WASHINGTON, D.C. – U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senators Todd Young (R-IN), Ruben Gallego (D-AZ) and Jim Risch (R-ID) in reintroducing the Investing in Main Street Act to increase investment in small businesses by permitting banks to invest up to 15 percent of their capital in Small Business Investment Companies (SBIC).
“Small businesses are the backbone of our economy—when they grow, our economy grows,” said Duckworth. “Yet too many small business owners have trouble accessing affordable capital to grow their business and create new jobs in their communities. I am proud to join Senators Young, Risch and Gallego in introducing this bipartisan legislation to help get more dollars in the hands of small business owners in Illinois and across our nation.”
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“The Small Business Investment Company program has provided critical support to countless Hoosier small businesses,” said Young. “Our legislation will help spur further investment in innovative startups and unlock capital for existing, high-growth small businesses across America.”
“Starting a small business gives those willing to work hard a shot at achieving the American dream. But without access to capital, it’s nearly impossible to get a small business off the ground,” said Gallego. “This commonsense, bipartisan bill helps unlock more capital for Main Street, empowering small businesses across the country to grow, innovate and create jobs. I’m proud to introduce it with my colleagues.”
“Idaho small businesses fuel our economy, employ our friends and family and are the lifeblood of our communities,” said Risch. “The Investing in Main Street Act supports our Gem State entrepreneurs’ access to early-stage capital by allowing banks to invest more into Small Business Investment Companies.”
In 1958, the Small Business Administration launched the SBIC program to facilitate and regulate investment from privately owned companies to U.S. small businesses. This program has successfully allowed more small businesses across America to expand their competitive edge, create more jobs and contribute to the local economy.
Copy of the bill text is available on Senator Duckworth’s website.
