U.S. Sen. Todd Young (R-IN) sponsored the U.S. Senate version of a bipartisan bill to ramp up investments in America’s small businesses.
“I’m proud to introduce our bipartisan bill that would spur greater investment in Hoosier small businesses and help our economy thrive,” Sen. Young said on Tuesday.
Sen. Young on June 26 introduced the Investing in Main Street Act of 2019, S. 1994, with cosponsor U.S. Sen. Tammy Duckworth (D-IL) to permit banks to invest up to 15 percent of their capital in a Small Business Investment Company (SBIC), which is a licensed and regulated private lending company that offers venture capital financing to higher-risk small businesses. SBIC loans are guaranteed by the Small Business Administration.
In Sen. Young’s home state, SBICs have invested more than $451 million in 135 Hoosier small businesses over the last 10 years, according to his office.
“The SBIC program is one of the great successes of the Small Business Administration,” said Sen. Young. “The positive effects of this program can be seen in countless Hoosier small businesses and companies, including family-owned NRP Jones in LaPorte, Healthx in Indianapolis, and Wild Sports in Westfield.”
S. 1994 has been referred for consideration to the U.S. Senate Banking, Housing, and Urban Affairs Committee. The companion bill, the same-named H.R. 116, in January received approval from the U.S. House of Representatives in a 403-2 vote and is being reviewed by the U.S. Senate Small Business and Entrepreneurship Committee.