The bills would increase access to capital for Idaho small businesses, improve training and other resources, and boost investment opportunities
Washington, D.C. – U.S. Senator Jim Risch (R-ID), chairman of the Senate Committee on Small Business and Entrepreneurship, today announced that five of his bipartisan bills have passed the committee. The legislation, which now goes to the full Senate for consideration, would increase access to capital for Idaho small businesses, improve training and other resources, and boost investment opportunities.
“I am pleased to see five of my bills advance today that will ensure small businesses have access to the capital, training, and other resources they need to start and grow,” said Senator Risch. “I know firsthand these issues are impacting Idaho and all American entrepreneurs and I am glad the committee has acted in a bipartisan fashion on their behalf.”
Risch's five bipartisan bills that passed the Senate Committee on Small Business and Entrepreneurship today:
S. 2283, Small Business 7(a) Lending Oversight Reform Act of 2018 as amended:
- This bill will increase the Small Business Administration’s (SBA) oversight authority of the 7(a) loan program. Specifically, it preserves this important loan program by: strengthening SBA’s Office of Credit Risk Management by outlining in statute the responsibilities of the Office and the requirements of its director; enhancing SBA’s lender oversight review process, including increasing the Office’s enforcement options; requiring SBA to detail its oversight budget and perform a full risk analysis of the program on an annual basis; and, strengthening SBA’s Credit Elsewhere Test by clarifying the factors that must be considered.
S. 791, Small Business Innovation Protection Act of 2017:
- This bill asks the SBA to develop partnership agreements with the Patent and Trade Office to train entrepreneurs and small business owners on how to protect their intellectual property (IP) as part of a business plan and growth strategy.
S. 1538, Small Business Employee Ownership Promotion Enhancement Act of 2017 as amended:
- This bill will task the SCORE Association with appointing an Employee Ownership Director within SCORE to lead efforts to distribute information about employee stock ownership plans (ESOPs) and to provide general technical assistance relating to business forms and strategies for setting up an ESOP.
S. 2527, A bill to amend the Small Business Investment Act of 1958 to increase the amount of leverage made available to small business investment companies:
- The bill modifies SBA’s Small Business Investment Company (SBIC) program by increasing the amount of capital that SBICs can invest in qualifying small businesses.
S. 1961, SBIR and STTR Oversight and Pilot Program Extension Act of 2017 as amended:
- This bill extends, for one year, four pilot programs that were included in the 2011 SBIR/STTR Reauthorization Act.