Political Quotes

“I am pleased join my colleague, Senator Risch, in introducing the Small Business Investment Company Capital, SBIC, Act of 2015. And I am pleased that Congressman Chabot, Chairman of the House Small Business Committee, is introducing the same bill on the House side today. This bipartisan legislation makes a common-sense change to the Small Business Investment Company, SBIC, program run by the Small Business Administration, SBA. This change will provide increased support to some of the program's most successful participants, SBICs that run multiple funds at a time. At no additional cost to the taxpayer, the SBIC Act will raise the limit that a ``family of funds'' can borrow with an SBA guarantee from $225 million to $350 million The SBIC program guarantees loans to qualified investment funds, or SBICs. In turn, these SBICs invest in promising small businesses by combining the SBA loan with privately raised capital, often at a 2:1 ratio. It is important to note that while these SBICs are licensed and regulated by the SBA, they are privately owned and operated. Since its inception, the SBIC Debenture program has been incredibly successful. SBICs have invested more than $70 billion in nearly 170,000 small businesses. Recently, the program has experienced rapid growth. In 2013, SBA guaranteed loans to SBICs equaling $3.5 billion, a 70 percent increase in financing dollars from three years ago and the highest amount of financings in the past decade.…”