State and Local Government Economic Empowerment Act - Directs the Secretary of Commerce to issue an interest-free loan to any State, county, incorporated municipality, or Indian tribe upon obtaining appropriate assurances that the proceeds of the loan will be used solely for funding capital projects, including the construction of or improvements to: (1) streets, highways, bridges, and tunnels; (2) water and sewer systems; (3) waste disposal systems; and (4) public buildings and other public facilities. Sets maximum loan limitations. Entitles each such unit of government to obtain an interest-free loan unless it is delinquent in repaying a prior loan.