Page:United States Statutes at Large Volume 95.djvu/1081

 PUBLIC LAW 97-72—NOV. 3, 1981

95 STAT. 1055

TITLE n i - S M A L L BUSINESS LOANS SHORT TITLE

SEC. 301. This title may be cited as the "Veterans' Small Business Loan Act of 1981".

Veterans' Small Business Loan Act of 1981.

38 USC loi note.

DISABLED V E T E R A N S ' AND VIETNAM-ERA VETERANS* SMALL BUSINESS LOAN PROGRAM

SEC. 302. (a) Chapter 37 is amended by adding at the end thereof the following new subchapter: "Subchapter IV—Small Business Loans "§ 1841. Definitions 38 USC i84i "For the purposes of this subchapter— "(1) The term 'disabled veteran' means (A) a veteran who is entitled to compensation under laws administered by the Veterans' Administration for a disability rated at 30 per centum or more, or (B) a veteran whose discharge or release from active duty was for a disability incurred or aggravated in line of duty. "(2) The term 'veteran of the Vietnam era' means a person (A) who served on active duty for a period of more than one hundred and eighty days, any part of which occurred during the Vietnam era, and who was discharged or released therefrom with other than a dishonorable discharge, or (B) who was discharged or released from active duty for a service-connected disability if any part of such active duty was performed during the Vietnam era. "§ 1842. Small business loan program 38 USC 1842. "(a)(1) Subject to subsection (b) of this section, the Administrator may provide financial assistance to veterans' small business concerns for the purpose of (A) financing plant construction, conversion, or expansion (including the acquisition of land), (B) financing the acquisition of equipment, facilities, machinery, supplies, or materials, or (C) supplying such concerns with working capital. "(2) Subject to paragraph (3)(A) of this subsection, financial assistance under this section may be provided in the form of (A) loan guaranties, or (B) direct loans. "(3) The Administrator shall specify in regulations the criteria to be met for a business concern to qualify as a veterans' small business concern for the purposes of this subchapter. Such regulations shall Requirements. include requirements— "(A) that at least 51 per centum of a business concern must be owned by individuals who are veterans of the Vietnam era or disabled veterans in order for such concern to qualify for a loan guaranty and that at least 51 per centum of a business concern must be owned by disabled veterans in order for such concern to qualify for a direct loan; and "(B) that the management and daily business operations of the concern must be directed by one or more of the veterans whose ownership interest is part of the majority ownership for the purposes of meeting the requirement in clause (A) of this paragraph. "(b) The availability of financial assistance under subsection (a) of Limitations. this section is subject to the following limitations:

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