Minority Business Enterprise Assistance Act

Minority Business Enterprise Assistance Act - Amends the Small Business Investment Act of 1958 to authorize the Small Business Administration to purchase preferred securities of any incorporated small business investment company. Authorizes the Administration to guarantee the timely payment of all principal and interest as scheduled on debentures issued by any small business investment company.

Sets forth the extent to which the Administration may purchase shares of nonvoting stock from such incorporated companies. Place limitations on the scope of debenture purchase by the Administration. States that the Administration may require an investment company to maintain a percentage of its total funds available for investment in small business concerns as a condition for purchase or guarantee of any securities in excess of 300 percent of the combined private paid-in capital and paid-in surplus of a company.

Sets the rate of interest at the greater of three percent or three percentage points below the interest rate determined by the Administration, during the first five years of the term of any debenture purchased from a small business investment company.