Spurring Business in Communities Act of 2017

Floor Speech

I rise in support of H.R. 4111, a bill that will improve access to the Small Business Investment Company program in underserved communities.

SBICs have assisted thousands of high-growth companies over the years by ``filling the gap'' in the capital markets for businesses that have outgrown the SBA's 7(a) guaranteed loan program but remain too small or too risky for traditional private equity markets to bear.

SBICs operate in a unique public-private partnership with SBA. Once managers raise enough private capital, the agency provides matching funds which are pooled together and invested in high-growth small businesses.

To maximize the impact of the program, it is essential that SBIC licenses are processed in a timely fashion and also geographically spread across the country. As it stands now, nearly three-quarters of SBICs are located in just 10 States.

Today's bill will address these points by prioritizing those license applications from managers that will invest in our underserved communities.

The SBIC program has done a lot of good for the small business community over the years. Enabling SBA to fast-track more capital into the hands of small-business owners is a top priority for both sides of the aisle in this committee.

I urge Members to support this legislation, and I reserve the balance of my time.
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