Two business-oriented bills were approved by the House Small Business Committee this week, both of which were sponsored by Rep. Steve Knight (R-Palmdale).
House Bill 2333, known as the Small Business Investment Opportunity Act, would raise the limit Small Business Investment Companies can invest in growing firms.
This provides added funds and the ability to expand companies and hire new employees, Knight’s office said.
“Access to capital can be a serious barrier to growth for small businesses and the SBIC program is an excellent way of making those funds available,” Knight said in a statement.
“This bill would expand the amount of capital available to the entrepreneurs in our community to help them grow their operations and hire more of our neighbors.”
Bill 2763, referred to as the Small Business Innovation Research and Small Business Technology Transfer Improvements Act, requires the Small Business Administration to provide a report by the end of each year.
Also, the bill would require the Department of Defense to include more technology related to small businesses.
“In this age of emerging threats and a fast-paced global market, it is out of necessity that our economy and our defense remains agile and cutting edge,” Knight said.
“That is why programs like the SBIR and STTR are so important. Small business innovation in particular has proven to be an asset to our industrial base which is critical to our national defense.”
Last year, House Speaker Paul Ryan chose Knight to negotiate the small business portions of the National Defense Authorization Act, Knight’s office said.
This year, Knight held a hearing with the House Science, Space and Technology Subcommittee on Research and Technology for similar collaborative small business efforts.
HR 2333 will go right to the House floor and HR 2763 will go to additional committees.
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