    [Public Papers of the Presidents of the United States: William J. Clinton (1994, Book II)]
    [October 22, 1994]
    [Pages 1867-1868]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Signing the Small Business Administration Reauthorization
    and Amendments Act of 1994
    October 22, 1994

        Today I am pleased to sign S. 2060, the ``Small Business
    Administration Reauthorization and Amendments Act of 1994.'' This Act
    will reauthorize programs of the Small Business Administration (SBA) for
    fiscal years 1995 through 1997, make meaningful program revisions, and
    authorize important new initiatives. By doing so, the Congress and my
    Administration are carrying out the plans we began in 1993 to make the
    SBA a leaner, more efficient, more effective organization that is
    focused on meeting the needs of all small businesses.
        The Act will allow the SBA to continue to meet the growing demand
    for its loans and loan guarantees. This will help ensure that our
    Nation's small businesses have access to capital, which will enable them
    to prosper and create new jobs. The Act will also enable the SBA to
    expand and improve its innovative Microloan program, under which
    relatively small loans are provided to entrepreneurs by nonprofit

    [[Page 1868]]

    intermediaries. Microloans are an important tool in the One-Stop-
    Capital-Shops that the SBA is establishing to bring relief to
    disadvantaged communities in the Empowerment Zones and Enterprise
    Communities.
        With the changes provided by this legislation, the SBA will be able
    to harmonize its export loan program with that of the Export-Import Bank
    to carry out its role in the trade agenda I outlined in the Trade
    Promotion Coordinating Committee. Also of great importance is the new
    emphasis the legislation places on assistance to women business owners,
    who are now creating businesses at a faster rate than their male
    counterparts.
        Finally, S. 2060 will allow the SBA to provide relief from high
    prepayment penalties to borrowers under some of its programs. By
    revising the prepayment penalties and allowing the refinancing of these
    loans at more favorable interest rates, we will unleash the productive
    power of these companies by freeing up their resources for new
    production, new employment, and new contributions to our economy and tax
    base.
        Again, I am pleased to sign this legislation, which is of great
    significance to our Nation's small business women and men.

                                                          William J. Clinton

    The White House,
    October 22, 1994.

    Note: S. 2060, approved October 22, was assigned Public Law No. 103-403.
    This statement was released by the Office of the Press Secretary on
    October 25.