A bill to amend title IV of the Small Business Investment Act of 1958 (Public Law 85-699) for the purpose of creating industrial mortgage insurance, and for other purposes.

[AI summary unavailable — showing source text] Creates, under the Small Business Investment Act, industrial mortgage insurance for the purpose of finnancing plant construction, the acquisition of equipment or supplying of working capital by small business concerns. Limits any mortgage insurance guarantee to $10,000,000 or 90 percent of the outstanding balance of a loan, whichever is less. Provides that upon default under the mortgage or lease, the mortgagee or lessor shall make reasonably diligent exports to eliminate or minimize losses.…