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Kimberlyn King-Hinds Praises Bill To Support Small Businesses At 'Zero Cost To The Taxpayer'
Forbes Breaking News
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5 months ago
During a House Small Business Committee markup meeting before the Congressional recess, Del. Kimberlyn King-Hinds (R-CNMI) spoke about a bill that would make capital more accessible to small businesses.
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00:00
Thank you. I now recognize myself to speak in support of this legislation for five minutes.
00:06
One of the most significant barriers to economic growth across our country
00:11
is the lack of access to capital for small businesses.
00:14
While some regions and industries are flush with investment,
00:17
too many small businesses struggle to secure the funding they need to grow.
00:21
HR 2066, the Investing in All of America Act, is a bipartisan commonsense bill
00:26
that strengthens one of the federal government's most successful public-private partnerships,
00:31
the Small Business Investment Company Program, or SBIC.
00:35
This program was created to unlock private capital and fuel small business growth.
00:40
SBICs are privately managed investment funds licensed and regulated by the SBA.
00:45
The SBA provides government-guaranteed funding to qualified SBICs
00:49
to increase investments in small businesses.
00:52
This bill would further strengthen the SBIC program by encouraging investments in rural areas,
00:58
American manufacturing, and critical national security technologies.
01:02
Additionally, this bill directs no new spending and mandates,
01:05
allowing the program to continue operating at zero cost to the taxpayer.
01:10
With these improvements, SBICs could unleash nearly $20 billion into American small businesses,
01:16
expand operations, and drive job creation across America.
01:20
I urge my colleagues to vote yes on HR 2066, and I yield back.
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