S. 3375 · 114th Congress
Small Business Innovation Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BaldwinSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Small Business Investment Act of 1958 to authorize the Small Business Administration (SBA) to guarantee the payment of up to $4 billion per fiscal year for debentures or participating securities issued by small business investment companies (SBICs) to encourage the formation and growth of small businesses.
What it does: CRS summary · Introduced in Senate · Sep 21, 2016
Small Business Innovation Act of 2016
This bill amends the Small Business Investment Act of 1958 to authorize the Small Business Administration (SBA) to guarantee the payment of up to $4 billion per fiscal year for debentures or participating securities issued by small business investment companies (SBICs) to encourage the formation and growth of small businesses.
The SBA must establish and carry out an early-stage investment program to provide, through participating investment companies, equity financing to support early-stage businesses that have not generated positive cash flow at any time prior to an initial investment by a participating investment company. The bill outlines participating investment company application requirements and selection and approval procedures. It allows the SBA to make one or more equity financings to a participating investment company, with a limit of $100 million to any one company. A participating investment company shall make all of its investments in small businesses, of which at least 50% shall be early-stage small businesses in specified targeted industries. A separate account is established for equity financings under the program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Innovation Act of 2016
Latest action (Sep 21, 2016): Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: Senate · Introduced: Sep 21, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.