II 

115TH CONGRESS 

1ST SESSION S. 1995 

To amend the Small Business Investment Act of 1958 to improve the number 

of small business investment companies in underlicensed States, and 

for other purposes. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 24, 2017 

Mr. RUBIO 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 

improve the number of small business investment companies in underlicensed States, 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 ‘‘Spurring Business in 

5 Communities Act of 2017’’. 


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1 SEC. 2. IMPROVING THE NUMBER OF SMALL BUSINESS IN2 VESTMENT COMPANIES IN UNDERLICENSED 

3 STATES. 

4 The Small Business Investment Act of 1958 (15 

5 U.S.C. 661 et seq.) is amended— 

6 (1) in section 103 (15 U.S.C. 662)— 

7 (A) in paragraph (18)(E), by striking 

8 ‘‘and’’ at the end; 

9 (B) in paragraph (19), by striking the pe10 riod at the end and inserting ‘‘; and’’; and 

11 (C) by adding at the end the following: 

12 ‘‘(20) the term ‘underlicensed State’ means a 

13 State in which the number of licensees per capita is 

14 less than the median number of licensees per capita 

15 for all States, as calculated by the Administrator.’’; 

16 (2) in section 301(c) (15 U.S.C. 681(c))— 

17 (A) in paragraph (3)— 

18 (i) in subparagraph (B)(iii), by strik19 ing ‘‘and’’ at the end; 

20 (ii) in subparagraph (C), by striking 

21 the period at the end and inserting ‘‘; 

22 and’’; and 

23 (iii) by adding at the end the fol24 lowing: 

25 ‘‘(D) shall give first priority to an appli26 cant that is located in an underlicensed State 


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1 with below median financing, as determined by 

2 the Administrator.’’; and 

3 (B) in paragraph (4)(B)— 

4 (i) by striking clause (i); 

5 (ii) by redesignating clauses (ii) and 

6 (iii) as clauses (i) and (ii), respectively; 

7 and 

8 (iii) by amending clause (i), as so re9 designated, to read as follows: 

10 ‘‘(i) is located in a State that— 

11 ‘‘(I) is not served by a licensee; 

12 or 

13 ‘‘(II) is an underlicensed State; 

14 and’’; and 

15 (3) in section 308(g) (15 U.S.C. 687(g))— 

16 (A) in paragraph (2)— 

17 (i) in subparagraph (B), by inserting 

18 ‘‘and licensing’’ after ‘‘financing’’; 

19 (ii) by redesignating subparagraphs 

20 (C) through (J) as subparagraphs (E), 

21 through (L), respectively; and 

22 (iii) by inserting after subparagraph 

23 (B) the following: 


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1 ‘‘(C) The steps the Administration has 

2 taken to improve the number of licensees in 

3 underlicensed States. 

4 ‘‘(D) The Administration’s plans to sup5 port States that seek to increase the number of 

6 licensees in the State.’’; and 

7 (B) in paragraph (3)— 

8 (i) in subparagraph (C), by striking 

9 ‘‘and’’ at the end; 

10 (ii) in subparagraph (D), by striking 

11 the period at the end and inserting ‘‘; 

12 and’’; and 

13 (iii) by adding at the end the fol14 lowing: 

15 ‘‘(E) the geographic dispersion of licensees 

16 in each State compared to the population of the 

17 State, identifying underlicensed States.’’. 

Æ 


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