HR 3842
117th Congress
House
Commerce
Business investment and capital
Economic development
Financial services and investments
Government information and archives
Licensing and registrations
Manufacturing
Minority and disadvantaged businesses
Poverty and welfare assistance
Research and development
Rural conditions and development
Small business
MicroCap Small Business Investing Act of 2021
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 11, 2021
Referred to the House Committee on Small Business.
Jun 11, 2021
Introduced in House
Plain-English summary
MicroCap Small Business Investing Act of 2021
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.
What's happening now
Referred to the House Committee on Small Business.
Committees of jurisdiction
1
Cosponsors
1