Peter Torkildsen: “the Small Business Programs Improvement Act of 1996 reforms business loan programs administered by the Small Business…”

“the Small Business Programs Improvement Act of 1996 reforms business loan programs administered by the Small Business Administration [SBA]. Specifically, the bill reduces subsidy rates for commercial development and disaster loans, directs the SBA to privatize certain aspects of the loan application and approval process to expedite service to potential borrowers, and ensures adequate Federal funding to carry out SBA programs. H.R. 3719 includes an amendment I offered, which was adopted during the full committee markup of this legislation, regarding disaster assistance loans. My amendment accomplished two things: No. 1, it made an addition to the definition of a disaster under section (3)(k) of the Small Business Act by inserting language regarding ocean conditions; and No. 2, it set an effective date, for the amendment, with respect to any disaster occurring on or after March 1, 1994. I offered this amendment in an attempt to help remedy problems affecting the fishing industry in Gloucester and other areas in Massachusetts. The Commonwealth requested disaster assistance from the U.S. Small Business Administration. The request was made on behalf of the fishermen of Essex, Bristol, and Barnstable Counties, all who have suffered severe economic losses because of the collapse of cod, yellow tail flounder, and haddock fisheries in their region, and the closing of certain areas to fishing by the Federal Government. Incredibly, this request was denied by the SBA.”