Nydia M. Velazquez: “I rise in support of H.R. 3170, the Increased Capital Access For Growing Businesses Act; and I want to commend my good…”

“I rise in support of H.R. 3170, the Increased Capital Access For Growing Businesses Act; and I want to commend my good friend and colleague, the gentlewoman from New York (Mrs. Kelly), for moving this matter so expeditiously. I also want to thank the gentleman from Ohio (Mr. Oxley) and the gentleman from Massachusetts (Mr. Frank), the ranking member, for their support in expediting the consideration of this measure. With this legislation we have an opportunity to help more small companies access capital so that they can expand and grow their businesses. Business Development Companies are unique investment companies authorized by the 1980 Amendments to the Investment Company Act. They are publicly traded companies that invest primarily in small companies. Since 1980, BDCs have proven to be a valuable source of funding for growing companies that do not have access to traditional sources of financing like bank lending or access to the public securities markets. At the same time, BDCs provide the investing public with an opportunity to invest in private equity, an opportunity traditionally limited to wealthy investors.”