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Printed for the use of the Select Committee on Small Business
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1960
JOHN SPARKMAN, Alabama, Chairman
LEVERETT SALTONSTALL, Massachusetts
JACOB K. JAVITS, New York
JOHN SHERMAN COOPER, Kentucky
HUGH SCOTT, Pennsylvania
WALTER B. STULTS, Staff Director
WILEY S. MESSICK, Counsel
When the Small Business Act was passed in 1958, the Senate Small Business Committee published an annotated copy of the act. In the foreword to the 1958 publication, I said of this bill which made SBA a permanent agency of the Federal Government:
2The significance of this legislation, so long sought by members of the Senate Small Business Committee, is that it signalizes the acceptance by the Congress of small business as a distinct and vital element of the national economy. In thus formalizing a philosophic concept first given tangible expression by the creation of the Smaller War Plants Corporation in the early days of World War II, Congress has now made it clear that independent small business enterprises are to be considered as one of this Ñation's invaluable resources -as essential to our strength as our fertile farmlands, timber, mines, and waterway systems."
Amendments to the act since July 1958 have increased the revolving fund by $325 million and authorized SBA to make grants to State agencies and educational institutions for studies, research, and counseling concerning the managing, financing, and operation of small busiess enterprises. The Small Business Investment Act of 1958 provided for $250 million of the increase in the revolving fund and authorized the use of this amount for the purposes of that act. In 1959 Public Law 86–367 added to the revolving fund authorization $75 million for making additional business loans.
The committee is publishing this print in the belief that it will be helpful to the thousands of small businesses that come into contact with the Small Business Administration each year. The print will be revised when further amendments to the Small Business Act are made.