A bill to authorize the Small Business Administration to participate in the purchase of eligible securities issued by qualified commercial banks or qualified mutual savings banks.
Small Business Recovery Act of 1991 - Authorizes the Small Business Administration (SBA) to enter into agreements to participate, on a guaranteed basis, in the purchase of eligible securities issued pursuant to this Act by certain financial institutions. Sets forth participation criteria.
Establishes the Regional Small Business Recovery Panel to evaluate: (1) applications submitted pursuant to this Act; (2) the type of proposed debt or equity security; and (3) claims for repurchase of approved securities by the SBA.
Requires the SBA to submit a progress report to the Congress.
Establishes the Regional Small Business Recovery Fund.
Referred to the Subcommittee on SBA, the General Economy, and Minority Enterprise Development.
Introduced in Senate
Read twice and referred to the Committee on Small Business.
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