Summary: S.1408 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.1408. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (07/21/1999)

Small Business Brownfields Redevelopment Act of 1999 - Amends the Small Business Act to directs the Administrator of the Small Business Administration (SBA), each year, to set aside the lesser of $50 million or ten percent of the amounts authorized for the Small Business Development Company program for use by qualified States and local development companies to finance projects that assist qualified small businesses in: (1) carrying out site assessment and cleanup activities at brownfield sites or sites contaminated with petroleum; and (2) acquiring new, clean technologies and production equipment. Defines as a qualified small business for such assistance one which: (1) has acquired a brownfield site; or (2) uses any hazardous substance during its course of business and has limited or no access to cleanup capital from conventional sources.

Amends the Small Business Investment Act of 1958 to direct the SBA to promote the establishment of one or more small business investment companies the primary purpose of which is to finance: (1)such cleanup activities; or (2) projects that assist small businesses in cleaning up their facilities and adopting new, clean technologies. Provides a set-aside for such financing of the lesser of $2 million or ten percent of the amount authorized for purchases of participating securities and guarantees of debentures under such Act.

Defines a "brownfield site" as an abandoned, idled, or underused commercial or industrial facility, the expansion or redevelopment of which is complicated by real or perceived environmental contamination.