US Congress Senate Bill 3375 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on September 21 2016 - 25% progression, died in committee
Action: 2016-09-21 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]

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.

Small Business Innovation Act of 2016

Sen. Tammy Baldwin [D-WI]

Sen. Gary Peters [D-MI]

Date	Chamber	Action
2016-09-21	Senate	Read twice and referred to the Committee on Small Business and Entrepreneurship.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/3375/all-info
Text	https://www.congress.gov/114/bills/s3375/BILLS-114s3375is.pdf