MicroCap Small Business Investing Act of 2023

Summary

MicroCap Small Business Investing Act of 2023 This bill authorizes the Small Business Administration (SBA) to issue up to ten Small Business Investment Company (SBIC) licenses each year to certain applicants. An SBIC is a privately owned company, licensed and regulated by the SBA, which invests in small businesses through debt and equity. A license issued under the bill must be awarded to an applicant that would otherwise be issued a license except that the management of the applicant does not satisfy certain qualification requirements such as investment experience; where the fund managers have a documented record of successful business experience, a record of business management success, or knowledge in the particular industry or business in which the investment strategy is being pursued; and that will make at least 25% of its investments in specified areas and businesses (e.g., low-income communities, businesses owned or controlled by individuals in underserved communities, and rural areas). The SBA must prioritize applicants that are located in states with fewer licenses and establish a streamlined application process for those licenses.

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Timeline

1. 30 March 2023

   Introduced

   Read twice and referred to the Committee on Small Business and Entrepreneurship.

   Source: IntroReferral

2. 30 March 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 30 March 2023 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 March 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 March 2023

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 30 March 2023

  Open at official source

Sponsors

• John Hickenlooper · D · Sponsor
• James Risch · R · Sponsor
• Catherine Cortez Masto · D · Sponsor
• · sssb00 · Standing

Related records

• related to ← MicroCap Small Business Investing Act of 2023
• related to ← MicroCap Small Business Investing Act of 2021