Sens. Dean Heller (R-NV) and Joe Manchin (D-WV) introduced last week a bill designed to steer more capital to small businesses.
The lawmakers said the Small Business Credit Availability Act, modernizes rules for Business Development Companies (BDCs) while helping BDCs deploy more financing capital to small and mid-size businesses.
“Congress should be doing all it can to support America’s small businesses, which account for almost half of the nation’s jobs, including roughly 428,000 in Nevada alone,” Heller said. “The Small Business Credit Availability Act will help ensure small businesses owners in Nevada and across the country have the opportunity to access more capital to grow their businesses so they can hire more workers, increase wages and spur growth in their communities.”
The legislators said the measure would also provide parity on securities offerings and related rules between BDCs and other operating companies by streamlining disclosure requirements, reducing duplicative regulatory paperwork for BDCs and ensuring investors receive relevant and necessary disclosures.
“Small businesses are the heart of West Virginia,” Manchin said. “The Small Business Credit Availability Act will allow these small businesses to better compete with larger companies by increasing the investments they can make in their businesses. Empowering our small business owners to grow their businesses is good for our West Virginia economy and good for our West Virginia families and communities.”