S.862 - Entrepreneurship and Self-Employment Training Act of 1993103rd Congress (1993-1994)
Summary: S.862 — 103rd Congress (1993-1994)
Introduced in Senate (04/30/1993)
Entrepreneurship and Self-Employment Training Act of 1993 - Directs the Secretary of Labor to award competitive grants to enable community colleges or historically black colleges and universities that serve economically distressed central cities to develop specialized training curricula for entrepreneurship and self-employment for disadvantaged, inner city individuals. Outlines application and curriculum requirements. Authorizes appropriations.
Directs the Secretary to award competitive grants to enable such community colleges and historically black colleges and universities, micro-enterprise programs, and community development corporations to provide the training required for interested inner city individuals. Authorizes appropriations.
Directs the Administrator of the Small Business Administration (SBA) to establish a loan guarantee program under which the Administrator shall guarantee loans of up to $25,000 to eligible individuals by community development corporations, community development loan funds and credit unions, micro-enterprise programs, and community development banks for the purposes stated in this Act. Outlines requirements concerning loan eligibility and the implementation of the loan guarantee program. Authorizes appropriations. Requires assurances that the area served by such loans or grants have an unemployment rate in excess of nine percent.