Risch, others introduce bill to increase investment in small businesses

WASHINGTON, D.C. — U.S. Senators Jim Risch (R-Idaho), Todd Young (R-Ind.), and Tammy Duckworth (D-Ill.) recently introduced the Investing in Main Street Act to increase investment in small businesses. The legislation would allow banks to invest up to 15 percent of their capital in Small Business Investment Companies.

“Small businesses are the lifeblood of Idaho — fueling our economy, employing our friends and family, and making our state so unique,” Risch said in a news release. “To give Gem State entrepreneurs a boost, the Investing in Main Street Act will increase access to early stage capital by allowing banks to invest more into Small Business Investment Companies.”

“The Small Business Investment Company program has provided critical support to countless Hoosier small businesses,” Young said. “I’m proud to reintroduce this bipartisan legislation to help spur further investment in innovative startups and unlock capital for existing, high-growth small businesses across Indiana and America.”

“Small businesses are the backbone of our economy — when they grow, our economy grows. Yet many small business owners struggle to access affordable capital that could enable them to expand and grow their enterprises while creating good-paying jobs,” Duckworth said. “I am proud to join senators Young and Risch in introducing this bipartisan legislation to help expand the capacity of banks to get more dollars in the hands of small business owners in Illinois and across our nation.”

In 1958, the Small Business Administration launched the SBIC program to facilitate and regulate investment from privately owned companies into U.S. small businesses. This program has allowed more small businesses across America to expand their competitive edge, hire more workers and contribute to the local economy. Over the last five years, SBICs have invested nearly $110 million into 21 different small businesses throughout Idaho.