A bill to amend the Small Business Act, as amended, and the Concessions Policy Act of 1965.

Amends the Small Business Act to encourage the Administration to make loans to enable small business concerns to obtain contracts and permits to operate concessions within any area of the National Park System.

Directs the Secretary of the Interior to establish by regulations, published within 180 days after enactment of this Act, policies and procedures to insure that small business concerns are given a reasonable opportunity to complete for the operation of such concessions.

Requires the Secretary to make an annual report to the President and Congress summarizing contracts, permits, renewals and extensions issued during the preceding year and setting forth the actions taken by the Secretary to implement this Act.

Amends the Concessions Policy Act to direct the Secretary to review franchise and other fees paid by concessions at least every three years. Provides for arbitration in the case where a concessioner disagrees with the revision of franchise fees.

Makes provisions to insure full and open competition for operation of concessions. Requires the Secretary to publish his intent to enter into such concession contracts and to describe the manner in which the facilities conform with any master plan developed by the Secretary.

Provides that construction of structures, fixtures, or land improvements on lands of the United States, be authorized only after public review. Requires amortization, over the estimated life of the structure, of the actual cost of the investment made by the concessioner. States that title to any structure, fixture, or improvement on land owned by the United States and administered by the National Park Service shall be vested in the United States.

Limits the term of any contract or permit entered into pursuant to this Act to ten years.

Provides for compensation of a valid possessory interest in any structure, fixture or improvement upon land of the United States of a concessioner operating under a contract executed prior to the enactment of this Act.

Establishes in the Treasury of the United States the National Park Service Concession Fund into which all fees and other payments by concessioners shall be deposited. Makes such funds available for the purchase of any concessioner's possessory interest upon termination of the contract or permit and the payment of unamortized costs of any structure, fixture or improvement constructed pursuant to any contract executed after the enactment of this Act.

Requires specified officers and employees of the Department of the Interior to file a statement with the Secretary on an annual basis concerning all financial interests in any concession or any applicant for a concession contract or permit.

Requires the Secretary to submit any contract or permit to Congress before its execution which has a duration of more than five years or which involves an expected gross income exceeding $50,000 annually and to wait a 60-day period for any written notification of objection.