regulations promulgated under subsection (b), the Administration shall 
report to the Committees on Small Business of the Senate and the House 
of Representatives on the implementation of this section. Such report 
shall include data on the number of development companies designated as 
accredited lenders, their debenture guarantee volume, their loss rates, 
the average processing time on their guarantee applications, and such 
other information as the Administration deems appropriate.

SEC. 214. INTEREST RATE ON CERTIFIED DEVELOPMENT COMPANY LOANS.

    Section 112(c) of the Small Business Administration Reauthorization 
and Amendment Act of 1988 (102 Stat. 2996) is amended--
            (1) in paragraph (1), by striking ``(1) In General.--
        Section 503'' and inserting ``Section 503''; and
            (2) by striking paragraph (2).

SEC. 215. CERTIFICATIONS OF ELIGIBILITY FOR SBIC AND SSBIC FINANCING.

    Section 308 of the Small Business Investment Act of 1958 (15 U.S.C. 
687) is amended by adding at the end the following new subsection:
    ``(h) Certifications of Eligibility.--
            ``(1) Certification by small business concern.--Prior to 
        receiving financial assistance from a company licensed pursuant 
        to subsection (c) or (d) of section 301, a small business 
        concern shall certify in writing that it meets the eligibility 
        requirements of the Small Business Investment Company Program 
        or the Specialized Small Business Investment Company Program, 
        as applicable.
            ``(2) Certification by company.--Prior to providing 
        financial assistance to a small business concern under this 
        Act, a company licensed pursuant to subsection (c) or (d) of 
        section 301 shall certify in writing that it has reviewed the 
        application for assistance of the small business concern and 
        that all documentation and other information supports the 
        eligibility of the applicant.
            ``(3) Retention of certifications.--Certificates made 
        pursuant to paragraphs (1) and (2) shall be retained by the 
        company licensed pursuant to subsection (c) or (d) of section 
        301 for the duration of the financial assistance.''.

SEC. 216. PARTICIPATING SECURITIES FOR SMALLER SBICS.

    Section 303(g) of the Small Business Investment Act of 1958 (15 
U.S.C. 683(g)) is amended by adding at the end the following new 
paragraph:
            ``(13) Participating securities for smaller small business 
        investment companies.--
                    ``(A) In general.--Subject to the provisions of 
                subparagraph (B), of the amount of the annual program 
                level of participating securities approved in 
                appropriations Acts, 50 percent shall be reserved for 
                funding small business investment companies with 
                private capital of less than $20,000,000.
                    ``(B) Exception.--During the last quarter of each 
                fiscal year, if the Administrator determines that there 
                is a lack of qualified applicants with private capital 
                of less than $20,000,000, the Administrator may utilize 
                all or any part of the program level for securities 
                reserved under subparagraph (A) for qualified 
                applicants with private capital of $20,000,000 or 
                more.''.

             TITLE III--SIZE STANDARDS AND BOND GUARANTEES

SEC. 301. SIZE STANDARD CRITERIA.

    Section 3(a)(2) of the Small Business Act (15 U.S.C. 632(a)(2)) is 
amended to read as follows:
            ``(2) Size standard criteria.--
                    ``(A) In general.--In addition to the criteria 
                specified in paragraph (1), the Administrator may 
                specify detailed definitions or standards by which a 
                business concern may be determined to be a small 
                business concern for the purposes of this Act or any 
                other Act.
                    ``(B) Additional criteria.--The standards described 
                in paragraph (1) may utilize number of employees, 
                dollar volume of business, net worth, net income, or a 
                combination thereof.
                    ``(C) Requirements.--Unless specifically authorized 
                by statute, no Federal department or agency may 
                prescribe a size standard for categorizing a business 
                concern as a small business concern, unless such 
                proposed size standard--
                            ``(i) is proposed after an opportunity for 
                        public notice and comment;
                            ``(ii) provides for determining--
                                    ``(I) the size of a manufacturing 
                                concern as measured by the 
                                manufacturing concern's average 
                                employment based upon employment during 
                                each of the manufacturing concern's pay 
                                periods for the preceding 12 months;
                                    ``(II) the size of a business 
                                concern providing services on the basis 
                                of the annual average gross receipts of 
                                the business concern over a period of 
                                not less than 3 years; and
                                    ``(III) the size of other business 
                                concerns on the basis of data over a 
                                period of not less than 3 years; and
                            ``(iii) is approved by the 
                        Administrator.''.

SEC. 302. SUNSET ON PREFERRED SURETY BOND GUARANTEE PROGRAM.

    Section 207 of the Small Business Administration Reauthorization 
and Amendment Act of 1988 (15 U.S.C. 694b note) is amended by striking 
``September 30, 1994'' and inserting ``September 30, 1995''.

SEC. 303. MANUFACTURING CONTRACTS THROUGH MANUFACTURING APPLICATION AND 
              EDUCATION CENTERS.

