Page:United States Statutes at Large Volume 91.djvu/592

 91 STAT. 558

15 USC 682.

PUBLIC LAW 9 5 - 8 9 — A U G. 4, 1977 SEC. 209. Section 5316 of title 5, United States Code, is amended by striking from paragraph (11) the figure " (3) " and by inserting the figure " (4) ". SEC. 210. Section 302(b) of the Small Business Investment Act of 1958 is amended by inserting the word "and'* between the words "capital" and "surplus". SEC. 211. Section 10(a) of the Small Business Act (15 U.S.C. 639(a)) is amended by adding at the end thereof the following new sentence: " W i t h respect to minority small business concerns, the report shall include the proportion of loans and other assistance under this Act provided to such concerns, the goals of the Administration for the next fiscal year with respect to such concerns, and recommendations for improving assistance to minority small business concerns under this Act.''. TITLE III—AMENDMENTS TO SMALL B U S I N E S S ADMINISTRATION LOAN AUTHORITY

15 USC 636. Payment obligation, undertaking or suspension.

15 USC 634.

Loan maturity, extension.

Repayment agreement.

SEC. 301. Section 7(a) of the Small Business Act (15 U.S.C. 6 3 6 (a)) is amended after "the acquisition of l and; " by inserting "or to finance residential or commercial construction or rehabilitation for sale: Provided, however, That such loans shall not be used primarily for the acquisition of land;". SEC. 302. Section 7(b)(5) of the Small Business Act is amended by inserting immediately after "any Federal law" the words "heretofore or lioreafter enacted'*. SEC. 303. Section 5 of the Small Business Act is amended by adding at the end thereof the following new subsection: " (e)(1) Subject to the requirements and conditions contained in this subsection, upon application by a small business concern which is the recipient of a loan made under this Act, the Administration may undertake the small business concern*s obligation to make the required payments under such loan or may suspend such obligation if the loan was a direct loan made by the Administration. While such payments are being nuuie by the Administration pursuant to the undertaking of such obligation or while such obligation is suspended, no such payment with respect to the loan may be required from the small business concern. " (2) The Administration may undertake or suspend for a period of not to exceed 5 years any small business concern's obligation under this subsection only if— " (A) without such undertaking or suspension of the obligation, the small business concern would, in the sole discretion of the Administration, become insolvent or remain insolvent; " (B) with the undertaking or suspension of the obligation, the small business concern would, in the sole discretion of the Administration, become or remain a viable small business e n t i t y; and " (C) the small business concern executes an agreement in writing satisfactory to the Administration as provided by paragraph (4). " (3) Notwithstanding the provisions of sections 7(a)(4)(C) and 7 (i)(1) of this Act, the Administration may extend the maturity of any loan on which the Administration undertakes or suspends the obligation pursuant to this subsection for a corresponding period of time. " (4)(A) P r i o r to the undertaking or suspension by the Administra-

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