A bill to amend the Small Business Act to provide graduated amounts of loan guarantees to minority small business concerns with respect to loans for the acquisition of the construction, conversion, or expansion of certain broadcast or cable facilities, and to amend the Internal Revenue Code of 1954 to provide for the nonrecognition of gain on certain sales and exchanges of broadcast or cable facilities involving small business concerns.

Amends the Small Business Act to authorize the Small Business Administration (SBA) to participate on a deferred basis in any loan made to any eligible minority corporation for the acquisition or construction, conversion, or expansion of any broadcast or cable facility. Prescribes the applicable percentages for various sized loans which shall be used by the SBA as its minimum participation level.

Amends the Internal Revenue Code of 1954 to permit a taxpayer who: (1) sells any broadcast cable or facility to an eligible minority small business concern; and (2) purchases replacement property within a three year period of such sale, to elect not to recognize the gain, if any, on such sale.