    (a) In General.--The Small Business Administration shall promote 
the award of Federal manufacturing contracts to small business concerns 
that participate in manufacturing application and education centers by 
working with the Department of Commerce and other agencies to identify 
components and subsystems that are both critical and currently foreign-
sourced.
    (b) Qualifications.--In order to qualify as a manufacturing 
application and education center under this section, an entity shall 
have the capacity to assist small business concerns in a shared-use 
production environment and to offer the following services:
            (1) Technology demonstration.
            (2) Technology education.
            (3) Technology application support.
            (4) Technology advancement support.
    (c) Inapplicability of Certain Requirements.--The requirements of 
section 15(o)(1)(B) of the Small Business Act shall not apply with 
respect to any manufacturing contract carried out by a small business 
concern in conjunction with a manufacturing application and education 
center under this section.
    (d) Regulations.--Not later than 180 days after the date of 
enactment of this Act, the Administrator of the Small Business 
Administration shall promulgate final regulations to carry out this 
section.
    (e) Termination of Authority.--The authority of the Small Business 
Administration under this section shall terminate on September 30, 
1997.

               TITLE IV--BUSINESS DEVELOPMENT ASSISTANCE

                     Subtitle A--General Provisions

SEC. 401. SUNSET ON COSPONSORED TRAINING.

    (a) In General.--
            (1) Repeal.--The amendments made by section 5(a) of Small 
        Business Computer Security and Education Act of 1984 (15 U.S.C. 
        633 note) are hereby repealed.
            (2) Effective date.--Paragraph (1) shall take effect on 
        September 30, 1997.
    (b) Conforming Amendment.--Section 7(b) of the Small Business 
Computer Security and Education Act of 1984 (15 U.S.C. 633 note) is 
amended in the second sentence by striking ``and the amendments made to 
section 8(b)(1)(A) of the Small Business Act by section 5(a)(2) of this 
Act are'' and inserting ``is''.

SEC. 402. SMALL BUSINESS DEVELOPMENT CENTER PROGRAM LEVEL.

    Section 21(a)(4) of the Small Business Act (15 U.S.C. 648(a)(4)) is 
amended to read as follows:
    ``(4) Small Business Development Center Program Level.--
            ``(A) In general.--The Administration shall require as a 
        condition of any grant (or amendment or modification thereof) 
        made to an applicant under this section, that a matching amount 
        (excluding any fees collected from recipients of such 
        assistance) equal to the amount of such grant be provided from 
        sources other than the Federal Government, to be comprised of 
        not less than 50 percent cash and not more than 50 percent of 
        indirect costs and in-kind contributions.
            ``(B) Restriction.--The matching amount described in 
        subparagraph (A) shall not include any indirect costs or in-
        kind contributions derived from any Federal program.
            ``(C) National program.--
                    ``(i) In general.--No recipient of funds under this 
                section shall receive a grant that exceeds--
                            ``(I) for fiscal year 1995, the greater 
                        of--
                                    ``(aa) the sum of such recipient's 
                                pro rata share of a national program 
                                based upon the population to be served 
                                by the small business development 
                                center as compared to the total 
                                population in the United States, and 
                                $100,000; or
                                    ``(bb) $200,000; and
                            ``(II) except as provided in clause (ii), 
                        in each succeeding fiscal year, the greater 
                        of--
                                    ``(aa) the sum of such recipient's 
                                pro rata share of a national program 
                                based upon the population to be served 
                                by the small business development 
                                center as compared to the total 
                                population in the United States, and 
                                $200,000; or
                                    ``(bb) $300,000.
                    ``(ii) Exception.--The provisions of clause (i)(I) 
                shall apply in any fiscal year after fiscal year 1995 
                in which, based on funds appropriated, a small business 
                development center would, under the provisions of 
                clause (i)(II), receive less than the small business 
                development center received in fiscal year 1995.
                    ``(iii) Amount.--The amount of the national program 
                shall be--
                            ``(I) $70,000,000 through September 30, 
                        1995;
                            ``(II) $77,500,000 from October 1, 1995 
                        through September 30, 1996; and
                            ``(III) $85,000,000 beginning October 1, 
                        1996.
                The amount for which a small business development 
                center is eligible under this paragraph shall be based 
                upon the amount of the national program in effect as of 
                the date for commencement of performance of the small 
                business development center's grant.''.

SEC. 403. FEDERAL CONTRACTS WITH SMALL BUSINESS DEVELOPMENT CENTERS.

    Section 21(a)(5) of the Small Business Act (15 U.S.C. 648(a)(5)) is 
amended to read as follows:
    ``(5) Federal Contracts With Small Business Development Centers.--
            ``(A) In general.--A small business development center may 
        enter into a contract with a Federal department or agency to 
        provide specific assistance to small business concerns, if the 
        contract is approved in advance by the Associate Administrator 
        of the small business development center program.
            ``(B) Approval criteria.--Each approval of a contract under 
        subparagraph (A) shall be based upon a determination that the 
        contract will provide assistance to small business concerns and 
        that performance of the contract will not hinder the small 
        business development center in carrying out the terms of the 
        grant received by the small business development center from 
        the Administration.
            ``(C) Exemption from matching requirement.--A contract 
        under this paragraph shall not be subject to the matching funds 
        or eligibility requirements of paragraph (4).
            ``(D) Additional provision.--Notwithstanding any other 
        provision of law, a contract for assistance under this 
        paragraph may not be applied to any Federal department or 
        agency's small business, woman-owned business, or socially and 
        economically disadvantaged business contracting goal under 
        section 15(g).''.

