An act 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
PL 115-333 (H.R.4111), enacted 12/19/2018

132 STAT. 4488 
PUBLIC LAW 115–333—DEC. 19, 2018 
Public Law 115–333 
115th Congress 
An Act 
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 Commu-
nities 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)— 
Determination. 
Definition. 
Spurring 
Business in 
Communities Act 
of 2017. 
15 USC 661 note. 
Dec. 19, 2018 
[H.R. 4111] 
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132 STAT. 4489 
PUBLIC LAW 115–333—DEC. 19, 2018 
LEGISLATIVE HISTORY—H.R. 4111 (S. 1995): 
SENATE REPORTS: No. 115–449 (Comm. on Small Business and Entrepreneur-
ship) accompanying S. 1995. 
CONGRESSIONAL RECORD, Vol. 164 (2018): 
May 8, considered and passed House. 
Dec. 6, considered and passed Senate. 
(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 fol-
lowing: 
‘‘(C) Steps taken by the Administration 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 under-
licensed States.’’. 
Approved December 19, 2018. 
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