legislation: 97-s-2408
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| 97-s-2408 | 97 | s | 2408 | Small Business Venture Capital Act of 1982 | Commerce | 1982-04-21 | 1982-05-18 | Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 568. | Senate | Sen. Weicker, Lowell P., Jr. [R-CT] | CT | R | W000253 | 1 | (Reported to Senate from the Committee on Small Business with amendment, S. Rept. 97-400) Small Business Venture Capital Act of 1982 - Amends the Small Business Act to increase the authorization for FY 1982 through 1984 for funding small businesses, State and local development companies, and small business investment companies. Amends the Small Business Investment Act of 1958 to require that small business investment companies be examined at least once every two years for violations of such Act. (Currently, small business investment companies must be examined at least once each year.) Includes among the cases under which the Small Business Administration (SBA) may deny liability for the payment of claims submitted by surety companies under the surety bond guarantee program, instances where: (1) the surety has breached a material term or condition of the surety bond guarantee or agreement; or (2) the surety has violated substantially the regulations established by the SBA for such program. Repeals provisions of the Small Business Act dealing with trade adjustment loans, loans to handicapped persons and organizations for the handicapped, loans to small business concerns either located in areas with high proportions of unemployed or low-income individuals or owned by low-income individuals, and loans to small business concerns for solar energy and energy conservation measures. Amends the Small Business Investment Act of 1958 to state that it is congressional policy that the guarantee of payments for use of pollution control facilities would not cause the interest on bonds which finance such facilities to be included in the gross income of the bondholders. Prohibits the SBA from refusing to guarantee payment for small businesses in the case of pollution control facilities or property when such property is acquired with proceeds from tax-exempt industrial revenue bonds. (Currently, the SBA is given discretion on whether to guarantee payment for small businesses in such cases.) Amends the Small Business Act to establish minimum program levels for guarantees of qualified contracts under the pollution control bond guarantee program for FY 1982 through 1984. Requires the SBA to enter into commitments to guarantee loans, debentures, and other types of financial assistance pursuant to the Small Business Act and the Small Business Investment Act of 1958, subject only to: (1) the availability of qualified applications for such guarantees; and (2) limitations contained in appropriations Acts. | 2025-01-14T17:16:56Z |