SBIA Presents Senator Ben Cardin (D-MD) with Champion of Small Business Investing Award
November 14, 2018
FOR IMMEDIATE RELEASE
Small Business Investor Alliance
WASHINGTON, D.C. (November 14, 2018) – Today, the Small Business Investor Alliance (SBIA), the leading association of lower middle market private equity funds and investors, recognized Senator Ben Cardin (D-MD) for his support of small business investment and presented him with SBIA’s Champion of Small Business Investing Award. Senator Cardin is among a group of select Members of Congress whom SBIA is honoring in recognition of their support of capital access for small businesses.
“Senator Cardin has been an incredible advocate for investment in America’s small businesses through his support of the Small Business Investment Company (SBIC) program and his bipartisan work on the Senate Committee on Small Business & Entrepreneurship,” said SBIA President Brett Palmer. “Small business investors empower growth and job creation across the country, and the legislative work of our Small Business Champions in Congress has been instrumental to facilitating greater capital access for America’s entrepreneurs.”
Presenting the award to Senator Cardin was SBIA President Brett Palmer.
Earlier this year, Senator Cardin led a bill — The Small Business Investment Opportunity Act — with Senators Risch and Kennedy to increase the amount of capital SBICs can invest in qualifying small businesses. Previously, SBA could guarantee up to $150 million of an SBIC with a single investment fund. The Small Business Investment Opportunity Act increases that cap to $175 million. This change became effective when the bill was signed into law on June 21, 2018.
Senator Cardin’s bill to increase the cap on single fund SBICs aligns with a bill he championed last Congress with Senator Risch – The Small Business Investment Capital Company Act of 2015. That bill increased the cap on SBICs with multiple funds, often referred to as a “Family of Funds,” from $225 million to $350 million. That bill was enacted December 18, 2015.
SBICs provide critical growth capital to American small businesses to help them expand their operations and create jobs; they have invested more than $575 million in Maryland small businesses over the past 10 years.
Some of America’s most iconic brands have received investment capital from SBICs, including Apple, Tesla, Whole Foods, Staples, Intel, FedEx, and Costco, among others.
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.