SEC. 404. SMALL BUSINESS DEVELOPMENT CENTER PROGRAM EXAMINATION AND 
              CERTIFICATION.

    Section 21(k) of the Small Business Act (15 U.S.C. 648(k)) is 
amended to read as follows:
    ``(k) Program Examination and Certification.--
            ``(1) Examination.--Not later than 180 days after the date 
        of enactment of this subsection, the Administration shall 
        develop and implement a biannual programmatic and financial 
        examination of each small business development center 
        established pursuant to this section.
            ``(2) Certification.--The Administration may provide 
        financial support, by contract or otherwise, to the association 
        authorized by subsection (a)(3)(A) for the purpose of 
        developing a small business development center certification 
        program.
            ``(3) Extension or renewal of cooperative agreements.--In 
        extending or renewing a cooperative agreement of a small 
        business development center, the Administration shall consider 
        the results of the examination and certification program 
        conducted pursuant to paragraphs (1) and (2).''.

SEC. 405. SERVICE CORPS OF RETIRED EXECUTIVES (SCORE) PROGRAM.

    Section 8(b)(1) of the Small Business Act (15 U.S.C. 637(b)(1)) is 
amended by adding at the end the following new subparagraph:
            ``(H) In carrying out subparagraph (B), the Administration 
        shall encourage the Service Corps of Retired Executives (SCORE) 
        established pursuant to such subparagraph, to the maximum 
        extent practicable, to consult and work in conjunction with the 
        Corporation for National and Community Service and the Points 
        of Light Foundation established under the National and 
        Community Service Act of 1990.''.

SEC. 406. INFORMATION CONCERNING FRANCHISING.

    Section 8(b)(1)(A) of the Small Business Act (15 U.S.C. 
637(b)(1)(A)) is amended by inserting ``including information on the 
benefits and risks of franchising,'' after ``small-business 
enterprises,''.

           Subtitle B--Development of Woman-Owned Businesses

SEC. 411. EXTENSION OF AUTHORITY FOR DEMONSTRATION PROJECTS.

    The Small Business Act (15 U.S.C. 631 et seq.) is amended--
            (1) by redesignating section 28 (as added by section 2 of 
        the Women's Business Development Act of 1991) as section 29; 
        and
            (2) in section 29(g), as redesignated, by striking ``1995'' 
        and inserting ``1997''.

SEC. 412. ESTABLISHMENT OF OFFICE OF WOMEN'S BUSINESS OWNERSHIP.

    Section 29 of the Small Business Act (15 U.S.C. 656), as 
redesignated by section 411, is amended by adding at the end the 
following new subsection:
    ``(h) Office of Women's Business Ownership.--There is hereby 
established within the Administration an Office of Women's Business 
Ownership, which shall be responsible for the administration of the 
Administration's programs for the development of women's business 
enterprises, as such term is defined in section 408 of the Women's 
Business Ownership Act of 1988. The Office of Women's Business 
Ownership shall be administered by an Assistant Administrator, who 
shall be appointed by the Administrator.''.

SEC. 413. NATIONAL COMMISSION ON WOMEN IN BUSINESS.

    (a) Establishment.--Section 401 of the Women's Business Ownership 
Act of 1988 (15 U.S.C. 631 note) is amended to read as follows:

``SEC. 401. ESTABLISHMENT.

    ``There is hereby established a Commission to be known as the 
`National Commission on Women in Business' (hereafter in this title 
referred to as the `Commission').''.
    (b) Duties of the Commission.--Section 402 of the Women's Business 
Ownership Act of 1988 (15 U.S.C. 631 note) is amended to read as 
follows:

``SEC. 402. DUTIES OF THE COMMISSION.

    ``The Commission shall--
            ``(1) review, promote, coordinate, and monitor plans and 
        programs, developed in the public and private sectors, which 
        affect the ability of woman-owned businesses to obtain capital 
        and credit;
            ``(2) promote and assist in the development of the 
        Intermediate Census on Women's Business Ownership and other 
        surveys of woman-owned businesses;
            ``(3) provide assistance to and outreach for the 
        involvement of women business owners in White House Conference 
        on Small Business;
            ``(4) study and assess--
                    ``(A) the obstacles faced by women seeking to 
                establish businesses and women seeking senior 
                management positions in large and small businesses and 
                in the professions; and
                    ``(B) the contributions to the Nation's economy by 
                businesses owned or managed by women; and
            ``(5) design a comprehensive plan for a joint public-
        private sector effort to facilitate the development and growth 
        of woman-owned businesses.
    ``(b) Report.--Not later than January 31, 1996, the Commission 
shall submit a report to the President and the Committees on Small 
Business of the Senate and the House of Representatives describing the 
plan developed pursuant to subsection (a)(5).''.
    (c) Membership.--Section 403 of the Women's Business Ownership Act 
of 1988 (15 U.S.C. 631 note) is amended to read as follows:

``SEC. 403. MEMBERSHIP OF THE COMMISSION.

