The Bill “Spurring Business in Communities Act of 2017” Has Been Passed

The bill To amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed States, and for other purposes. has passed the House of Representatives

This bill passed the Senate Dec 06, 2018 the House on May 08, 2018. It was first sponsored by (R) Representative Cathy McMorris Rodgers from WA.

Summary: Spurring Business in Communities Act of 2017 This bill amends the Small Business Investment Act of 1958 to: require the Small Business Administration (SBA), in reviewing and processing a small business investment company’s (SBIC’s) application, to give first priority to an SBIC applicant located in an underlicensed state (i.e., a state in which the number of licensees per capita is less than the median number of licensees per capita for all states) with below median financing; and exempt applicants in underlicensed states from certain SBA capital requirements.
The bill mainly relates to these subjects; Small business, Licensing and registrations, Business investment and capital and Commerce.

Bill Cosponsors

  • (D) Rep. Stephanie Murphy from FL