Political Quotes

“Mr. President, last night, the Senate passed two pieces of bipartisan legislation that will increase access to capital for small businesses and strengthen the Small Business Administration's oversight of its largest lending program. First, I want to talk about the Small Business Investment Opportunity Act. This bill modifies SBA's Small Business Investment Company, SBIC, program by increasing the amount of capital SBICs with a single fund can invest in qualifying small businesses. This legislation will unlock millions in additional capital for small businesses with high-growth potential, create jobs, ensure the program keeps pace with inflation, and align the program with changes Congress made in 2015. Earlier this year, I introduced the Senate version of this legislation with Senators Risch and Kennedy as original cosponsors. It was reported out of the Small Business and Entrepreneurship Committee in March by a vote of 19-0. SBICs are privately owned and managed investment funds that use their own capital--plus funds borrowed with an SBA guaranty--to capitalize small businesses. The purpose of the SBIC program is to stimulate investment in America's high-growth small businesses. The investments are made at no expense to taxpayers. This bill is straightforward. Under current law, SBA can guarantee up to $150 million for a single SBIC investment fund. This legislation increases that cap to $175 million. The cap has not been raised since 2009.…”