|Sponsor||Rep. Nye, Glenn C.|
|Date||November 17, 2009 (111th Congress, 1st Session)|
|Staff Contact||Adam Hepburn|
The House is scheduled to consider H.R. 3738, under suspension of the rules, requiring a two-thirds majority vote for passage. H.R. 3738 was introduced on October 7, 2009, by Rep. Glenn Nye (D-VA). The bill was incorporated into H.R. 3854, which passed the House on October 29, 2009, by a vote of 389-32.
The bill establishes a new Small Business Administration (SBA) grant program for venture capital funds to invest in early-stage small businesses in targeted industries. Targeted industries include manufacturing, energy, agriculture, IT, digital media, and defense. H.R. 3738 authorizes $200 million for the first full fiscal year beginning after the date of the enactment. Grants could not exceed $100 million for any company. A grant made to a participating investment company may not be in an amount that exceeds the amount of the company's non-federal capital.
The SBA, created in 1953, has a loan portfolio of about 220,000 loans worth over $50 billion. The SBA operates several financing programs that offer subsidies to small businesses attempting to secure access to capital.
A CBO score for H.R. 3738 is not yet available.