S. 2212 · 118th Congress
SBIC Advisory Committee Act of 2023
- Stage
- Reported from committee
- Sponsor
- Benjamin Cardin
- Introduced
- 2023-06-22
- Latest action
- 2023-07-25 · Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with amendments. Without written report.
Summary
SBIC Advisory Committee Act of 2023
This bill requires the Small Business Administration (SBA) to establish an advisory committee to develop recommendations for expanding SBA assistance provided through Small Business Investment Companies (SBICs). SBICs are privately owned companies, licensed and regulated by the SBA, which invest in small businesses through debt and equity.
Composed in part of representatives of and partners with small businesses in low-income communities and rural areas, the advisory committee must make recommendations for SBICs to invest in (1) underlicensed and underfinanced states; and (2) small businesses owned by socially or economically disadvantaged individuals, veterans, and women.