During a House Small Business Committee markup meeting before the Congressional recess, Rep. Hillary Scholten (D-MI) spoke about the Investing in All Of America Act.
00:00And I'll recognize the bill's co-sponsor, Ms. Colton, for a statement on the bill and the amendment.
00:05Thank you, Mr. Chair. I am so proud to speak on my bill, the Investing in All of America Act,
00:11which I'm so proud to co-sponsor with Mr. Muser.
00:15Michigan is home to almost 1 million small businesses.
00:20That's 99.6% of all privately owned businesses in the state.
00:27On any given day, the issue of access to capital is among the greatest challenges for our small businesses.
00:36For low-income or rural communities and small manufacturers, this issue hits even closer to home.
00:43Recent studies have shown that less than 20% of small business investment companies, their funds, are reaching these communities.
00:51For a program with a long history of success, this disparity is unacceptable.
00:58And it is incumbent upon us in this committee to remedy the program so it serves small businesses in every corner of our country.
01:08That is why I am so proud to lead the Investing in All of America Act, which would incentivize the deployment of additional capital to the communities and small manufacturers that need it most.
01:23Simply put, this bill would exclude certain amounts of leverage invested in these businesses from the SBIC's leverage cap.
01:31This bill will enable further support for small businesses and underserved communities, in addition to small manufacturers and other businesses in critical manufacturing sectors.
01:41This bipartisan solution would bolster the SBIC's success as a zero-subsidy public-private partnership by encouraging investments in rural areas and industries that are vital to the nation's defense, both here in West Michigan and across the country.
02:01It is critical that these businesses can get the investment they need to continue growing our economy.
02:08I strongly urge members to vote yes on this important legislation.
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