Small Business Defense Conversion Guaranteed Loan Act of 1994

Small Business Defense Conversion Guaranteed Loan Act of 1994 - Amends the Small Business Act to: (1) authorize the Administrator of the Small Business Administration (SBA) to make loans on a guaranteed basis (currently, authorized but not guaranteed) to small businesses adversely affected by the closure of military bases or reductions or terminations of defense contracts; (2) allow such loans to small businesses that experience a substantial reduction in revenues due to such factors; and (3) authorize the SBA to make no more than $2 billion in deferred participation loans to such small businesses for each of FY 1995 and 1996.