Senator Ruben Gallego (D-AZ) has introduced a bipartisan bill aimed at increasing investment in small businesses nationwide.
Specifically, the Investing in Main Street Act permits banks to invest up to 15% of their capital into Small Business Investment Companies (SBICs), thereby increasing growth, providing jobs, and boosting economic productivity.
Additionally, Sen. Gallego noted that over $574 million has been invested in 116 small businesses across Arizona over the last five years, providing thousands of jobs.
"Starting a small business gives those willing to work hard a shot at achieving the American dream. But without access to capital, it's nearly impossible to get a small business off the ground," the Arizona Senator said in his press release, adding, "This commonsense, bipartisan bill helps unlock more capital for Main Street, empowering small businesses across the country to grow, innovate, and create jobs. I'm proud to introduce it with my colleagues."
Senator Todd Young (R-IN), one of the bill's cosponsors, said, "The Small Business Investment Company program has provided critical support to countless Hoosier small businesses. Our legislation will help spur further investment in innovative startups and unlock capital for existing, high-growth small businesses across America."
"Idaho small businesses fuel our economy, employ our friends and family, and are the lifeblood of our communities," said Senator Jim Risch (R-ID), adding, "The Investing in Main Street Act supports our Gem State entrepreneurs’ access to early-stage capital by allowing banks to invest more into Small Business Investment Companies."
Finally, Senator Tammy Duckworth (D-IL) said, "Small businesses are the backbone of our economy—when they grow, our economy grows. Yet too many small business owners have trouble accessing affordable capital to grow their business and create new jobs in their communities. I am proud to join Senators Young, Risch and Gallego in introducing this bipartisan legislation to help get more dollars in the hands of small business owners in Illinois and across our nation."
