S. 1995 · 115th Congress
Spurring Business in Communities Act of 2017
- Stage
- Reported from committee
- Sponsor
- Marco Rubio
- Introduced
- 2017-10-24
- Latest action
- 2018-12-20 · By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-449.
Summary
Spurring Business in Communities Act of 2017
This bill amends the Small Business Investment Act of 1958 to:
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 exempt applicants in underlicensed states from certain SBA capital requirements.