Minority Small Business Development Act of 1987

[AI summary unavailable — showing source text] Minority Small Business Development Act of 1987 - Amends the Small Business Act to provide that the minimum period of participation by a small business in the small business and capital ownership development program or the program providing for Government procurement through Small Business Administration subcontracts with socially and economically disadvantaged small businesses (set-aside program) shall be ten years. Authorizes Federal agencies to honor options and modifications to procurement contracts with the Small Business Administration if they are within the scope of work of the contract made when the contractor participated in the set-aside program and otherwise was eligible to enter into the contract. Ends the requirement for the Administration to participate in contracting activities relating to options or modifications following graduation from the set-aside program. Allows the procuring agency and the firm to enter directly into such options or modifications. Allows businesses that participated in the set-aside program and remain minority owned after graduation to, on a negotiated procurement basis, contract directly with procuring agencies for new contracts involving th…