II
Calendar No. 168
113th CONGRESS
1st Session
S. 511
[Report No. 113–90]
IN THE SENATE OF THE UNITED STATES
March 11, 2013
Ms. Landrieu (for herself, Mr. Cardin, and Mr. Cowan) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
September 10, 2013
Reported by Ms. Landrieu, with an amendment
Omit the part struck through
A BILL
To amend the Small Business Investment Act of 1958 to enhance the Small Business Investment Company Program, and for other purposes.
Short title
This Act may be cited as the
Expanding Access to Capital for Entrepreneurial Leaders
Act
or the EXCEL Act
.
Program authorization
Section 303(b)
of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)) is amended, in
the matter preceding paragraph (1), in the first sentence, by inserting after
issued by such companies
the following: , in a total
amount that does not exceed $4,000,000,000 each fiscal year (adjusted annually
to reflect increases in the Consumer Price Index established by the Bureau of
Labor Statistics of the Department of Labor)
.
Family of funds
Section 303(b)(2)(B) of
the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)(B)) is amended
by striking $225,000,000
and inserting
$350,000,000
.
Adjustment for inflation
Section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended by adding at the end the following:
Adjustments
In general
The dollar amounts in subparagraph (A)(ii), subparagraph
(B), and subparagraph (C)(ii)(I) shall be adjusted annually to reflect
increases in the Consumer Price Index established by the Bureau of Labor
Statistics of the Department of Labor (in this subparagraph referred to as the
CPI
).
Applicability
The adjustments required by clause (i)—
with respect to dollar amounts in subparagraphs (A)(ii) and (C)(ii)(I) shall initially reflect increases in the CPI during the period beginning on the effective date of section 505 of the American Recovery and Reinvestment Act of 2009 (123 Stat. 156) through the date of enactment of this subparagraph and annually thereafter;
with respect to dollar amounts in subparagraph (B) shall reflect increases in the CPI annually on and after the date of enactment of this subparagraph.
.
Public availability of information
Section 303 of the Small Business Investment Act of 1958 (15 U.S.C. 683) is amended by adding at the end the following:
Access to fund information
Annually, the Administrator shall make public on its website the following information with respect to each small business investment company:
The amount of capital deployed since fund inception.
The amount of leverage drawn since fund inception.
The number of investments since fund inception.
The number of businesses receiving capital since fund inception.
Industry sectors receiving investment since fund inception.
The amount of leverage principal repaid by SBIC since fund inception.
A basic description of investment strategy.
.
Authorized uses of licensing fees
Section 301(e) of the Small Business Investment Act of 1958 (15 U.S.C. 681(e)) is amended—
by striking (e)
and
inserting (d)
; and
in paragraph
(2)(B), by inserting before the period at the end the following: and
other small business investment company program needs
.
Sense of Congress
It is the sense of Congress that—
small business investment companies would benefit from partnerships with community banks and other lenders, and should work with community banks and other lenders, to ensure that if community banks and other lenders deny an application by a small business concern for a loan, the community banks or other lenders will refer the small business concern to small business investment companies; and
the Administrator should—
increase outreach to community banks and other lenders to encourage community banks and other lenders to invest in small business investment companies;
use the Internet to make publicly available in a timely manner which small business investment companies are actively soliciting investments and making investments in small business concerns;
partner with governors, mayors, States, and municipalities to increase outreach by small business investment companies to underserved and rural areas; and
continue to make changes to the webpage for the small business investment company program, to make the webpage—
a more prominent part of the website of the Administration; and
more user-friendly.
September 10, 2013
Reported with an amendment