Husted backs bill to support rural and low-income small businesses

WASHINGTON – Sen. Jon Husted (R-Ohio) joined Sens. Roger Marshall (R-Kan.) and John Hickenlooper (D-Colo.) on the bipartisan Investing in All of America Act. This bill would expand access to capital for small businesses in rural and low-income communities, as well as those in the manufacturing and critical technology sectors.

“Small businesses are the backbone of our economy, and Small Business Investment Company-backed businesses have generated more than 3 million new jobs over the last 20 years. This bill would expand access to capital for Ohio small businesses in rural and low-income regions to ensure there is a pathway to growth and prosperity for people and businesses in every corner of our state,” said Husted.

“Access to capital is essential for small businesses to grow and thrive, but far too often, rural and low-income communities across Kansas are left behind. By excluding investments in these communities from the leverage that SBICs can access, we’re encouraging targeted investment where it’s needed most, all without costing taxpayers a dime,” said Marshall.

“Small businesses are the engine of our economy. But they often struggle to get the capital they need to create jobs. Our bipartisan bill will help small businesses in rural and low-income communities flourish,” said Hickenlooper.

The bill focuses on enhancing the role of Small Business Investment Companies (SBICs), privately managed firms licensed by the Small Business Administration (SBA), that raise private capital and leverage it with SBA-backed funds to invest in American small businesses. Currently, SBICs are subject to a leverage cap, which limits the amount of SBA-backed capital they can access based on how much private capital the firm has.

The Investing in All of America Act would exempt investments in rural or low-income areas, as well as those in the manufacturing and critical technology sectors, from the leverage cap. In turn, this move would enable more capital to flow to areas with limited access and support the growth of manufacturing and critical technology industries vital to U.S. competitiveness.

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