financial assistance for displaced business concerns

financial assistance for displaced business concerns Sec. 305. Section 7(b) of the Small Business Act is amended— (1) by striking out “and” at the end of paragraph (1); (2) by striking out the period at the end of paragraph (2) and inserting in lieu thereof “; and”; (3) by adding after paragraph (2) a new paragraph as follows: “(3) to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administration may determine to be necessary or appropriate to assist any small-business concern in reestablishing its business, if the Administration determines that such concern has suffered substantial economic injury as a result of its displacement by a federally aided urban renewal or highway construction program or by any other construction conducted by or with funds provided by the Federal Government.”; and (4) by adding immediately before the period at the end of the third sentence the following: “, except that in the case of a loan made pursuant to paragraph (3), the rate of interest on the Administration’s share of such loan shall not be more than the higher of (A) 2¾ per centum per annum; or (B) the average annual interest rate on all interest-bearing obligations of the United States then forming a part of the public debt as computed at the end of the fiscal year next preceding the date of the loan and adjusted to the nearest one-eighth of 1 per centum, plus one-quarter of 1 per centum per annum.” (b) Section 2(b) of such Act is amended by inserting before the period at the end thereof the following: “, and small-business concerns which are displaced as a result of federally aided construction programs”. (c) Section 4(c) of such Act is amended— 75 Stat. 168 (1) by striking out “$975,000,000” each place it appears and inserting in lieu thereof “$1,000,000,000”; and (2) by striking out “$125,000,000” in the sixth sentence and inserting in lieu thereof “$150,000,000”.