S.1923 - Small Business Investment and Growth Act of 2005109th Congress (2005-2006)
|Sponsor:||Sen. Snowe, Olympia J. [R-ME] (Introduced 10/26/2005)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 10/26/2005 Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
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Summary: S.1923 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in Senate (10/26/2005)
Small Business Investment and Growth Act of 2005 - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA) to guarantee the: (1) payment of the redemption price and interest on a participating debenture issued by a small business investment company (SBIC), or a trust certificate issued with respect to such a debenture; and (2) repayment of funds advanced by an interim funding provider in the event of a default by an SBIC. Authorizes the SBA to charge a guarantee fee in each of the above cases. Prohibits the Administrator from guaranteeing such a debenture if the aggregate unpaid principal balance of the participating debentures would exceed 200% of the leverageable capital of the SBIC. Requires participating debentures to be redeemed within ten years after issuance. Outlines requirements of SBIC participants, including after default on debenture payment.
Allows an SBIC which has no unpaid interest and no past due principal outstanding on any issued participating debenture the right of special distribution to private investors without a corresponding distribution to the SBA, under specified conditions.