SBIA Commends House Passage of Bipartisan Bill to Expand Small Business Investment
May 8, 2018
McMorris Rodgers, Murphy Bill would increase Capital Access for Small Businesses
WASHINGTON, D.C. (May 8, 2018) – The Small Business Investor Alliance (SBIA), the leading association of lower middle market private equity funds and investors, today applauded the passage of H.R. 4111, the Spurring Business in Communities Act of 2017, through the House of Representatives. The bill, introduced by Rep. Cathy McMorris Rodgers (R-WA) and cosponsored by Small Business Committee Member Rep. Stephanie Murphy (D-FL), seeks to improve capital access for small business by encouraging SBA to increase SBIC licensing in underserved areas. The Small Business Investment Company (SBIC) program is a successful market-driven publicprivate partnership that invests over $5 billion dollars a year in domestic small businesses. A 2017 Library of Congress study found that SBIC-backed small businesses created 3 million new jobs and supported an additional 6.5 million jobs—all of which are located in the United States.
SBIA President Brett Palmer stated: “We know of no other government program that so effectively enhances private sector job creation at such a low cost to the taxpayer. SBICs have an extraordinary record of facilitating small business growth in communities far from our nation’s finance centers hubs.” Palmer continued, “we applaud Representatives McMorris Rodgers and Murphy for their work increase investment in America’s entrepreneurs and job creators.”
A companion bill, championed by Senators Ben Cardin (D-MD) and Marco Rubio (R-FL), was passed out of the Senate Committee on Small Business & Entrepreneurship earlier this year.
About the Small Business Investor Alliance (SBIA)
The Small Business Investor Alliance (SBIA) is the premier organization of lower middle market private equity funds and investors. SBIA works on behalf of its members as a tireless advocate for policies that promote competitive markets and robust domestic investment for growing small businesses. SBIA has been playing a pivotal role in promoting the growth and vitality of the private equity industry for over 50 years. For more information, visit www.SBIA.org or call (202) 628-5055.