H.R.1139 - Veterans Business Loan Act of 198197th Congress (1981-1982)
|Sponsor:||Rep. Montgomery, G. V. (Sonny) [D-MS-3] (Introduced 01/22/1981)|
|Committees:||House - Small Business; Veterans' Affairs|
|Latest Action:||House - 05/12/1981 For Further Action See H.R.3423. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1139 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in House (01/22/1981)
Veterans' Business Loan Act of 1981 - Permits the Administrator of Veterans' Affairs to provide financial assistance to a small business concern which is at least 51 percent owned by veterans of the Vietnam era or disabled veterans. Authorizes such assistance, in the form of loan guaranties, or participation or direct loans, for financing plant construction or expansion, the acquisition of equipment or supplies, or supplying the concern with working capital. Sets forth restrictions and the liability of the Administrator in the provision of such assistance.
Requires each applicant veteran to execute a document evidencing the loan and makes such veteran jointly and severally liable to the Administrator for any amount paid by the Administrator on such loan. Limits each veteran to a loan for one small business concern at a time. Requires the approval of the Administrator before the closing of the loan. Limits the terms of such loans to ten years, except for construction loans. Grants special consideration to veterans with service-connected disabilities. Prohibits the commitment of assistance after September 30, 1991.
Establishes in the Treasury the Veterans' Administration Business Loan Revolving Fund. Directs the Administrator to transfer any surplus funds into the general fund. Sets forth the powers of the Administrator for the administration of this program. Makes technical amendments. Amends the Small Business Act to include veteran and small business within the government procurement small business subcontracting program.
Authorizes appropriations for fiscal year 1981 to advise the Administrator on the establishment of the business loan program.