Press Releases

Knight Introduces Bill To Expand Access To Capital For Small Business

Legislation Would Help Firms Grow Their Operations

f t # e
Washington, DC, September 8, 2016 | Daniel Outlaw (202-225-1956) | comments
Rep. Steve Knight (CA-25) introduced legislation on Thursday that would help provide small businesses greater access to capital in order to grow their operations and create jobs.

The Small Business Investment Opportunity Act of 2016 would improve a popular financial assistance initiative called the Small Business Investment Company (SBIC) Program to increase access to capital for smaller firms looking to grow their operations.  SBICs are privately owned and managed investment funds, licensed and regulated by the Small Business Administration (SBA), that invest in small businesses. Knight’s Small Business Investment Opportunity Act would raise the limit of capital that SBIC’s can use to invest—which would provide more opportunities for small businesses to expand their companies and hire new employees.

Knight says his introduction of the Small Business Investment Opportunity Act is due in large part to the Small Business Conference & Expo he hosted in Santa Clarita this August. After listening to local small business owners and employees about the challenges they face in expanding their operations, he determined that access to capital is a very common problem for growing firms that must be addressed.

“Ensuring that our small businesses can grow and hire more of our neighbors is key to improving our economy,” said Knight. “The Small Business Investment Opportunity Act would help achieve this by expanding the amount of capital available to the entrepreneurs in our community.”

Knight, who sits on the House Committee on Small Business, worked on several initiatives to help growing companies in his first term in Congress. Last month he was awarded the ‘Champion of Small Business Award’ by the Small Business Investor Alliance (SBIA) for his support of small business investors in Congress. 

“We applaud Congressman Knight’s consistent support of Small Business Investment Companies in Congress,” said Brett Palmer, President of the Small Business Investor Alliance (SBIA).  “The Small Business Investment Opportunity Act would be a win for the small business community in California and across the country.”

The Small Business Investment Opportunity Act was introduced by Knight on Thursday and now awaits assignment to committee. 
 
f t # e

Share