    ``(a) In General.--The Commission shall be composed of 14 members, 
of whom--
            ``(1) 7 members shall be the individuals described in 
        subsection (b); and
            ``(2) 7 members shall be appointed in accordance with 
        subsection (c).
    ``(b) Public Sector Members.--For purposes of subsection (a)(1), 
the individuals described in this section are--
            ``(1) the Administrator of the Small Business 
        Administration;
            ``(2) the Assistant Administrator of the Office of Women's 
        Business Ownership of the Small Business Administration;
            ``(3) the Secretary of the Treasury, or the Secretary's 
        designee;
            ``(4) the Secretary of Labor, or the Secretary's designee;
            ``(5) the Secretary of Commerce, or the Secretary's 
        designee;
            ``(6) the Administrator of the General Services 
        Administration, or the Administrator's designee; and
            ``(7) 1 member of the Board of Governors of the Federal 
        Reserve System, or the designee of a member.
    ``(c) Private Sector Members.--
            ``(1) Chairperson.--Not later than 45 days after the date 
        of enactment of the Small Business Administration 
        Reauthorization and Amendment Act of 1994, the President shall 
        appoint an individual to serve as the chairperson of the 
        Commission (hereafter in this title referred to as the 
        `Chairperson') who shall be a prominent business-woman who is 
        qualified to head the Commission by virtue of her education, 
        training, and experience.
            ``(2) Other members.--Not later than 60 days after the date 
        of enactment of the Small Business Administration 
        Reauthorization and Amendment Act of 1994, the Administrator of 
        the Small Business Administration shall appoint 6 members of 
        the Commission, of whom--
                    ``(A) 1 shall be an owner of a small business 
                concern, as such term is defined in section 3 of the 
                Small Business Act, who is a member of the same 
                political party as the President;
                    ``(B) 1 shall be an owner of a small business 
                concern, as such term is defined in section 3 of the 
                Small Business Act, who is not a member of the same 
                political party as the President; and
                    ``(C) 4 shall be representatives of national 
                women's business organizations.
    ``(d) Administrative Provisions.--
            ``(1) Restriction.--The members of the Commission appointed 
        pursuant to subsection (c) shall not be officers or employees 
        of the Federal Government.
            ``(2) Vice chairperson.--The member of the Commission 
        appointed pursuant to subsection (b)(2) shall serve as vice 
        chairperson of the Commission.
            ``(3) Terms.--The term of service of the members of the 
        Commission appointed pursuant to subsection (c) shall be 1 
        year. No member of the Commission may serve for more than 2 
        consecutive terms.
            ``(4) Designees.--Each designee appointed pursuant to 
        subsection (b) shall--
                    ``(A) be a policy-making official whose duties are 
                consistent with the duties of the Commission; and
                    ``(B) report directly to the head of the agency on 
                the activities of the Commission.
            ``(5) Compensation and travel expenses.--
                    ``(A) Public sector members.--The members of the 
                Commission described in subsection (b) shall serve on 
                the Commission without additional compensation.
                    ``(B) Private sector members.--The members of the 
                Commission appointed pursuant to subsection (c) shall 
                serve without pay for membership, except that such 
                members shall be entitled to reimbursement for domestic 
                travel, subsistence, and other necessary expenses 
                incurred by them in carrying out the functions of the 
                Commission in the same manner as persons serving on 
                advisory boards pursuant to section 8(b) of the Small 
                Business Act.
            ``(6) Vacancies.--A vacancy on the Commission shall, not 
        later than 30 days after the date on which the vacancy occurs, 
        be filled in the same manner in which the original appointment 
        was made.
            ``(7) Meetings.--The Commission shall meet at the call of 
        the Chairperson not less than 4 times each year.
            ``(8) Quorums.--
                    ``(A) Receipt of testimony.--Four members of the 
                Commission shall constitute a quorum for the receipt of 
                testimony and other evidence.
                    ``(B) Approval of recommendations.--A majority of 
                the members of the Commission shall constitute a quorum 
                for the approval of recommendations or reports issued 
                pursuant to sections 402 and 406.''.
    (d) Executive Director and Staff.--Section 404 of the Women's 
Business Ownership Act of 1988 (15 U.S.C. 631 note) is amended to read 
as follows:

``SEC. 404. EXECUTIVE DIRECTOR AND STAFF.

