WASHINGTON – Today, U.S. Senators Jim Risch (R-Idaho), Todd Young (R-Ind.), and Tammy Duckworth (D-Ill.) reintroduced their 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 (SBIC). The dramatic increase in capital for the SBIC program would be deployed to domestic small businesses at no cost to the taxpayer.
“Small businesses form the backbone of our economy. When we invest in them, we invest in our country’s economic future,” said Risch. “This legislation will put early stage capital within reach for more entrepreneurs to grow their businesses, create jobs, and strengthen our communities."
“The Small Business Investment Company (SBIC) Program is one of the great successes of the Small Business Administration. The positive effects of this program can be seen in countless Hoosier small businesses and companies,” said Young. “I’m proud to reintroduce this bipartisan legislation to ensure we can spur more investments in innovative startups and unlock capital for existing, high-growth businesses across the state.”
“Everybody knows that when small businesses grow, our economy grows. Yet many small business owners lack access to the funding necessary to grow and create good-paying jobs,” said Duckworth. “I am proud to join Senators Young and Risch in introducing this bipartisan legislation, which would help expand banks’ capacity to get more resources into the hands of small business owners and entrepreneurs across the country.”
To view the full bill text, click here.
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