118th Congress Commerce
H.R. 3717: MicroCap Small Business Investing Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill 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).
Read the full summary
The SBA must prioritize applicants that are located in states with fewer licenses and establish a streamlined application process for those licenses.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Young Kim R-CAOriginal
Who scored on this bill
- 1Joe Neguse SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Joe Neguse
History
- Introduced in the House by Joe Neguse.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Small Business.