    ``(a) Executive Director.--The Commission shall have an Executive 
Director who shall be appointed by the Chairperson and the Assistant 
Administrator of the Small Business Administration Office of Women's 
Business Ownership. Upon the recommendation by the Executive Director, 
the Chairperson may appoint and fix the pay of 4 additional employees 
at a rate of pay not to exceed the maximum rate of pay payable for a 
position at GS-15 of the General Schedule.
    ``(b) Administrative Provisions.--The Executive Director and staff 
of the Commission may be appointed without regard to the provisions of 
title 5, United States Code, governing appointments in the competitive 
service, and except as provided in subsection (a), may be paid without 
regard to the provisions of chapter 51 and subchapter III of chapter 53 
of such title relating to classification and General Schedule pay 
rates, except that the Executive Director so appointed may not receive 
pay in excess of the annual rate of basic pay payable for a position at 
ES-1 of the Senior Executive Pay Schedule under section 5832 of title 
5, United States Code.
    ``(c) Detail of Additional Personnel.--Upon request to the 
Chairperson, the head of any Federal department or agency may detail 
any of the personnel of such agency to the Commission to assist the 
Commission in carrying out its duties under this title without regard 
to section 3341 of title 5, United States Code.''.
    (e) Powers of the Commission.--Section 405 of the Women's Business 
Ownership Act of 1988 (15 U.S.C. 631 note) is amended--
            (1) by striking ``Council'' each place it appears and 
        inserting ``Commission''; and
            (2) by adding at the end the following new subsection:
    ``(f) Cooperation with Private Entities.--
            ``(1) In general.--Subject to the requirements of paragraph 
        (2), the Commission may carry out its duties under section 402 
        through cooperation with private nonprofit and for-profit 
        entities.
            ``(2) Restriction.--If the Commission cooperates with 
        private entities pursuant to paragraph (1), the Commission 
        shall ensure that--
                    ``(A) the Commission receives appropriate 
                recognition and publicity;
                    ``(B) the cooperation does not constitute or imply 
                an endorsement by the Commission of the products and 
                services of the cosponsor; and
                    ``(C) the Commission avoids unnecessary promotion 
                of the products and services of the cosponsor and 
                minimizes utilization of any 1 cosponsor in a marketing 
                area.''.
    (f) Reports.--Section 406 of the Women's Business Ownership Act of 
1988 (15 U.S.C. 631 note) is amended--
            (1) by striking ``Council'' each place it appears and 
        inserting ``Commission'';
            (2) by striking ``December 31, 1989'' and inserting ``not 
        later than 1 year after the date of enactment of the Small 
        Business Administration Reauthorization and Amendment Act of 
        1994''; and
            (3) by striking ``based upon its reviews conducted under 
        section 402''.
    (g) Authorization.--Section 407 of the Women's Business Ownership 
Act of 1988 (15 U.S.C. 631 note) is amended--
            (1) by striking subsection (a) and inserting the following:
    ``(a) In General.--There are authorized to be appropriated to carry 
out this title--
            ``(1) $500,000 in fiscal year 1995;
            ``(2) $500,000 is fiscal year 1996; and
            ``(3) $100,000 in fiscal year 1997.''; and
            (2) by striking subsection (c).
    (h) Transition Reimbursement.--In order to facilitate the 
transition from the National Women's Business Council, established by 
title IV of the Women's Business Ownership Act of 1988, to the National 
Commission on Women in Business established by this section, the 
National Commission on Women in Business may, during the 30-day period 
beginning on the date on which the Chairperson of the National 
Commission on Women in Business is appointed pursuant to section 413 of 
this Act, reimburse the costs and salaries, where appropriate, of the 
Chairperson, Executive Director, and staff of the National Women's 
Business Council for transition activities .
    (i) Sunset.--The authority of the National Commission on Women in 
Business established under title IV of the Women's Business Ownership 
Act of 1988, as amended by this section, shall terminate on November 
30, 1996.

          TITLE V--RELIEF FROM DEBENTURE PREPAYMENT PENALTIES

SEC. 501. SHORT TITLE.

    This title may be cited as the ``Small Business Prepayment Penalty 
Relief Act of 1994''.

SEC. 502. PREPAYMENT OF DEVELOPMENT COMPANY DEBENTURES.

    (a) In General.--Title V of the Small Business Investment Act of 
1958 (15 U.S.C. 695 et seq.) is amended by adding at the end the 
following new section:

``SEC. 508. PREPAYMENT OF DEVELOPMENT COMPANY DEBENTURES.

