Minority Business Assistance Act

Minority Business Assistance Act - Transfers to the Secretary of Commerce all functions, powers, and duties heretofore vested in the Director of the Office of Economic Opportunity under title VII, of the Economic Opportunity Act, as amended.

Permits the Secretary to provide financial assistance, under such terms and conditions as he deems necessary or appropriate, in the form of grants or grants-in-aid to individuals, partnerships, corporations, and other entities, and to States and their subdivisions and agencies thereof: (1) to assist them in developing and carrying out programs and projects designed to make available management and technical assistance to minority business enterprise, and (2) to assist in developing community support for minority business enterprise.

States that grants or grants-in-aid authorized by the Secretary pursuant to this Act shall not exceed 90 percent of the total program or project cost.

Provides that each recipient of assistance under this Act shall keep such records as the Secretary shall prescribe, including records which fully disclose the amount and the disposition by such recipient of the proceeds of such assistance, the total cost of the project or undertaking in connection with which such assistance is given or used, and the amount and nature of that portion of the cost of the project or undertaking supplied by other sources, and such other records as will facilitate an effective audit.

Provides that the Secretary and the Comptroller General of the United States, shall have access for the purpose of audit and examination of any books, documents, papers, and records of the recipient that are pertinent to assistance received under this Act.

Authorizes to be appropriated such sums as may be necessary to carry out the functions vested in the Secretary by this Act.