§ 4741. — Findings and purposes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4741]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER II--SMALL BUSINESS CAPITAL ENHANCEMENT
Sec. 4741. Findings and purposes
(a) Findings
The Congress finds that--
(1) small business concerns are a vital part of the economy,
accounting for the majority of new jobs, new products, and new
services created in the United States;
(2) adequate access to debt capital is a critical component for
small business development, productivity, expansion, and success in
the United States;
(3) commercial banks are the most important suppliers of debt
capital to small business concerns in the United States;
(4) commercial banks and other depository institutions have
various incentives to minimize their risk in financing small
business concerns;
(5) as a result of such incentives, many small business concerns
with economically sound financing needs are unable to obtain access
to needed debt capital;
(6) the small business capital access programs implemented by
certain States are a flexible and efficient tool to assist financial
institutions in providing access to needed debt capital for many
small business concerns in a manner consistent with safety and
soundness regulations;
(7) a small business capital access program would complement
other programs which assist small business concerns in obtaining
access to capital; and
(8) Federal policy can stimulate and accelerate efforts by
States to implement small business capital access programs by
providing an incentive to States, while leaving the administration
of such programs to each participating State.
(b) Purposes
By encouraging States to implement administratively efficient
capital access programs that encourage commercial banks and other
depository institutions to provide access to debt capital for a broad
portfolio of small business concerns, and thereby promote a more
efficient and effective debt market, the purposes of this subchapter
are--
(1) to promote economic opportunity and growth;
(2) to create jobs;
(3) to promote economic efficiency;
(4) to enhance productivity; and
(5) to spur innovation.
(Pub. L. 103-325, title II, Sec. 251, Sept. 23, 1994, 108 Stat. 2203.)
Effective Date
Section 261 of title II of Pub. L. 103-325 provided that: ``This
subtitle [subtitle B (Secs. 251-261) of title II of Pub. L. 103-325,
enacting this subchapter] shall become effective on January 6, 1996.''