    ``(a) In General.--
            ``(1) Prepayment authorized.--Subject to the requirements 
        set forth in subsection (b), an issuer of a debenture purchased 
        by the Federal Financing Bank and guaranteed by the 
        Administration under section 503 may, at the election of the 
        borrower whose loan secures such debenture and with the 
        approval of the Administration, prepay such debenture in 
        accordance with the provisions of this section.
            ``(2) Procedure.--
                    ``(A) In general.--In making a prepayment under 
                paragraph (1)--
                            ``(i) the borrower shall pay to the Federal 
                        Financing Bank an amount that is equal to the 
                        sum of the unpaid principal balance due on the 
                        debenture as of the date of the prepayment 
                        (plus accrued interest at the coupon rate on 
                        the debenture) and the amount of the repurchase 
                        premium described in subparagraph (B); and
                            ``(ii) the Administration shall pay to the 
                        Federal Financing Bank the difference between 
                        the repurchase premium paid by the borrower 
                        under this subsection and the repurchase 
                        premium that the Federal Financing Bank would 
                        otherwise have received.
                    ``(B) Repurchase premium.--
                            ``(i) In general.--For purposes of 
                        subparagraph (A)(i), the repurchase premium is 
                        the amount equal to the product of--
                                    ``(I) the unpaid principal balance 
                                due on the debenture on the date of 
                                prepayment; and
                                    ``(II) the applicable percentage 
                                rate, as determined in accordance 
                                clause (ii).
                            ``(ii) Applicable percentage rate.--For 
                        purposes of clause (i)(II), the applicable 
                        percentage rate means--
                                    ``(I) with respect to a 10-year 
                                term loan, 9.5 percent;
                                    ``(II) with respect to a 15-year 
                                term loan, 9.5 percent;
                                    ``(III) with respect to a 20-year 
                                term loan, 10.5 percent; and
                                    ``(IV) with respect to a 25-year 
                                term loan, 11.5 percent.
    ``(b) Requirements.--For purposes of subsection (a), the 
requirements of this subsection are that--
            ``(1) the debenture is outstanding and neither the loan 
        that secures the debenture nor the debenture is in default on 
        the date on which the prepayment is made;
            ``(2) State, local, or personal funds, or the proceeds of a 
        refinancing in accordance with subsection (d) of this section 
        under the programs authorized by sections 504 and 505, are used 
        to prepay the debenture; and
            ``(3) the issuer certifies that the benefits, net of fees 
        and expenses authorized herein, associated with prepayment of 
        the debenture are entirely passed through to the borrower.
    ``(c) No Prepayment Fees or Penalties.--No fees or penalties other 
than those specified in this section may be imposed on the issuer, the 
borrower, the Administration, or any fund or account administered by 
the Administration as the result of a prepayment under this section.
    ``(d) Refinancing Limitations.--
            ``(1) In general.--The refinancing of a debenture under 
        sections 504 and 505, in accordance with subsection (b)(2) of 
        this section--
                    ``(A) shall not exceed the amount necessary to 
                prepay existing debentures, including all costs 
                associated with the refinancing and any applicable 
                prepayment penalty or repurchase premium; and
                    ``(B) shall be subject to the provisions of 
                sections 504 and 505 and the rules and regulations 
                promulgated thereunder, including rules and regulations 
                governing payment of authorized expenses, commissions, 
                fees, and discounts to brokers and dealers in trust 
                certificates issued pursuant to section 505.
            ``(2) Job creation.--An applicant for refinancing under 
        section 504 of a loan made pursuant to section 503 shall not be 
        required to demonstrate that a requisite number of jobs will be 
        created with the proceeds of a refinancing.
            ``(3) Loan processing fee.--To cover the cost of loan 
        packaging, processing, and other administrative functions, a 
        development company that provides refinancing under subsection 
        (b)(2) may impose a loan processing fee, not to exceed 0.5 
        percent of the principal amount of the loan.
    ``(e) Definitions.--For purposes of this section--
            ``(1) the term `issuer' means the qualified State or local 
        development company that issued a debenture pursuant to section 
        503, which has been purchased by the Federal Financing Bank; 
        and
            ``(2) the term `borrower' means a small business concern 
        whose loan secures a debenture issued pursuant to section 
        503.''.
    (b) Regulations.--Not later than 30 days after the date of 
enactment of this Act, the Administration shall promulgate such 
regulations as may be necessary to carry out this section, including 
regulations establishing a deadline for receipt of applications for 
prepayment and refinancing under title V of the Small Business 
Investment Act of 1958.
    (c) Authorization.--There are authorized to be appropriated such 
sums as may be necessary to carry out this section.

                   TITLE VI--MISCELLANEOUS AMENDMENTS

SEC. 601. CONSOLIDATION OF FUNDING ACCOUNTS.

