Small Business Procurement Competition Act of 2001

Small Business Procurement Competition Act of 2001 - Amends the Small Business Act with respect to the participation of small businesses as contractors and subcontractors under Federal procurement contracts to: (1) revise the definition of "bundled contract"; (2) allow contracts awarded to a team composed entirely of small businesses to be counted toward the small business contracting goals; and (3) require small businesses to perform a specified percentage of work under either a bundled contract or the HUBZone Program.

Directs the Administrator of the Small Business Administration to establish the Small Business Procurement Competition Program for small business-only joint ventures to compete for Federal procurement contract awards. Requires the Administrator to establish and maintain a permanent database that identifies small businesses in forming such ventures and to make the database available to each Federal agency and to all small businesses.