Investing in All of America Act of 2023

Floor Speech

Mr. Speaker, I am pleased to be here today as we celebrate National Small Business Week.

More than 60 years ago, President John F. Kennedy first enacted a proclamation to celebrate small businesses, and every year since then our country has honored the contributions of small business owners all throughout the country.

Small businesses employ roughly half of the private workforce, create the majority of new jobs, and generate almost half of our Nation's economic activity. They are the heart and soul of communities. Whether it is our local plumber or contractor, a chef launching a restaurant, or a medical professional, they are creating neighborhood jobs and reinvesting in the local economies.

The state of our small business is growing stronger. We have seen more than 17 million new businesses start since President Biden took office, with the vast majority of those being filled by women, including women of color. That is good news and gives us a reason to celebrate.

But more work needs to be done, and today we are considering four bipartisan bills that will create additional opportunities for entrepreneurs.

Turning to our first bill, H.R. 5333, as amended, makes statutory improvements to the Small Business Investment Company program to provide SBICs access to additional leverage when they invest in a small business critical to national security or located in a rural or underserved community.

Due to their often capital intensive nature, small businesses operating in America's critical technology sector need institutional investors with long-term time horizons to raise capital. Yet, due to statutory constraints, these investors are often limited in their ability to participate in the SBIC program, making it an unsuitable option for critical technology innovators to raise capital.

By providing SBICs with additional leverage flexibility, H.R. 5333 more appropriately matches the SBIC program with the capital needs of this industry. Doing so will enable the SBA and DOD to successfully carry out the joint SBIC Critical Technology Initiative.

At the same time, the evidence demonstrates there continues to be a significant lack of private investment in small businesses in rural and underserved communities.

By providing SBICs with additional bonus leverage, we are encouraging investment in our communities that need it the most. I thank Representatives Scholten and Meuser for their leadership on this bill.

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Ms. VELAZQUEZ. Scholten), the ranking member of the Contracting and Infrastructure Subcommittee.

Mr. Speaker, today, under President Biden's leadership, the SBIC program is making historic investments. In fiscal year 2023, the SBIC program provided a record-high $8 billion in investment and collectively financed more than 1,200 small businesses and startups resulting in over 130,000 jobs.

H.R. 5333 will build on this monumental success and unleash even further investment in America's small firms.

Innovation is the cornerstone of economic growth and U.S. global competitiveness. Most often, the most innovative and disruptive R&D is happening in our small business community. H.R. 5333 will encourage more SBIC investment in small businesses operating in our innovative sector and in rural and underserved areas all over the country.

Mr. Speaker, I, again, thank Representatives Scholten and Meuser for leading this effort. I encourage Members to vote ``yes,'' and I yield back the balance of my time.

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