Minority Business Assistance Act

[AI summary unavailable — showing source text] Minority Business Assistance Act - Sets forth the definitions of terms used in this Act, including: "minority business enterprise" to mean a business enterprise that is owned or controlled by one or more socially or economically disadvantaged persons. Includes Negroes, Puerto Ricans, Spanish-speaking Americans, American Indians, Eskimos, and Sleuts as such disadvantaged persons. Transfers specified functions and powers from the Director of the Office of Economic Opportunity to the Secretary of Commerce. Provides that the Secretary may make grants or grants-in-aid to individuals, other entities, and States for the purposes of: (1) assisting them in developing programs to make available technical and management assistance to minority business enterprises; and (2) assisting in developing community support for minority business enterprises. Limits such grants or grants-in-aid to 90 percent of the total project cost. Authorizes the Secretary to issue such regulations as necessary to implement the purposes of this Act. Requires recipients under this Act to keep records, accessible for audits, disclosing specified project costs. Authorizes appropriations of such sums as may be necessary t…