S. 3483 · 116th Congress
Scale-Up Manufacturing Investment Company Act of 2020
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BookerSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes a scale-up manufacturing investment company (SUMIC) program within the Small Business Administration (SBA) to provide leverage for participating investment funds (PIFs) to support debt and equity investments in qualifying manufacturing projects of specified small and emerging manufacturers.
What it does: CRS summary · Introduced in Senate · Mar 12, 2020
Scale-Up Manufacturing Investment Company Act of 2020
This bill establishes a scale-up manufacturing investment company (SUMIC) program within the Small Business Administration (SBA) to provide leverage for participating investment funds (PIFs) to support debt and equity investments in qualifying manufacturing projects of specified small and emerging manufacturers.
The SBA may provide up to $1 of leverage for every $1 of private capital raised by a PIF, not to exceed a certain amount, and the SBA must charge a leverage fee of between 3% and 5.5% of the face amount of the leverage issued. Each PIF may borrow money and issue debentures and preferred securities. Of the SBA leverage provided to a PIF (1) at least 70% must be issued as debentures, and (2) up to 30% may be issued as preferred securities.
Certain banks may invest in any one or more PIFs, or in any entity established to invest solely in PIFs. However, the total amount of such investments may not exceed 5% of the bank's capital and surplus.
Each PIF shall be subject to examination by the SBA and shall submit a semiannual, written valuation of its loans and investments.
The SBA shall issue policy directives to increase investments by PIFs in small businesses owned and controlled by socially and economically disadvantaged individuals and by women, veterans, or individuals with disabilities.
The SBA may establish a SUMIC Credit Council to advise on carrying out the program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Scale-Up Manufacturing Investment Company Act of 2020
Latest action (Mar 12, 2020): Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: Senate · Introduced: Mar 12, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.