EXCEL Act

Bill: 113-s-511
Sponsor: full_name: Sen. Landrieu, Mary L. [D-LA]
Introduced: 2013-03-11
Policy area: Commerce
Subjects: Business investment and capital

Credit and credit markets

Government information and archives

Inflation and prices

Intergovernmental relations

Licensing and registrations

Rural conditions and development

Small business

User charges and fees
Latest action: action_date: 2013-09-10
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.

Summaries:
action_date: 2013-03-11
action_desc: Introduced in Senate
text: <p>Expanding Access to Capital for Entrepreneurial Leaders Act or the EXCEL Act - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA) to guarantee the payment of up to $4 billion per fiscal year for debentures or participating securities issued by small business investment companies (SBICs) to encourage the formation and growth of small businesses. Increases the maximum amount of outstanding leverage for two or more commonly-controlled SBICs. Authorizes annual inflationary adjustments of such limits.</p> <p>Directs the Administrator to make publicly available on the SBA website specified fiscal and related information with respect to each SBIC.</p> <p>Allows SBIC licensing fees to be used by the SBA for SBIC program needs other than the costs of licensing examinations.</p> <p>Expresses the sense of Congress that SBICs would benefit from partnerships with community banks and other lenders, and that the Administrator should: (1) increase outreach to such banks and lenders for investment in SBICs; (2) use the Internet to publicize which SBICs are soliciting and making investments in small businesses; (3) partner with governors, mayors, states, and municipalities to increase outreach by SBICs to underserved and rural areas; and (4) revise and update the SBIC program webpage to make it more prominent and user-friendly.</p>

action_date: 2013-09-10
action_desc: Reported to Senate with amendment(s)
text: <p>Expanding Access to Capital for Entrepreneurial Leaders Act or the EXCEL Act - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA) to guarantee the payment of up to $4 billion per fiscal year for debentures or participating securities issued by small business investment companies (SBICs) to encourage the formation and growth of small businesses. Increases from $225 million to $350 million the maximum amount of outstanding leverage for two or more commonly-controlled SBICs.</p>

tv_txt: II 113th CONGRESS 1st Session S. 511 IN THE SENATE OF THE UNITED STATES March 11, 2013 Ms. Landrieu 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 enhance the Small Business Investment Company Program, and for other purposes.

1. Short title This Act may be cited as the Expanding Access to Capital for Entrepreneurial Leaders Act or the EXCEL Act . 2. Program authorization Section 303(b) of the Small Business Investment Act of 1958 ( 15 U.S.C. 683(b) ) is amended, in the matter preceding paragraph (1), in the first sentence, by inserting after issued by such companies the following: , in a total amount that does not exceed $4,000,000,000 each fiscal year (adjusted annually to reflect increases in the Consumer Price Index established by the Bureau of Labor Statistics of the Department of Labor) . 3. Family of funds Section 303(b)(2)(B) of the Small Business Investment Act of 1958 ( 15 U.S.C. 683(b)(2)(B) ) is amended by striking $225,000,000 and inserting $350,000,000 . 4. Adjustment for inflation Section 303(b)(2) of the Small Business Investment Act of 1958 ( 15 U.S.C. 683(b)(2) ) is amended by adding at the end the following: (E) Adjustments (i) In general The dollar amounts in subparagraph (A)(ii), subparagraph (B), and subparagraph (C)(ii)(I) shall be adjusted annually to reflect increases in the Consumer Price Index established by the Bureau of Labor Statistics of the Department of Labor (in this subparagraph referred to as the CPI ). (ii) Applicability The adjustments required by clause (i)— (I) with respect to dollar amounts in subparagraphs (A)(ii) and (C)(ii)(I) shall initially reflect increases in the CPI during the period beginning on the effective date of section 505 of the American Recovery and Reinvestment Act of 2009 (123 Stat. 156) through the date of enactment of this subparagraph and annually thereafter; (II) with respect to dollar amounts in subparagraph (B) shall reflect increases in the CPI annually on and after the date of enactment of this subparagraph. . 5. Public availability of information Section 303 of the Small Business Investment Act of 1958 ( 15 U.S.C. 683 ) is amended by adding at the end the following: (l) Access to fund information Annually, the Administrator shall make public on its website the following information with respect to each small business investment company: (1) The amount of capital deployed since fund inception. (2) The amount of leverage drawn since fund inception. (3) The number of investments since fund inception. (4) The number of businesses receiving capital since fund inception. (5) Industry sectors receiving investment since fund inception. (6) The amount of leverage principal repaid by SBIC since fund inception. (7) A basic description of investment strategy. . 6. Authorized uses of licensing fees Section 301(e) of the Small Business Investment Act of 1958 ( 15 U.S.C. 681(e) ) is amended— (1) by striking (e) and inserting (d) ; and (2) in paragraph (2)(B), by inserting before the period at the end the following: and other small business investment company program needs . 7. Sense of Congress It is the sense of Congress that— (1) small business investment companies would benefit from partnerships with community banks and other lenders, and should work with community banks and other lenders, to ensure that if community banks and other lenders deny an application by a small business concern for a loan, the community banks or other lenders will refer the small business concern to small business investment companies; and (2) the Administrator should— (A) increase outreach to community banks and other lenders to encourage community banks and other lenders to invest in small business investment companies; (B) use the Internet to make publicly available in a timely manner which small business investment companies are actively soliciting investments and making investments in small business concerns; (C) partner with governors, mayors, States, and municipalities to increase outreach by small business investment companies to underserved and rural areas; and (D) continue to make changes to the webpage for the small business investment company program, to make the webpage— (i) a more prominent part of the website of the Administration; and (ii) more user-friendly.

