II 

118TH CONGRESS 

2D SESSION S. 4759 

To amend the Small Business Investment Act of 1958 to exclude from 

the limit on leverage certain amounts invested in smaller enterprises 

located in rural or low-income areas and small businesses in critical 

technology areas, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 24, 2024 

Mr. HICKENLOOPER (for himself and Mr. MARSHALL) introduced the following bill; which was read twice and referred to the Committee on Small 

Business and Entrepreneurship 

A BILL 

To amend the Small Business Investment Act of 1958 to 

exclude from the limit on leverage certain amounts invested in smaller enterprises located in rural or lowincome areas and small businesses in critical technology 

areas, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Investing in All of 

5 America Act of 2024’’. 


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1 SEC. 2. SBIC MAXIMUM LEVERAGE EXCLUSION. 

2 (a) DEFINITIONS.—Section 103(9) of the Small 

3 Business Investment Act of 1958 (15 U.S.C. 662(9)) is 

4 amended— 

5 (1) in subparagraph (A)(ii), by striking ‘‘and’’ 

6 at the end; 

7 (2) in subparagraph (B)(iii)— 

8 (A) in subclause (I), by striking ‘‘estab9 lished prior to October 1, 1987’’; 

10 (B) in subclause (II)— 

11 (i) by striking ‘‘or’’ and inserting ‘‘, 

12 a’’; and 

13 (ii) by inserting ‘‘, or a foundation, 

14 endowment, or trust of a college or univer15 sity’’ after ‘‘pension plan’’; and 

16 (C) in subclause (III), by striking the 

17 semicolon at the end and inserting ‘‘; and’’; and 

18 (3) by adding at the end the following: 

19 ‘‘(C) for the purpose of approval by the 

20 Administrator of any request for leverage, does 

21 not include any funds obtained directly or indi22 rectly from any Federal, State or local govern23 ment or any government agency or instrumen24 tality, except for funds described in subclause 

25 (I), (II), or (III) of subparagraph (B)(iii).’’. 


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1 (b) MAXIMUM LEVERAGE.—Section 303(b)(2) of the 

2 Small Business Investment Act of 1958 (15 U.S.C. 

3 683(b)(2)) is amended— 

4 (1) in subparagraph (A)(i), by striking ‘‘300’’ 

5 and inserting ‘‘200’’; 

6 (2) in subparagraph (C)— 

7 (A) in the heading— 

8 (i) by inserting ‘‘OR RURAL’’ after 

9 ‘‘LOW-INCOME’’; and 

10 (ii) by inserting ‘‘OR CRITICAL TECH11 NOLOGY AREAS’’ after ‘‘GEOGRAPHIC

12 AREAS’’; 

13 (B) in clause (i)— 

14 (i) by striking ‘‘(i) In calculating’’ and 

15 inserting the following: 

16 ‘‘(i) IN GENERAL.—Except as pro17 vided in clause (iii), in calculating’’; 

18 (ii) by inserting ‘‘or companies’’ after 

19 ‘‘of a company’’; 

20 (iii) by striking ‘‘subparagraph (A)’’ 

21 and inserting ‘‘subparagraphs (A) and 

22 (B)’’; 

23 (iv) by striking ‘‘equity’’; 

24 (v) by striking ‘‘the company in a 

25 smaller enterprise’’ and all that follows 


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1 and inserting the following: ‘‘the company 

2 or companies in— 

3 ‘‘(I) a smaller enterprise located 

4 in a low-income geographic area (as 

5 defined in section 351) or in a rural 

6 area; or’’; and 

7 (vi) by adding at the end the following 

8 new subclause: 

9 ‘‘(II) a small business concern in 

10 an area of critical technology (as de11 fined in section 4801 of title 10, 

12 United States Code) vital to maintain13 ing the national security of the United 

14 States.’’; 

15 (C) by amending clause (ii) to read as fol16 lows: 

17 ‘‘(ii) LIMITATION.—While maintaining 

18 the limitation of subparagraph (A)(i) and 

19 consistent with a leverage determination 

20 ratio issued pursuant to section 301(c), the 

21 aggregate amount excluded for a company 

22 or companies under clause (i) from the cal23 culation of the outstanding leverage of 

24 such company or companies for the pur25 poses of subparagraphs (A) and (B) may 


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1 not exceed the lesser of 50 percent of the 

2 private capital of such company or compa3 nies or $125,000,000.’’; and 

4 (D) by amending clause (iii) to read as fol5 lows: 

6 ‘‘(iii) PROSPECTIVE APPLICABILITY.— 

7 An investment by a licensee is eligible for 

8 exclusion from the calculation of out9 standing leverage under clause (i) only if 

10 such investment is made by such licensee 

11 after the date of enactment of the Invest12 ing in All of America Act of 2024.’’; and 

13 (3) by adding at the end the following new sub14 paragraphs: 

15 ‘‘(E) ANNUAL ADJUSTMENT.—The Admin16 istrator shall adjust the dollar amounts de17 scribed in subparagraphs (A) and (B)— 

18 ‘‘(i) on the date of the enactment of 

19 this subparagraph, by a percentage equal 

20 to the percentage (if any) by which the 

21 Consumer Price Index (all items; United 

22 States city average), as published by the 

23 Bureau of Labor Statistics, increased dur24 ing the period— 


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1 ‘‘(I) beginning on December 18, 

2 2015, and ending on the date of the 

3 enactment of this subparagraph, for 

4 subparagraph (B); and 

5 ‘‘(II) beginning on June 21, 

6 2018, and ending on the date of the 

7 enactment of this subparagraph, for 

8 subparagraph (A); and 

9 ‘‘(ii) on the date that is one year after 

10 the date of the enactment of this subpara11 graph, and annually thereafter, by a per12 centage equal to the percentage (if any) by 

13 which the Consumer Price Index (all items; 

14 United States city average), as published 

15 by the Bureau of Labor Statistics, in16 creased during the one-year period pre17 ceding the date of the adjustment under 

18 this clause.’’. 

19 (c) REPORT.—Not later than June 30 of the first 

20 year beginning after the date of enactment of this Act, 

21 and annually thereafter, the Administrator of the Small 

22 Business Administration shall submit to the Committee on 

23 Small Business and Entrepreneurship of the Senate and 

24 the Committee on Small Business of the House of Rep25 resentatives a report on the results of the exclusion under 


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1 subparagraph (C) of section 303(b)(2) of the Small Busi2 ness Investment Act of 1958 (15 U.S.C. 683(b)(2)), as 

3 amended by subsection (b), including the economic activity 

4 generated and jobs directly and indirectly created by the 

5 exclusion. 

Æ 


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