US SB1759 | 2021-2022 | 117th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on May 20 2021 - 25% progression
Action: 2021-10-27 - Committee on Small Business and Entrepreneurship. Hearings held.
Text: Latest bill text (Introduced) [PDF]

Summary

Authorizes the Small Business Administration (SBA) to issue up to ten Small Business Investment Company (SBIC) licenses each year to certain applicants. An SBIC is a privately owned company, licensed and regulated by the SBA, which invests in small businesses through debt and equity. A license issued under the bill must be awarded to an applicant that would otherwise be issued a license except that the management of the applicant does not satisfy certain qualification requirements such as investment experience; where the fund managers have a documented record of successful business experience, a record of business management success, or knowledge in the particular industry or business in which the investment strategy is being pursued; and that will make at least 25% of its investments in specified areas and businesses (e.g., low-income communities, businesses owned or controlled by individuals in underserved communities, and rural areas). The SBA must prioritize applicants that are located in states with fewer licenses and establish a streamlined application process for those licenses.

Tracking Information

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Title

MicroCap Small Business Investing Act of 2021

Sponsors


History

DateChamberAction
2021-10-27SenateCommittee on Small Business and Entrepreneurship. Hearings held.
2021-06-09SenateCommittee on Small Business and Entrepreneurship. Hearings held.
2021-05-20SenateRead twice and referred to the Committee on Small Business and Entrepreneurship.

Same As/Similar To

HB3842 (Same As) 2021-06-11 - Referred to the House Committee on Small Business.

Subjects


US Congress State Sources


Bill Comments

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