tv_txt: II Calendar No. 168 113th CONGRESS 1st Session S. 511 [Report No. 113–90] IN THE SENATE OF THE UNITED STATES March 11, 2013 Ms. Landrieu (for herself, Mr. Cardin , and Mr. Cowan ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship September 10, 2013 Reported by Ms. Landrieu , with an amendment Omit the part struck through A BILL To amend the Small Business Investment Act of 1958 to enhance the Small Business Investment Company Program, and for other purposes.

1. Short title This Act may be cited as the Expanding Access to Capital for Entrepreneurial Leaders Act or the EXCEL Act . 2. Program authorization Section 303(b) of the Small Business Investment Act of 1958 ( 15 U.S.C. 683(b) ) is amended, in the matter preceding paragraph (1), in the first sentence, by inserting after issued by such companies the following: , in a total amount that does not exceed $4,000,000,000 each fiscal year (adjusted annually to reflect increases in the Consumer Price Index established by the Bureau of Labor Statistics of the Department of Labor) . 3. Family of funds Section 303(b)(2)(B) of the Small Business Investment Act of 1958 ( 15 U.S.C. 683(b)(2)(B) ) is amended by striking $225,000,000 and inserting $350,000,000 . 4. Adjustment for inflation Section 303(b)(2) of the Small Business Investment Act of 1958 ( 15 U.S.C. 683(b)(2) ) is amended by adding at the end the following: (E) Adjustments (i) In general The dollar amounts in subparagraph (A)(ii), subparagraph (B), and subparagraph (C)(ii)(I) shall be adjusted annually to reflect increases in the Consumer Price Index established by the Bureau of Labor Statistics of the Department of Labor (in this subparagraph referred to as the CPI ). (ii) Applicability The adjustments required by clause (i)— (I) with respect to dollar amounts in subparagraphs (A)(ii) and (C)(ii)(I) shall initially reflect increases in the CPI during the period beginning on the effective date of section 505 of the American Recovery and Reinvestment Act of 2009 (123 Stat. 156) through the date of enactment of this subparagraph and annually thereafter; (II) with respect to dollar amounts in subparagraph (B) shall reflect increases in the CPI annually on and after the date of enactment of this subparagraph. . 5. Public availability of information Section 303 of the Small Business Investment Act of 1958 ( 15 U.S.C. 683 ) is amended by adding at the end the following: (l) Access to fund information Annually, the Administrator shall make public on its website the following information with respect to each small business investment company: (1) The amount of capital deployed since fund inception. (2) The amount of leverage drawn since fund inception. (3) The number of investments since fund inception. (4) The number of businesses receiving capital since fund inception. (5) Industry sectors receiving investment since fund inception. (6) The amount of leverage principal repaid by SBIC since fund inception. (7) A basic description of investment strategy. . 6. Authorized uses of licensing fees Section 301(e) of the Small Business Investment Act of 1958 ( 15 U.S.C. 681(e) ) is amended— (1) by striking (e) and inserting (d) ; and (2) in paragraph (2)(B), by inserting before the period at the end the following: and other small business investment company program needs . 7. Sense of Congress It is the sense of Congress that— (1) small business investment companies would benefit from partnerships with community banks and other lenders, and should work with community banks and other lenders, to ensure that if community banks and other lenders deny an application by a small business concern for a loan, the community banks or other lenders will refer the small business concern to small business investment companies; and (2) the Administrator should— (A) increase outreach to community banks and other lenders to encourage community banks and other lenders to invest in small business investment companies; (B) use the Internet to make publicly available in a timely manner which small business investment companies are actively soliciting investments and making investments in small business concerns; (C) partner with governors, mayors, States, and municipalities to increase outreach by small business investment companies to underserved and rural areas; and (D) continue to make changes to the webpage for the small business investment company program, to make the webpage— (i) a more prominent part of the website of the Administration; and (ii) more user-friendly.

September 10, 2013 Reported with an amendment