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Committee on Oversight and ReformCommittee on Financial ServicesIntroducedDecember 16th, 2009
- house Committees
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Minority Business Development Improvements Act of 2009
To establish in the Department of Commerce the Minority Business Development Program to provide qualified minority businesses with technical assistance, loan guarantees, and contracting opportunities, and for other purposes.
Minority Business Development Improvements Act of 2009 - Requires the Director of the Minority Business Development Agency to establish the Minority Business Development Program to provide qualified minority businesses with technical assistance, loan guarantees, and contract procurement assistance. Outlines minority business qualification requirements for the Program, including that: (1) not less than 51% of the entity be directly and unconditionally owned by historically disadvantaged individuals; and (2) each officer or other individual exercising control over regular operations is a historically disadvantaged individual. Outlines specific types of technical assistance and loan guarantees authorized under the Program. Provides loan guarantee limits. Authorizes the Director to enter into agreements for the fulfillment of federal procurement contracts by, and contracting opportunities for, qualified minority businesses. Provides contract limits. Allows the Director to terminate a qualified minority business from the Program under specified circumstances.