Scholten’s Bipartisan Bill to Encourage Investment in Rural and Low-Income Areas Passes Through Small Business Committee

WASHINGTON, D.C. – Rep. Hillary Scholten’s (MI-03) bipartisan bill she introduced with Rep. Dan Meuser (R-PA) to increase capital available to small businesses, particularly those in rural or low-income areas and those operating in the national security sector, passed the House Small Business Committee. The bill now heads to the House floor for consideration. 

Small Business Investment Companies (SBICs) are privately owned companies, licensed and regulated by the Small Business Administration (SBA). They use their private funds and SBA-guaranteed funding to invest in small businesses.

The Investing in All of America Act would encourage SBIC investments in these areas by ensuring that dollars invested in rural and/or low-income areas or the national security technologies sector are not counted against SBIC’s leverage cap.

“The SBIC program provides critical capital to small businesses. Our bipartisan bill will bolster the SBIC program’s history of success by encouraging investments in rural areas and industries that are vital to national defense here in West Michigan and across the country. I’m proud to see the full committee come together to support this important effort,” said Rep. Scholten. 

Text of the bill can be found here.