A bill written to provide more investment opportunities to small businesses was approved on the House floor Monday.
Known as the Small Business Investment Opportunity Act, Congressman Steve Knight’s bill would raise the limit small business investment companies can invest in growing firms.
“Increasing funds to our SBIC programs helps our small businesses have access to capital to grow and expand their businesses,” Knight (R-Palmdale) said in a statement.
If H.R. 2333 becomes law, it would provide these businesses with the ability to expand their companies, hire new employees and get more funds, Knight’s office said.
Knight’s bill would raise the amount investment companies can invest in firms to $175 million.
“This legislation would finally match the appropriate funding level for our community entrepreneurs and their businesses,” Knight, a member of the House Small Business Committee, said. “Increasing funds like this helps our economy and creates more jobs.”
The Small Business Investment Company program is administered by the Small Business Administration.
H.R. 2333 will now go to the Senate for a vote. The bill was passed by the House Small Business Committee in June.
The congressman is also working on other small business-related legislation, including bills that would impact Women’s Business Centers, Small Business Innovation Research and Small Business Technology Transfer programs.