Competitive Communities Demonstration Act of 1994

Competitive Communities Demonstration Act of 1994 - Amends the Public Works and Economic Development Act of 1965 (the Act) to direct the Secretary of Commerce to establish and carry out a Competitive Communities Demonstration Program under which the Secretary makes grants to eligible intermediaries to provide financial assistance to high growth businesses in distressed communities. Outlines grant application requirements and directs the Secretary to establish a panel of experts to review grant applications. Requires the panel to use specified criteria in its review and to give special consideration to applicants who: (1) operate existing revolving loan funds; (2) have applied for but failed to receive designation as empowerment zones or enterprise communities under the Internal Revenue Code; and (3) represent communities adversely affected by the closure or realignment of military installations or defense cutbacks. Provides funding from amounts appropriated under the Act. Authorizes the Secretary to guarantee loans made to private borrowers by private lending institutions, community development financial institutions, and other lenders as considered appropriate to carry out the economic adjustment purposes of the Act. Includes as eligible activities for such loans the development of land and facilities for industrial or commercial usage and the provision of working capital. Provides funding from amounts appropriated under the Act. Directs the Secretary to include in an annual report required under the Act an assessment of the competitiveness of the economic base of the Nation's distressed areas, the progress made in encouraging investment in such areas, and the success of the demonstration and guaranteed loan programs established under this Act.