House Passes Small Business Committee Bills to Increase Access to Capital
WASHINGTON – Today, the House passed three bipartisan House Small Business Committee Member bills to increase access to capital and improve the lending environment for our nation’s small businesses. All three bills were introduced by Members of the House Committee on Small Business and will move to the Senate for consideration.
“Access to capital continues to be a major problem for small business owners who want to start or grow their company. These three bills are another way the Small Business Committee has been working to help our nation’s job creators. I appreciate all of the hard work our Members have put into these common-sense pieces of legislation,” said House Small Business Committee Chairman Steve Chabot (R-OH).
Below are the three bills passed by the House:
H.R. 2333, The Small Business Investment Opportunity Act, introduced by Contracting and Workforce Subcommittee Chairman Steve Knight (R-CA), to increase the individual leverage limit within the Small Business Investment Company program.
“Access to capital can be a serious barrier to growth for small businesses, and the SBIC program is an excellent way of making those funds available. This bill would expand the amount of capital available to the entrepreneurs in our community to help them grow their operations and hire more of our neighbors,” said Rep. Knight.
H.R. 2056, the Microloan Modernization Act, introduced by Contracting and Workforce Subcommittee Ranking Member Rep. Stephanie Murphy (D-FL), to update and modernize the Microloan program to ensure it is running efficiently and appropriately for small businesses.
“I’m proud of the bipartisan progress we are making together to help small businesses grow, including those in central Florida. My microloans bill will help more entrepreneurs and small businesses get the capital they need to start and grow, especially women and minorities. As Ranking Member of the Contracting & Workforce Subcommittee, I’ll keep working in a bipartisan way to support our small businesses, create jobs, and strengthen our economy for all,” said Rep. Murphy.
H.R. 2364, The Investing in Main Street Act, introduced by House Small Business Committee Member Judy Chu (D-CA,) to increase the amount that financial institutions may invest in small business investment companies (SBICs).
“I’m so pleased that both Democrats and Republicans on our committee could come together today to help advance this important bill that will increase investment in our small businesses. Small businesses are the backbone of our economy, but I know, from talking to entrepreneurs in my district and around the country, that one of the greatest challenges to success is access to capital. That is what this bill will address, by letting banks or federal savings associations invest up to 15% of their holdings into SBICs,” said Rep. Chu.