    (a) In General.--Section 4(c) of the Small Business Act (15 U.S.C. 
633(c)) is amended by striking ``(c)(1) There'' and all that follows 
through paragraph (4) and inserting the following:
    ``(c) Loan Liquidation Fund.--
            ``(1) In general.--
                    ``(A) Establishment.--There is hereby established 
                in the United States Treasury a fund to be known as the 
                Loan Liquidation Fund (hereafter in this subsection 
                referred to as the `Fund').
                    ``(B) Amounts contained in fund.--All amounts 
                received by the Administration prior to October 1, 
                1991, from the repayment of loans and debentures, 
                payments of interest, and other receipts arising out of 
                transactions entered into by the Administration 
                pursuant to section 5(e), 5(g), 7(a), 7(b), 7(c)(2), 
                7(e), 7(h), 7(l), 7(m), or 8(a) of this Act, or title 
                III, IV, or V of the Small Business Investment Act of 
                1958, shall be paid into the Fund. Balances existing in 
                the revolving funds on or after the effective date of 
                this paragraph shall be transferred to the Fund on such 
                date.
                    ``(C) Operating expenses.--The Fund shall have 
                available, without fiscal year limitation, such funds 
                as may be necessary to finance the operational needs of 
                the Fund.
            ``(2) Annual status report.--As soon as practicable after 
        the end of each fiscal year, the Administration shall submit to 
        the Committees on Small Business and Appropriations of the 
        Senate and the House of Representatives a complete report on 
        the status of the Fund.''.
    (b) Interest Payments to Treasury.--Section 4(c) of the Small 
Business Act (15 U.S.C. 633(c)) is amended--
            (1) by redesignating paragraph (5) as paragraph (3); and
            (2) in paragraph (3)(B), as redesignated, by striking 
        clause (ii) and inserting the following:
    ``(ii) Upon the expiration of each fiscal year, the Administration 
shall pay into the miscellaneous receipts of the United States Treasury 
the actual interest the Administration has collected during the 
preceding fiscal year on all financings made under the authority of 
this Act.''.

SEC. 602. IMPOSITION OF FEES.

    Section 5(b) of the Small Business Act (15 U.S.C. 634(b)) is 
amended--
            (1) in paragraph (10), by striking ``and'' at the end;
            (2) in paragraph (11), by striking the period at the end 
        and inserting a semicolon; and
            (3) by adding at the end the following new paragraphs:
            ``(12) impose, retain, and use only those fees which are 
        specifically authorized by law or which are in effect on 
        September 30, 1994, and in the amounts and at the rates in 
        effect on such date, except that the Administrator may, subject 
        to approval in appropriations Acts, impose, retain, and 
        utilize, additional fees--
                    ``(A) not to exceed $300 for each loan servicing 
                action requested after disbursement of the loan, 
                including any substitution of collateral, loan 
                assumption, release or substitution of a guarantor, 
                reamortization, or similar action; and
                    ``(B) to recover the direct, incremental cost 
                involved in the production and dissemination of 
                compilations of information produced by the 
                Administration under the authority of the Small 
                Business Act and the Small Business Investment Act of 
                1958; and
            ``(13) collect, retain and utilize, subject to approval in 
        appropriations Acts, any amounts collected by fiscal transfer 
        agents and not used by such agent as payment of the cost of 
        loan pooling or debenture servicing operations, except that 
        amounts collected under this paragraph shall be utilized solely 
        to facilitate the administration of the program that generated 
        the excess amounts.''.

SEC. 603. JOB CREATION AND COMMUNITY BENEFIT.

    Section 7(a)(21) of the Small Business Act (15 U.S.C. 636(a)(21)) 
is amended by adding at the end the following new subparagraph:
                    ``(E) Job creation and community benefit.--In 
                providing assistance under this paragraph, the 
                Administration shall develop procedures to ensure, to 
                the maximum extent practicable, that such assistance is 
                used for projects that--
                            ``(i) have the greatest potential for--
                                    ``(I) creating new jobs for 
                                individuals whose employment is 
                                involuntarily terminated due to 
                                reductions in Federal defense 
                                expenditures; or
                                    ``(II) preventing the loss of jobs 
                                by employees of small business concerns 
                                described in subparagraph (A)(i); and
                            ``(ii) have substantial potential for 
                        stimulating new economic activity in 
                        communities most affected by reductions in 
                        Federal defense expenditures.''.

SEC. 604. MICROLOAN PROGRAM AMENDMENTS.

    Section 7(m)(9)(B) of the Small Business Act (15 U.S.C. 
636(m)(9)(B)) is amended--
            (1) by inserting ``and loan guarantees'' after ``for 
        loans''; and
            (2) by inserting after ``experienced microlending 
        organizations'' the following: ``and national and regional 
        nonprofit organizations that have demonstrated experience in 
        providing training support for microenterprise development and 
        financing.''.

SEC. 605. TECHNICAL CLARIFICATION.

    (a) Defense Conversion.--Section 7(a)(21)(A) of the Small Business 
Act (15 U.S.C. 636(a)(21)(A)) is amended by striking ``under the'' and 
inserting ``on a guaranteed basis under the''.
    (b) Additional Technical Clarification.--Section 204 of Public Law 
94-305 (15 U.S.C. 634d) is amended by striking ``section 202'' and 
inserting ``this title''.

SEC. 606. SECONDARY MARKET STUDY DUE DATE.

    Section 6 of the Small Business Credit Enhancement Act of 1993 (15 
U.S.C. 634 note) is amended by striking ``16 months after the date of 
enactment'' and inserting ``November 1, 1994''.

SEC. 607. STUDY AND DATA BASE: GUARANTEED BUSINESS LOAN PROGRAM AND 
              DEVELOPMENT COMPANY PROGRAM.

