Page:United States Statutes at Large Volume 103 Part 1.djvu/1052

 103 STAT. 1024 PUBLIC LAW 101-162—NOV. 21, 1989 and Investment Fund", $82,000,000, to remsdn available without fiscal year limitation as authorized by 15 U.S.C. 631 note: Provided, That no funds appropriated under this Act may be used to sell direct loans which are held by the Small Business Administration or any loan guaranty or debenture guaranty made by the Small Business Administration under the authority contained in the Small Business Investment Act of 1958, and which was held by the Federal Financ- ing Bank on September 30, 1987. SURETY BOND GUARANTEES REVOLVING FUND For additional capital for the "Surety Bond Guarantees Revolving Fund", authorized by the Small Business Investment Act, as amended, $11,000,000, to remain available without fiscal year limita- tion as authorized by 15 U.S.C. 631 note. POLLUTION CONTROL EQUIPMENT CONTRACT GUARANTEE REVOLVING FUND For additional capital for the "Pollution control equipment con- tract guarantee revolving fund" authorized by the Small Business Investment Act, as amended, $13,000,000, to remain available without fiscal year limitation as authorized by 15 U.S.C. 631 note. ADMINISTRATIVE PROVISIONS (1) Section 7(a)(2) of the Small Business Act (15 U.S.C. 636(a)(2)) is amended to read as follows: "(2) In agreements to participate in loans on a deferred basis under this subsection, such participation by the Administration, except as provided in paragraph (6), shall be— "(A) not less than 90 percent of the balance of the financing ' not exceed $165,000: Provided, That the percentage of participa- tion by the Administration may be reduced below 90 percent upon request of the participating lender; and "(B) subject to the limitation in paragraph (3)— "(i) not less than 70 percent nor more than 85 percent of the financing outstemding at the time of disbursement if such financing exceeds $155,000: Provided, That the partici- pation by the Administration may be reduced below 70 percent upon request of the participating lender; and "(ii) not less than 85 percent of the financing outstanding at the time of disbursement if such financing is a loan under paragraph (16). The Administration shall not use the percent of guarantee requested as a criterion for establishing priorities in approving guarantee requests nor shall the Administration reduce the percent guaranteed to less than 85 percent under subparagraph (B) other than by determination made on each application. Notwithstanding subparagraphs (A) and (B), the Administration's participation under the Preferred Lenders Program or any successor thereto shall be not less than 80 percent, except upon request of the participating lender. As used in this subsection, the term 'Preferred Lenders Program' means a program under which a written agreement between the lender and the Administration delegates to the lender (I) complete authority to make and close loans with a guarantee from the Administration without obtaining the prior specific approval of the
 * outstanding at the time of disbursement if such financing does

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