Spurring Business in Communities Act of 2018

Bill: 115-s-1995
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2017-10-24
Policy area: Commerce
Subjects: Business investment and capital

Licensing and registrations

Small business
Latest action: action_date: 2018-12-20
text: By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-449.

Summaries:
action_date: 2017-10-24
action_desc: Introduced in Senate
text: <p><b>Spurring Business in Communities Act of 2017</b></p> <p>This bill amends the Small Business Investment Act of 1958 to:</p> <ul> <li> require the Small Business Administration (SBA), in reviewing and processing an entity's application to become a small business investment company (SBIC), to give first priority to an SBIC applicant located in an underlicensed state (i.e., a state in which the number of licensees per capita is less than the median number of licensees per capita for all states) with below median financing; and</li> <li>exempt applicants in underlicensed states from certain SBA capital requirements.</li> </ul>

action_date: 2018-03-19
action_desc: Reported to Senate with amendment(s)
text: <p><b>Spurring Business in Communities Act of 2018</b></p> <p>(Sec. 2) This bill amends the Small Business Investment Act of 1958 to:</p> <ul> <li> require the Small Business Administration (SBA), in reviewing and processing an entity's application to become a small business investment company (SBIC), to give first priority to an SBIC applicant located in an underlicensed state (i.e., a state in which the number of licensees per capita is less than the median number of licensees per capita for all states) with below median financing; and</li> <li>exempt applicants in underlicensed states from certain SBA capital requirements.</li></ul>

tv_txt: II 115th CONGRESS 1st Session S. 1995 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. Short title This Act may be cited as the Spurring Business in Communities Act of 2017 . 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. .

tv_txt: II Calendar No. 350 115th CONGRESS 2d Session S. 1995 IN THE SENATE OF THE UNITED STATES October 24, 2017 Mr. Rubio (for himself, Ms. Baldwin , and Mr. Kennedy ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship March 19, 2018 Reported by Mr. Risch , with an amendment Omit the part struck through and insert the part printed in italic 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. Short title This Act may be cited as the Spurring Business in Communities Act of 2017 2018 . 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. .

March 19, 2018 Reported with an amendment