American Small Business Emergency Relief and Recovery Act of 2001

American Small Business Emergency Relief and Recovery Act of 2001 - Amends the Small Business Act to authorize the Small Business Administration (SBA) to make disaster loans to a small business concern that has been directly affected and suffered or is likely to suffer substantial economic injury as the result of the terrorist attacks of September 11, 2001, including injury due to closure or suspension of its business for national security purposes by the Federal Government. Authorizes the refinancing of prior business debt of businesses eligible for such loans.

Authorizes the SBA, during the year after enactment of this Act, to make loans to small business concerns that have suffered or are likely to suffer economic harm to or disruption of operations as a result of such attacks. Reduces guarantee fees and increases the guarantee percentage on such loans for one year after the enactment of this Act.

Amends the Small Business Investment Act of 1958 to: (1) waive development company debenture guarantee loan fees for financings made after enactment of this Act for one year; and (2) authorize and encourage small business investment companies to provide equity capital and make loans to assist small business concerns adversely impacted by the terrorist attacks.

Amends the Small Business Act to authorize individualized assistance to small business concerns adversely impacted by the terrorist attacks through the following programs; (1) small business development centers; (2) Service Corps of Retired Executives (SCORE); (3) microloan program (women, low-income, veterans, minority); and (4) women's business center program.

Directs the Office of Advocacy of the SBA to conduct annual studies on the impact of the events of September 11, 2001, on small business concerns, and the effects of assistance provided under this Act.