Investing in All of America Act of 2023
This bill modifies the limit on the amount of financing available to a Small Business Investment Company (SBIC) from the Small Business Administration (SBA). It also expands the definition of private capital with respect to SBICs.
Specifically, the bill reduces the maximum outstanding financing available to an SBIC from 300% to 200% of the SBIC's private capital. The bill also includes in the amounts that may be excluded from the calculation of the financing limit the amounts an SBIC invests in small businesses in rural areas or areas of critical technology. The bill revises the cap on such excluded amounts to the lesser of $125 million or the aggregate of 50% of the private capital of the SBIC. The bill indexes the limit to inflation.
Additionally, the bill expands what is considered the private capital of an SBIC to include funds obtained from the business revenue of additional government-sponsored corporations and funds invested in the trust or endowment of a college or university.
The SBA must report annually on the economic activity and jobs directly and indirectly resulting from the exclusion.
Investing in All of America Act of 2023
This bill modifies the limit on the amount of financing available to a Small Business Investment Company (SBIC) from the Small Business Administration (SBA). It also expands the definition of private capital with respect to SBICs.
Specifically, the bill reduces the maximum outstanding financing available to an SBIC from 300% to 200% of the SBIC's private capital. The bill also includes in the amounts that may be excluded from the calculation of the financing limit the amounts an SBIC invests in small businesses in rural areas or areas of critical technology. The bill revises the cap on such excluded amounts to the lesser of $125 million or the aggregate of 50% of the private capital of the SBIC. The bill indexes the limit to inflation.
Additionally, the bill expands what is considered the private capital of an SBIC to include funds obtained from the business revenue of additional government-sponsored corporations and funds invested in the trust or endowment of a college or university.
The SBA must report annually on the economic activity and jobs directly and indirectly resulting from the exclusion.
Investing in All of America Act of 2023
This bill modifies the limit on the amount of financing available to a Small Business Investment Company (SBIC) from the Small Business Administration (SBA).
Specifically, the bill includes amounts the SBIC invests in small businesses in rural areas or areas of critical technology as amounts that may be excluded (up to an aggregate of 50% of the private capital of the SBIC) from the calculation of the SBIC's financing limit. The bill also indexes the limit to inflation.
The SBA must report annually on the economic activity and jobs directly and indirectly resulting from the exclusion.
Williams (TX) moved to suspend the rules and pass the bill, as amended.
(consideration: CR H2639-2642)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2640)