House Republican Conference Chair Cathy McMorris Rodgers (R-WA) released the following statements after the House passed her bipartisan Spurring Business in Communities Act (H.R. 4111) by a unanimous voice vote.
“Tax reform and our pro-growth agenda is giving small businesses a new level of confidence. This week, the people’s House is staking additional action to build upon that confidence with a number of small-business-focused bills that further boost Main Street. My solution, the Spurring Business in Communities Act, will make it easier for Small Business Investment Companies (SBICs) to form and bring startup capital to under-licensed and underserved areas, including rural areas in Washington State. By supporting small businesses, we can help ensure that there are more jobs and opportunities for people to live their American Dream.”
Today, McMorris Rodgers spoke on the House floor in support of her legislation.
NOTE: A 2017 Library of Congress study found that SBIC-backed small businesses created 3 million new jobs and supported an additional 6.5 million. According to the Small Business Administration’s most recent report, SBICs reported more than $800 million in financing during the fourth quarter of 2017, and created more than 16,000 jobs. Over the same period, SBICs were able to finance 210 companies across the U.S., including 25 businesses in Low- and Moderate-Income areas, and 12 businesses owned by women, minorities, or veterans.