New Senate Bill Aims To Increase Investment In Small Businesses

July 2, 2019 by Sean Trambley

Last week, U.S. Senators Todd Young, R-Ind., Tammy Duckworth, D-Ill., and Jim Risch, R-Idaho, introduced the Investing in Main Street Act to increase investment in small businesses by permitting banks to invest up to 15 percent of their capital in Small Business Investment Companies. 

The dramatic increase in capital for the SBIC program would be deployed to domestic small businesses at no cost to the taxpayer. SBICs have invested more than $451 million dollars in 135 Hoosier small businesses over the last ten years.  

The bill originated in the House, having been introduced by Representative Judy Chu, D-Calif. The House passed H.R. 116, 403-2, on January 14, 2019. It was sent on to the Senate the next day.

“The Small Business Investment Company  Program is one of the great successes of the Small Business Administration,” said Senator Young. “The positive effects of this program can be seen in countless Hoosier small businesses and companies, including family-owned NRP Jones in LaPorte, Healthx in Indianapolis, and Wild Sports in Westfield.” 

“Everybody knows that when small business grow, our economy grows. Yet many small businesses owners lack access to the funding necessary to grow and create good-paying jobs,” said Senator Duckworth. “I am proud to join Senators Young and Risch in introducing this bipartisan legislation, which will expand banks’ capacity to get more dollars in the hands of small business owners across the country.”

“Small businesses have fueled much of the extraordinary growth our economy has experienced over the last several years. When we invest in them, we invest in our country’s economic future,” Senator Risch said. “This legislation will put early stage capital within reach for more entrepreneurs to grow their businesses, create jobs, and strengthen our communities.”

Among those cheering the filing of the legislation was Faraz Abbasi, senior partner at Indianapolis-based Centerfield Capital.

 “We are grateful that Senators Young, Duckworth, and Risch understand the importance of increasing capital access to small businesses,” Abbasi said. “SBICs are powerful job-creating vehicles that have had an enormous impact in Indiana and across the country, having invested more than $451 million in Indiana small businesses since 2009, with nearly $97 million invested in Fiscal Year 2018 alone. With this simple legislation, small businesses will have access to capital for growth and advancement, which in turn will create employment opportunities for Hoosiers.”

Full text of the legislation is available here.

In The News

Medical Community Warns Congress About Politicizing Vaccine Development
Health
Medical Community Warns Congress About Politicizing Vaccine Development
September 30, 2020
by Tom Ramstack

WASHINGTON -- A congressional committee sought assurances from medical experts Wednesday that the COVID-19 vaccines pharmaceutical companies plan to distribute soon will protect the public from the disease. Lawmakers were concerned that political pressure would force the companies to sacrifice the safety or effectiveness of a... Read More

Supreme Court Fast-Tracks Dispute Over Illegal Aliens' Place in Reapportionment
Supreme Court
Supreme Court Fast-Tracks Dispute Over Illegal Aliens' Place in Reapportionment
September 30, 2020
by Dan McCue

WASHINGTON - The Supreme Court on Wednesday agreed to fast-track a dispute over whether people living in the United States illegally must be included in the reapportionment of congressional seats. Under federal law, once the decennial census is completed, the secretary of commerce must give the... Read More

Debates Commission Vows to Make Changes Ahead of Next Trump/Biden Faceoff
2020 Elections
Debates Commission Vows to Make Changes Ahead of Next Trump/Biden Faceoff
September 30, 2020
by Dan McCue

WASHINGTON - The Commission on Presidential Debates said Wednesday it will consider changes to ensure the next two debates between President Donald Trump and former Vice President Joe Biden don't descend into chaos. "Chaos" is among the more printable words pundits are using to describe Tuesday... Read More

An Evening of Insults and Accusations as Trump Repeatedly Interrupts the Debate
2020 Elections
An Evening of Insults and Accusations as Trump Repeatedly Interrupts the Debate

CLEVELAND — Shouting, insults and misinformation dominated the first presidential debate, as President Donald Trump sought Tuesday to close a persistent polling gap and mobilize his base with conspiracy theories that veered into encouragement for a far-right hate group and pro-Trump “poll watchers” engaging in voter... Read More

Joe Biden and Kamala Harris Release 2019 Tax Returns
Political News
Joe Biden and Kamala Harris Release 2019 Tax Returns

Democratic nominee Joe Biden and running mate Kamala Harris released their latest tax returns ahead of Tuesday night’s presidential debate, showing that the Democratic candidates and their spouses paid hundreds of thousands of dollars in taxes to the federal government in 2019. The disclosures come as... Read More

Coronavirus Infections Among School-Age Kids Rose in September After Classes Resumed
Health
Coronavirus Infections Among School-Age Kids Rose in September After Classes Resumed

Keen to send the nation’s kids back to reopened schools, President Donald Trump has called children “virtually immune,” “essentially immune” and “almost immune” to the coronavirus that causes COVID-19. But a new report by researchers from the Centers for Disease Control and Prevention underscores how wrong... Read More

News From The Well
scroll top