Washington, D.C.— Today, the House passed a set of three bipartisan bills focused on improving Small Business Administration (SBA) lending programs and increasing representation for small firms in trade negotiations and other international economic matters.
“Small businesses are the backbone of our economy and have led the way in our economic recovery from the pandemic,” said Ranking Member Nydia M. Velázquez (D-NY). “This Congress, we must build on all that American entrepreneurs have achieved over the past two years by continuing to address their most pressing challenges. The bipartisan bills passed today will help strengthen vital SBA lending programs and ensure that small firms have a voice in the international issues that impact them.”
H.R. 400, Investing in Main Street Act of 2023- Introduced by Rep. Judy Chu (D-CA) and Rep. Andrew Garbarino (R-NY)
Amends the Small Businesses Investment Act of 1958 to increase the percentage of capital and surplus that a bank or federal savings association may invest in Small Business Investment Companies (SBICs) to match current banking regulations.
H.R. 399, Small Business Advocacy Improvements Act- Introduced by Rep. Blaine Luetkemeyer (R-MO), Rep. Troy Carter (D-LA), and Rep. Kweisi Mfume (D-MD)
Established in 1976, the Office of Advocacy (Advocacy) of SBA is the independent voice for small businesses within the federal government. Advocacy’s creation was premised on the belief that small businesses need representation in the legislative, regulatory, and administrative processes of government that affect them. The bill makes clear that Advocacy has the authority to examine international economic data, and represent small business interests in international discussions, particularly in trade negotiations.
H.R. 449,Microloan Transparency and Accountability Act of 2023- Introduced by Rep. Tim Burchett (R-TN) and Rep. Andy Kim (D-NJ)
Enhances Microloans for rural areas and requires the Small Business Administration (SBA) to conduct an annual portfolio risk analysis to ensure the growing Microloan Program is protecting and safeguarding taxpayer dollars.
