Page:United States Statutes at Large Volume 107 Part 1.djvu/808

 107 STAT. 782 PUBLIC LAW 103-81—AUG. 13, 1993 Effective date. 15 USC 636 note. (2) by striking the words "85 percent under subparagraph (B)" and by inserting in lieu thereof the following: "the above specified percentums"; (3) by striking from paragraph (B) the words "not less than 80 percent, except upon" and by inserting in lieu thereof the following: "not less than 70 percent, unless a lesser percent is required by clause (B)(ii) or upon the"; and (4) by inserting after the third sentence the following: "The maximum interest rate for a loan guaranteed under the Preferred Lenders Program shall not exceed the maximum interest rate, as determined by the Administration, which is made applicable to other loan guarantees under section 7(a).". (b) APPLICATION. —Notwithstanding any other provision of law, the amendments made by subsection (a) shall be effective September 1, 1993, but shall not be applicable to loan guarantee applications received by the Administration prior to August 21, 1993. In order to determine the percent of the loan to be guaranteed pursuant to the amendments made by subsection (a), the Administration shall aggregate the outstanding guaranteed principal of multiple loan guarantees issued on behalf of the same borrower. 15 USC 634 note. SEC. 6. STUDY AND REPORT. Effective date. 15 USC 634 note. The Administration shall study, monitor and evaluate the impact of the amendments made by sections 3 and 5 of this Act on the ability of small business concerns and small business concerns owned and controlled by minorities and women, to obtain financing and the impact of such sections on the effectiveness, viability and growth of the secondary market authorized by section 5(f) of the Small Business Act. Not later than 16 months after the date of enactment, and annually thereafter, the Administration shall submit to the Committees on Small Business of the Senate and the House of Representatives a report containing the Administration's findings and recommendations on such impact, specifically including changes in the interest rates on financings provided to small business concerns and small business concerns owned and controlled by minorities and women, through the use of the secondary market. The Administration shall segregate such findings and recommendations in the study according to the ethnic and gender components in these categories. Solely for the purposes of the study authorized herein, the term "small business concerns owned and controlled by minorities", includes businesses owned and controlled by individuals belonging to one of the designated groups listed in section 8(d)(3)(C) of the Small Business Act. SEC. 7. REPEALER. Sections 3 and 5 of this Act are hereby repealed on September 30, 1996. SEC. 8. MICROLOAN PROGRAM AMENDMENTS. Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended— (1) in paragraph (l)(B)(iii), by striking "$15,000" and inserting "$25,000 "; (2) in paragraph (5)(A), by striking "6 grants" and inserting "25 grants for terms of up to 5 years"; and (3) in paragraph (9)(B) by striking "3 percent" and inserting "7 percent".

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