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Washington, D.C. – U.S. Senator Marco Rubio (R-FL) and U.S. Representative Cathy McMorris Rodgers (R-WA) today introduced the Spurring Business in Communities Act, legislation that would allow more Small Business Investment Companies (SBICs) to form and invest in Florida, Washington state, and other under-licensed states.
“I want Florida’s entrepreneurs and investors to be able to stay and invest here in Florida’s economy, instead of being shoe-horned into Wall Street and Silicon Valley jobs away from home,” said Rubio. “Our bill will help reduce America’s investor gap by removing regionally biased obstacles investors face when applying to become a licensed Small Business Investment Company.”
“Small businesses are the backbone of our economy. They provide 55 percent of jobs in America, and account for 1.3 million employees in Washington state alone,” said McMorris Rodgers. “SBICs serve an important function in providing capital and support to these small businesses, but there are currently none here in Washington state. Instead, SBICs are primarily located in large urban and finance centers of the U.S., which only further concentrates lending and investment activity. This legislation will change that by easing the process for SBICs to form in our state, invest in people in our community, grow our local economy, and create jobs.”
“SBICs have an extraordinary record of empowering small businesses to grow and create jobs,” said Alliance President Brett Palmer. “We applaud Senator Rubio and Representative McMorris Rodgers for helping SBICs bring prosperity and hope to small businesses in every community in the country.”
SBICs were established by the Small Business Investment Act of 1958 to provide for government support of small businesses throughout the country, backed by the Small Business Administration. Currently, 72 percent of these SBICs are already located in 10 states. This legislation would increase the ability of the SBA to provide widespread geographic support and increase the SBA’s accountability to Congress. Specifically, it would exempt SBIC applicants from under-licensed states from full capital requirements, give first priority to new applicants from under-licensed and under-financed states, and establish annual reporting requirements on the SBA’s progress toward increasing the geographic dispersion of SBICs.