The House will be voting on four Small Business Committee bills. These bills will help veterans start new businesses, modernize a micro-loan program that helps first-generation entrepreneurs get their enterprise off the ground, strengthen an already thriving public-private partnership that gets private capital into the hands of small businesses, and make sure that the administration is prepared to help communities rebuild in the aftermath of a disaster.
Here's the big picture: these four bills focus on access for small business and accountability for government. After all, access to capital is how small businesses get to the starting line. Here's a look at how House Republicans are #TakingCareOfSmallBusiness:
Small Business Investment Company Capital Act (H.R. 1023) The Small Business Investment Company (SBIC) Program is a public-private partnership that provides small businesses access to equity and debt financing. This bill allows SBICs the ability to provide additional capital, increasing the flow of private funds into small businesses – at no cost to the taxpayer—to help them grow and create jobs.
Veterans Entrepreneurship Act (H.R. 2499) This bill makes it easier for veterans to get the capital needed to start their own business by waiving the upfront guarantee fee on Small Business Administration 7(a) Express Loans.
Microloan Modernization Act (H.R. 2670) Small-dollar loans are often the most difficult to receive, but are typically the deciding factor in whether or not a business opens its doors. They also play a key role in helping first-generation entrepreneurs turn an idea into reality. This bill modernizes the Small Business Administration’s Microloan Program by allowing lending partners greater flexibility in providing loans and technical assistance, ultimately making small-dollar loans less complicated and more accessible.
Superstorm Sandy Relief and Disaster Loan Program Improvement Act (H.R. 208) Practical, accountability-driven changes to the Small Business Administration (SBA) Loan Disaster Program in this bill ensure we are prepared to help victims in the aftermath of a disaster. This requires the SBA to plan for extreme loan application volumes so that victims can begin rebuilding as soon as possible. The bill also permits borrowers to use disaster loans to construct safe rooms to help protect against future similar disasters.