Sens. Young, Duckworth, and Risch introduce bill to boost small business investment

U.S. Sens. Todd Young (R-IN), Tammy Duckworth (D-IL), and Jim Risch (R-ID) introduced legislation in the Senate last week that would allow banks to invest up to 15 percent of their capital in Small Business Investment Companies (SBIC).

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The Small Business Administration launched the SBIC program in 1958 to facilitate and regulate investment from privately owned companies to U.S. small businesses. This program has allowed more small businesses to grow. Their bill, the Investing in Main Street Act ( S. 3730), would increase investment in small businesses.

“The Small Business Investment Company program has provided critical support to countless Hoosier small businesses,” Young said. “I’m proud to reintroduce this bipartisan legislation to help spur further investment in innovative startups and unlock capital for existing, high-growth small businesses across Indiana and America.”

Over the last five years, SBICs have invested roughly $554 million in 107 small businesses in Indiana, Young said.

“Small businesses are the backbone of our economy—when they grow, our economy grows. Yet many small business owners struggle to access affordable capital that could enable them to expand and grow their enterprises while creating good-paying jobs,” Duckworth said.

Risch concurred, saying small businesses are the lifeblood of Idaho.

“To give Gem State entrepreneurs a boost, the Investing in Main Street Act will increase access to early stage capital by allowing banks to invest more into Small Business Investment Companies,” Risch said.