To facilitate the providing of loan capital to and investments in small business concerns, and for other purposes.

Title I: Capital Access for Small Business - Small Business Credit Availability Act of 1989 - Establishes the Venture Enhancement and Loan Development Administration for Smaller Undercapitalized Enterprises (Velda Sue) as a Federal instrumentality to: (1) develop uniform underwriting, security appraisal, and repayment standards for qualified loans; (2) determine the eligibility of certified poolers to contract with Velda Sue for specific mortgage pool guarantees; and (3) provide timely repayment guarantees of the principal and interest on certain qualified obligations.

Provides for a Board of Directors to manage Velda Sue. Authorizes Velda Sue to: (1) set conditions under which it will guarantee qualified obligations and securities; and (2) issue securities based on certain pooled interests in qualified obligations. Limits the amount of Velda Sue obligations and guarantees which may be outstanding at any one time. Precludes the Secretary of the Treasury (the Secretary) from approving any such obligations or guarantees if issuance would impair the financial safety or soundness of the Corporation.

Directs Velda Sue to issue certification and eligibility standards for secondary marketing for loan poolers. Limits certification to a five-year maximum period. Declares that the Corporation for Small Business Investment, at its election and without regard to eligibility standards for other poolers shall be approved as a certified pooler of qualified debentures only. Prescribes the percentages of obligations of poolers which Velda Sue shall guarantee. Directs the Board of Directors to establish standards governing the composition of each loan pool during the period in which Corporation guarantees are effective. Outlines the minimum standards for qualified loans and debenture pools.

Directs Velda Sue to establish fees based upon the risk incurred in providing financial assistance or guarantees for: (1) qualified loans; (2) qualified debentures; and (3) securities issued by a qualified loan pooler. Prescribes maximum fee guidelines.

Directs the Comptroller General to report annually to the Congress regarding Velda Sue's fee schedule and collection.

Grants the Secretary general regulatory power over Velda Sue activities. Requires Velda Sue to publish annual financial status reports as prescribed by the Secretary.

Declares that for purposes of the Securities Act of 1933, neither securities nor guarantees issued by Velda Sue shall be deemed to be a security issued by an agent of the Federal Government or a "government security."

Authorizes Velda Sue to issue obligations to the Secretary solely for the purpose of fulfilling its obligations.

Authorizes appropriations to the Secretary without fiscal year limitation.

Confers original jurisdiction upon the Federal district courts for all civil actions to which Velda Sue is a party. Directs the Comptroller General to perform a financial audit of Velda Sue.

Title II - Corporation for Small Business Investment Charter Act - Amends the Small Business Investment Act of 1958 to establish timetables to govern the promulgation of regulations by the Small Business Administration (SBA) and the qualification of licensees to do business with the Corporation for Small Business Investment and the special-purpose trust established by this Act.

Establishes the Corporation for Small Business Investment as a Government-sponsored private corporation.

Sets out the Corporation's stock structure. Permits only small business investment companies to hold voting common stock. Requires the Corporation to mandate certain contributions from these companies in order to accumulate capital surplus funds from private sources. Includes depository institutions as eligible contributors entitled to receive stock and dispose of it.

Authorizes the Corporation to issue obligations and securities, within prescribed limits with the approval of the Velda Sue Board of Directors. Prohibits Velda Sue from approving the issuance of obligations or guarantees that would impair the financial soundness of the Corporation.

Authorizes the Corporation to issue commitments or otherwise deal in small business investment securities. Directs Velda Sue to examine the Corporation's financial conditions and to exercise general regulatory power over it according to prescribed guidelines.

Sets forth the procedure for perfecting a security or ownership interest in small business investment securities created by the Corporation. Authorizes the Corporation to guarantee specified securities.

Directs the Corporation to establish criteria, including private capital amount requirements, for the qualification of small business investment companies to conduct business with it.

Instructs the Corporation to enter into agreements with small business investment companies, which are authorized to provide equity capital and loans to small businesses. Restricts the financing activities of the investment companies, setting time limits, aggregate securities acquisition limits, and use restrictions with respect to loan funds. Prohibits the Corporation from purchasing or guaranteeing securities in excess of ten percent of its assets. Provides for both financial and compliance audits of small business investment companies.

Directs the Corporation to adopt independent criteria in connection with the qualification of a special type of small business investment company to invest solely in disadvantaged small businesses.

Establishes a special-purpose trust to benefit special small business investment companies.

Provides for SBA conveyance to the Corporation of all right, title, and interest to all securities and outstanding debentures issued by small business investment companies that are not in liquidation.

Requires the trust to apply all of the funds held in trust and income to: (1) cover any losses realized on debentures purchased or guaranteed by the Corporation; (2) reduce the interest rate on debentures issued by special small business investment companies or purchase their preferred securities; and (3) pay administrative costs.

Authorizes the trustees to purchase preferred securities and the Corporation to purchase or guarantee the payment of principal and interest on debentures issued by special small business investment companies.

Authorizes a special small business investment company to request that the Corporation purchase or guarantee its debentures subordinate to any other obligations of such companies. Sets forth restrictions on the interest rate on and total amount of such debentures.

Requires that all outstanding preferred securities purchased by the trust from special small business investment companies be redeemed and transferred to the Treasury 50 years after the effective date of this Act. Authorizes appropriations for the trust for FY 1991 through FY 2000.

Gives the SBA review authority over the Corporation and requires annual reporting in connection with this review.

Mandates an annual audit, by Velda Sue of the Corporation's financial transactions with subsequent reports to the President and to the House and Senate Small Business Committees. Subjects Corporation books and records to audit by the General Accounting Office and by the Office of the Inspector General of the SBA under specified conditions. Requires annual Corporation reporting to the President, the SBA, relevant congressional committees, and Velda Sue.

Requires the General Accounting Office, by January 31, 1993, to prepare a report for the House and Senate Small Business Committees on the Corporation's effectiveness in achieving the purposes of this Act.

Directs the SBA to contract with the Corporation to administer all outstanding debentures issued by small business investment companies and guaranteed by Velda Sue.

Confers original jurisdiction upon the Federal district courts for all civil actions to which either the Corporation or the trust is a party.

Precludes the Corporation from issuing any obligations or guarantees until Velda Sue notifies it that it is ready to do business. Requires the Corporation to wind up its affairs and return all remaining funds to its shareholders on a pro rata basis if it does not receive such notice within two years of the effective date of this Act.