Title: Spurring Business in Communities Act of 2018
Policy area: Commerce

Summary:
Spurring Business in Communities Act of 2017
This bill amends the Small Business Investment Act of 1958 to:

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1995 Introduced in Senate (IS)]

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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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Spurring Business in Communities Act 
of 2017''.

SEC. 2. IMPROVING THE NUMBER OF SMALL BUSINESS INVESTMENT COMPANIES IN 
              UNDERLICENSED STATES.

    The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) 
is amended--
            (1) in section 103 (15 U.S.C. 662)--
                    (A) in paragraph (18)(E), by striking ``and'' at 
                the end;
                    (B) in paragraph (19), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(20) the term `underlicensed State' means a State in 
        which the number of licensees per capita is less than the 
        median number of licensees per capita for all States, as 
        calculated by the Administrator.'';
            (2) in section 301(c) (15 U.S.C. 681(c))--
                    (A) in paragraph (3)--
                            (i) in subparagraph (B)(iii), by striking 
                        ``and'' at the end;
                            (ii) in subparagraph (C), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                    ``(D) shall give first priority to an applicant 
                that is located in an underlicensed State with below 
                median financing, as determined by the 
                Administrator.''; and
                    (B) in paragraph (4)(B)--
                            (i) by striking clause (i);
                            (ii) by redesignating clauses (ii) and 
                        (iii) as clauses (i) and (ii), respectively; 
                        and
                            (iii) by amending clause (i), as so 
                        redesignated, to read as follows:
                            ``(i) is located in a State that--
                                    ``(I) is not served by a licensee; 
                                or
                                    ``(II) is an underlicensed State; 
                                and''; and
            (3) in section 308(g) (15 U.S.C. 687(g))--
                    (A) in paragraph (2)--
                            (i) in subparagraph (B), by inserting ``and 
                        licensing'' after ``financing'';
                            (ii) by redesignating subparagraphs (C) 
                        through (J) as subparagraphs (E), through (L), 
                        respectively; and
                            (iii) by inserting after subparagraph (B) 
                        the following:
                    ``(C) The steps the Administration has taken to 
                improve the number of licensees in underlicensed 
                States.
                    ``(D) The Administration's plans to support States 
                that seek to increase the number of licensees in the 
                State.''; and
                    (B) in paragraph (3)--
                            (i) in subparagraph (C), by striking 
                        ``and'' at the end;
                            (ii) in subparagraph (D), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                    ``(E) the geographic dispersion of licensees in 
                each State compared to the population of the State, 
                identifying underlicensed States.''.
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