    (a) Study Authorized.--The Administration shall conduct a study 
of--
            (1) the Guaranteed Business Loan program under section 7(a) 
        of the Small Business Act; and
            (2) the Development Company program under sections 502, 
        503, and 504 of the Small Business Investment Act of 1958.
    (b) Evaluation.--After conducting the study under subsection (a), 
the Administration shall evaluate the performance of the programs 
described in paragraphs (1) and (2) of subsection (a) on an annual and 
aggregated basis during the most recent 4-year period for which data 
are available. Such evaluation shall focus on the following factors:
            (1) The number, dollar amount, and average size of the 
        loans or financings under each program.
            (2) The number, dollar amount, and average size of the 
        loans or financings made to woman-owned and minority-owned 
        businesses under each program.
            (3) The geographic distribution of the loans or financings 
        under each program.
            (4) The jobs created or maintained attributable to the 
        loans or financings under each program.
            (5) The number, dollar amount, and average size of the 
        loans or financings on which borrowers defaulted under each 
        program.
            (6) The amounts recovered by the Administration after 
        default, foreclosure, or otherwise under each program.
            (7) The number of companies which are no longer in business 
        despite receiving the loans or financings under each program.
            (8) The taxes paid by businesses which received the loans 
        or financings under each program.
            (9) Such other information as the Administration determines 
        to be appropriate for a complete evaluation of each program.
    (c) Contracting With Independent Entities.--In carrying out 
subsections (a) and (b), the Administration may contract with an 
independent entity or entities--
            (1) to conduct the study pursuant to subsection (a); and
            (2) to develop a database of information to enable the 
        Administration to maintain and access, on an ongoing basis, 
        current information relating to the factors set forth in 
        subsection (b).
    (d) Date.--The study authorized by subsection (a) shall be 
completed not later than September 30, 1995.

SEC. 608. SBIR VENDORS.

    Section 9(q)(2) of the Small Business Act (15 U.S.C. 638(q)(2)) is 
amended to read as follows:
            ``(2) Vendor selection.--Each agency may select a vendor to 
        assist small business concerns to meet the goals listed in 
        paragraph (1) for a term not to exceed 3 years. Such selection 
        shall be competitive and shall utilize merit-based criteria.''.

SEC. 609. PROGRAM EXTENSION.

    Section 602(e) of the Business Opportunity Development Reform Act 
of 1988 (15 U.S.C. 637 note) is amended by striking ``September 30, 
1994'', and inserting ``September 30, 1995''.

SEC. 610. PROHIBITION ON THE USE OF FUNDS FOR INDIVIDUALS NOT LAWFULLY 
              WITHIN THE UNITED STATES.

    Section 2 of the Small Business Act (15 U.S.C. 631) is amended by 
adding at the end the following new subsection:
    ``(i) Prohibition on the Use of Funds for Individuals Not Lawfully 
Within the United States.--None of the funds made available pursuant to 
this Act may be used to provide any direct benefit or assistance to any 
individual in the United States if the Administrator or the official to 
which the funds are made available receives notification that the 
individual is not lawfully within the United States.''.

SEC. 611. OFFICE OF ADVOCACY EMPLOYEES.

    Section 204 of Public Law 94-305 (15 U.S.C. 634d) is amended--
            (1) in the matter preceding paragraph (1) by striking 
        ``after consultation with and subject to the approval of the 
        Administrator,''; and
            (2) in paragraph (1), by striking ``ten'' and inserting 
        ``14''.

SEC. 612. PROHIBITION ON THE PROVISION OF ASSISTANCE.

    Section 4 of the Small Business Act (15 U.S.C. 633) is amended by 
adding at the end the following new subsection:
    ``(e) Prohibition on the Provision of Assistance.--Notwithstanding 
any other provision of law, the Administration is prohibited from 
providing any financial or other assistance to any business concern or 
other person engaged in the production or distribution of any product 
or service that is determined to be obscene.''.

SEC. 613. CERTIFICATION OF COMPLIANCE WITH CHILD SUPPORT OBLIGATIONS.

    Section 4 of the Small Business Act (15 U.S.C. 633), as amended by 
section 612, is amended by adding at the end the following new 
subsection:
    ``(f) Certification of Compliance With Child Support Obligations.--
            ``(1) In general.--Each applicant for financial assistance 
        under this Act, including an applicant for a direct loan or a 
        loan guarantee, shall certify that the applicant is not in 
        violation of the terms of any--
                    ``(A) administrative order;
                    ``(B) court order; or
                    ``(C) repayment agreement entered into between the 
                applicant and the custodial parent or State agency 
                providing child support enforcement services,
        that requires the applicant to pay child support, as such term 
        is defined in section 462(b) of the Social Security Act.
            ``(2) Enforcement.--Not later than 6 months after the date 
        of enactment of this subsection, the Administration shall issue 
        such regulations as may be necessary to enforce compliance the 
        requirements of this subsection.''.
            Amend the title so as to read: ``A bill to amend the Small 
        Business Act and the Small Business Investment Act of 1958, and 
        for other purposes.''.
S 2060 RS----2
S 2060 RS----3
S 2060 RS----4
S 2060 RS----5
```