119TH CONGRESS 
1ST SESSION H. R. 2066 
AN ACT 
To amend the Small Business Investment Act of 1958 to 
exclude from the limit on leverage certain amounts in-
vested in smaller enterprises located in rural or low- 
income areas and small businesses in critical technology 
areas, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Investing in All of 
America Act of 2025’’. 
SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAX-
IMUM LEVERAGE EXCLUSION. 
(a) DEFINITIONS.—Section 103(9) of the Small 
Business Investment Act of 1958 (15 U.S.C. 662(9)) is 
amended— 
(1) in subparagraph (A)(ii), by striking ‘‘and’’ 
at the end; 
(2) in subparagraph (B)(iii)— 
(A) in subclause (I), by striking ‘‘estab-
lished prior to October 1, 1987’’; 
(B) in subclause (II)— 
(i) by striking ‘‘or’’ and inserting a 
comma; and 
(ii) by inserting ‘‘, foundation, endow-
ment, or trust of any college or university’’ 
after ‘‘pension plan’’; and 
(C) in subclause (III), by striking the 
semicolon at the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new sub-
paragraph: 
‘‘(C) does not include any funds obtained 
directly or indirectly from any Federal, State, 
or local government or any government agency
or instrumentality, except for funds described in 
subclauses (I) through (III) of subparagraph 
(B)(iii), for the purpose of approval by the Ad-
ministrator of any request for leverage.’’. 
(b) MAXIMUM
LEVERAGE
EXCLUSION.—Section 
303(b)(2) of the Small Business Investment Act of 1958 
(15 U.S.C. 683(b)(2)) is amended— 
(1) in subparagraph (A)— 
(A) in clause (i), by striking ‘‘300’’ and in-
serting ‘‘200’’; and 
(B) by amending clause (ii) to read as fol-
lows: 
‘‘(ii)(I) with respect to such a com-
pany that makes quarterly or semiannual 
interest payments $250,000,000; or 
‘‘(II) $175,000,000 with respect to 
any other company licensed under section 
301(c).’’; 
(2) in subparagraph (B), by striking ‘‘may not 
exceed $350,000,000.’’ and inserting the following 
‘‘may not exceed— 
‘‘(i) with respect to such companies 
that are commonly controlled and that 
make quarterly or semiannual interest pay-
ments, $475,000,000; or
‘‘(ii) $350,000,000 with respect to 
any other companies licensed under section 
301(c) that are commonly controlled.’’; and 
(3) in subparagraph (C)— 
(A) in the heading— 
(i) by inserting ‘‘OR
RURAL’’ after 
‘‘LOW-INCOME’’; and 
(ii) by inserting ‘‘, CRITICAL TECH-
NOLOGY AREAS, OR SMALL MANUFACTUR-
ERS’’ after ‘‘GEOGRAPHIC AREAS’’; 
(B) in clause (i)— 
(i) by striking ‘‘(i) In calculating’’ and 
inserting the following: 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (iii), in calculating’’; 
(ii) by inserting ‘‘or companies’’ after 
‘‘of a company’’; 
(iii) by striking ‘‘subparagraph (A)’’ 
and inserting ‘‘subparagraphs (A) and 
(B)’’; 
(iv) by striking ‘‘equity’’; and 
(v) by striking ‘‘the company in a 
smaller enterprise’’ and all that follows 
and inserting the following: ‘‘the company 
or companies in—
‘‘(I) a small business concern lo-
cated in a low-income geographic area 
(as defined in section 351 of this title) 
or in a rural area (as defined in sec-
tion 343(a)(13) of the Agricultural 
Act of 1961 (7 U.S.C. 1991(a)(13))); 
‘‘(II) a small business concern 
operating primarily in a covered tech-
nology category (as defined in section 
149(e) of title 10, United States 
Code); or 
‘‘(III) a small manufacturer (as 
defined in section 501(e)(6) of this 
Act).’’; 
(C) by amending clause (ii) to read as fol-
lows: 
‘‘(ii) LIMITATION.—While maintaining 
the limitation of subparagraph (A)(i) and 
consistent with a leverage determination 
ratio issued pursuant to section 301(c), the 
aggregate amount excluded for a company 
or companies under clause (i) from the cal-
culation of the outstanding leverage such 
company or companies for the purposes of 
subparagraphs (A) and (B) may not exceed
the lesser of 50 percent of the private cap-
ital of such company or companies or 
$125,000,000.’’; and 
(D) by amending clause (iii) to read as fol-
lows: 
‘‘(iii) PROSPECTIVE APPLICABILITY.— 
An investment by a licensee is eligible for 
exclusion from the calculation of out-
standing leverage under clause (i) only if 
such investment is made by such licensee 
after the date of enactment of this 
clause.’’. 
Passed the House of Representatives December 1, 
2025. 
Attest: 
Clerk.
119TH CONGRESS 
1ST SESSION 
H. R. 2066 
AN ACT 
To amend the Small Business Investment Act of 
1958 to exclude from the limit on leverage cer-
tain amounts invested in smaller enterprises lo-
cated in rural or low-income areas and small 
businesses in critical technology areas, and for 
other purposes.