Small Business Amendments of 1974

(LATEST SUMMARY)

Small Business Amendments - Makes technical changes to the Small Business Act in terms of program funding, repayments to revolving funds, and program ceilings, transferring to the Small Business Act authority previously embodied in title IV of the Economic Opportunity Act of 1964.

Removes loans under title IV of the Economic Opportunity Act as permissible loans from the business loan and investment fund of the Small Business Administration. Limits the amount of loans, guarantees, and other obligations of the Small Business Administration that may be outstanding at one time.

Empowers the Small Business Administration to make or guarantee loans, with particular emphasis on the preservation or establishment of small business concerns located in urban or rural areas with high proportions of unemployed or low-income individuals or owned by low-income individuals.

Provides that in the case of loans guaranteed by the Small Business Administration pursuant to the Small Business Act, for purposes of which the participating institution has made a valid demand under the terms of the guarantee, a rate of interest not to exceed that charged by the institution may continue to be charged by the SBA for the remaining term of the outstanding indebtedness.

Empowers the Administrator of the Administration to make such investigations as he deems necessary to determine whether a recipient of or participant of any assistance under this Act or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this Act, or of any rule or regulation under this Act.

Creates within the Treasury, under the Small Business Investment Act, separate funds for guarantees which shall be available to the Administrator without fiscal year limitation as revolving funds for the purposes of this Act. Authorizes appropriations to the funds from time to time in such amounts not to exceed $10,000,000 for the lease fund and $35,000,000 for the surety bond fund to provide capital for the fund.

Authorizes Administration loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) to assist, or refinance the existing indebtedness of, any small business concern seriously and adversely affected by a shortage of fuel, electrical energy, or energy-producing resources, or by a shortage of raw or processed materials resulting from such shortages.

Directs the Administrator to designate an individual within the Administration to be known as the Chief Counsel for Advocacy and to perform the following duties: (1) serve as a focal point for the receipt of complaints, criticisms and suggestions concerning the policies and activities of the Administration and any other Federal agency which affects small businesses; (2) counsel small businesses on how to resolve questions and problems concerning the relationship of the small business to the Federal Government; and (3) represent the views and interests of small businesses before other Federal agencies whose policies and activities may affect small businesses.

Directs the General Accounting Office to conduct a full-scale audit of the Small Business Administration, including all field offices.