Political Quotes

“Mr. Speaker, I thank our chairman, Mr. Roger Williams from the great State of Texas, for yielding and for his leadership. Mr. Speaker, I rise today during National Small Business Week in support of H.R. 5333, the Investing in All of America Act of 2023, introduced by myself and Representative Scholten. This legislation aims to incentivize greater private capital investments in small businesses located in rural or low-income areas, and those operating in the national security sector by providing additional bonus leverage for funds participating in the SBA's SBIC program. The Small Business Investment Companies are privately owned companies that are licensed and regulated by the SBA. SBICs raise private capital that is matched with leverage by the SBA, currently capped at $175 million for individual licensees. SBICs then deploy these private funds, along with the SBA-guaranteed funding, to invest directly in small businesses. It is important to note that the SBIC leverage operates at zero subsidy cost to the American taxpayer. In other words, taxpayer funds are not utilized for the credit extended in SBIC investments. Throughout the last two decades, SBIC-backed businesses have created 5 million new jobs and supported an additional 10.5 million jobs. Last year alone, SBICs invested over $8 billion in small businesses across America, including $412 million in small businesses located in my home State, the Commonwealth of Pennsylvania.…”