Small Business Investor Alliance to Testify Before Senate Small Business Committee

FOR IMMEDIATE RELEASE
CONTACT:
Tonnie Wybensinger
Small Business Investor Alliance
(202) 628-5055
press@sbia.org

 

Small Business Investor Alliance to Testify Before Senate Small Business Committee

SBIA to Testify That SBICs Are a Robust Source of Job Creation

WASHINGTON, D.C. (June 26, 2019) – The Small Business Investor Alliance (SBIA) today announced that its President, Brett Palmer, will testify before the Senate Small Business and Entrepreneurship Committee on June 26 about the national impact of the U.S. Small Business Administration’s Small Business Investment Company (SBIC) program.  The Committee’s hearing titled “Reauthorization of SBA’s Small Business Investment Company Program” will be held at 2:30 pm on Wednesday, June 26, 2019, in Room 428A Russell House Office Building.  The hearing is one in a series of oversight hearings leading up to the Committee’s proposed reauthorization the U.S. Small Business Administration and its programs.

“SBICs are an American success story and a demonstrable example of a successful public policy that aligns the private market with the public benefits,” said Palmer.   “For 60 years, SBICs have been creating jobs and empowering American small businesses to compete in a global economy.”

“SBICs need and want regulations that are reasonable, clear, predictable, and maintain the alignment of interests between the private and public sectors,” Palmer explained.  “We are pleased about the many topics that will be covered in this hearing including how to increase access to capital.

SBICs are federally regulated, privately-owned and managed investment funds that invest exclusively in domestic small businesses.  SBICs facilitate private investment into domestic small businesses while operating at a zero-subsidy rate for the federal government.  Congress established the SBIC program in 1958 to stimulate and supplement the flow of private equity capital and long-term loan funds which small business concerns need for the sound financing of their business operations while also stimulating the national economy and job growth.   A recent Library of Congress study found that SBIC-backed small businesses created 3 million new jobs and supported an additional 6.5 million jobs from 1995- 2014 (a period that included the Great Recession).

Mr. Palmer’s testimony and video of the hearing can be founded: https://www.sbc.senate.gov/public/index.cfm/2019/6/reauthorization-of-sba-s-small-business-investment-company-program

For more information about SBICs, please visit www.sbia.org

 

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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.

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