II
109th CONGRESS
2d Session
S. 3663
IN THE SENATE OF THE UNITED STATES
July 14, 2006
Ms. Landrieu (for herself, Mr. Kerry, Mr. Bayh, and Mr. Pryor) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
A BILL
To amend the Small Business Act to increase the maximum amount for international trade loans, to direct the Administrator of the Small Business Administration to assign an international finance specialist, and for other purposes.
Short title
This Act may be cited as
the Small Business International Trade
Enhancements Act of 2006
.
Definitions
In this Act, the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively.
International trade loans
In general
Section 7(a)(3)(B) of
the Small Business Act (15 U.S.C. 636(a)(3)(B)) is amended by striking
$1,750,000, of which not more than $1,250,000
and inserting
$2,750,000 (or if the gross loan amount would exceed $3,670,000), of
which not more than $2,000,000
.
Working capital
Section 7(a)(16)(A) of the Small Business Act (15 U.S.C. 636(a)(16)(A)) is amended—
in the matter
preceding clause (i), by striking in—
and inserting
—
;
in clause (i)—
by inserting
in
after (i)
; and
by striking
or
at the end;
in clause (ii)—
by inserting
in
after (ii)
; and
by striking the
period and inserting ; or
; and
by adding at the end the following:
by providing working capital.
.
Collateral
Section 7(a)(16)(B) of the Small Business Act (15 U.S.C. 636(a)(16)(B)) is amended—
by striking
Each loan
and inserting the following:
In general
Except as provided in clause (ii), each loan
; and
by adding at the end the following:
Exception
A loan under this paragraph may be secured by a second lien position on the property or equipment financed by the loan or on other assets of the small business concern, if the Administrator determines such lien provides adequate assurance of the payment of such loan.
.
Refinancing
Section
7(a)(16)(A)(ii) of the Small Business Act (15 U.S.C. 636(a)(16)(A)(ii)) is
amended by inserting , including any debt that qualifies for refinancing
under any other provision of this subsection
before the period.
Gulf coast export assistance
Increase in small business international trade staff
The Administrator shall assign 1 additional full-time international finance specialist to the Office of International Trade of the Administration.
Location and service area
The international finance specialist assigned under subsection (a) shall—
be located in the New Orleans, Louisiana United States Export Assistance Center;
help to carry out the export promotion efforts described in section 22 of the Small Business Act (15 U.S.C. 649); and
provide such services in the States of Louisiana, Mississippi, and Alabama.
Authorization of appropriations
In general
There are authorized to be appropriated to the Administration such sums as are necessary to carry out this section.
Availability of funds
Amounts made available under this subsection shall remain available until expended.
Assignment of employees of the Office of International Trade
Section 22 of the Small Business Act (15 U.S.C. 649) is amended by adding at the end the following:
In carrying out this section, the Administrator shall ensure that the number of full-time equivalent employees of the Office assigned to the one-stop shops referred to in section 2301(b) of the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C. 4721(b)) is not less than the number of such employees so assigned on January 1, 2006.
.