H.R. 4111 – Spurring Business in Communities Act of 2017

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Updated April 15, 2026 at 6:54 PM UTC

The Spurring Business in Communities Act of 2017 changes the Small Business Investment Act to help grow the number of Small Business Investment Companies (SBICs) in states that have relatively few SBIC licensees. It does this by defining “underlicensed States,” giving those states priority when new SBIC applicants are considered, and requiring the SBA to track and report on licensing gaps.

Key Provisions

Adds a definition of “underlicensed State” – a state where the number of SBIC licensees per person is below the national median.
Requires the SBA to give first priority to SBIC applicants that are located in an underlicensed State and have financing below the median for those states.
Allows the SBA to give priority to any applicant located in a state that either has no SBIC licensees or is classified as underlicensed.
Mandates the SBA to take steps and develop plans to increase the number of SBIC licensees in underlicensed States, including reporting on the geographic distribution of licensees versus state populations.

Legislative Activity

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13 earlier actions

Became Law Latest Action

Became Public Law No: 115-333.

December 19, 2018

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HouseIntro Referral

Introduced in House

October 24, 2017

HouseIntro Referral

Referred to the House Committee on Small Business.

Small Business Committee

October 24, 2017

HouseFloor

Mr. Chabot moved to suspend the rules and pass the bill.

May 8, 2018 • 2:38 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H3808-3810)

May 8, 2018 • 2:38 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 4111.

May 8, 2018 • 2:38 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H3808-3809)

May 8, 2018 • 2:47 PM

HouseFloor

On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3808-3809)

May 8, 2018 • 2:47 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

May 8, 2018 • 2:47 PM

SenateCalendars

Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 402.

May 9, 2018

SenateFloor

Passed Senate without amendment by Voice Vote. (consideration: CR S7334-7335)

December 6, 2018

SenateFloor

Message on Senate action sent to the House.

December 6, 2018

President

Presented to President.

December 13, 2018

Became Law

Signed by President.

December 19, 2018

Became Law

Became Public Law No: 115-333.

December 19, 2018

Floor Debate

3 members

What members said about H.R. 4111 on the floor

2 Republicans1 Democrat

Rep. Steve ChabotR-OH-1 · May 8, 2018

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4111) to amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed…

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4111) to amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed States, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, despite an improving lending environment, small businesses still face challenges financing their projects and their growth plans. Equity markets, which are regularly used by large businesses, often prove out of reach for the Nation's true job creators, small businesses.

To bridge the equity gap that exists for small businesses, the SBA offers the Small Business Investment Company program, also known as the SBIC program. The program utilizes a privately owned, SBA-regulated and licensed model to deliver equity to the Nation's smallest businesses.

While running at zero cost to the American taxpayer, the SBIC program creates a unique public-private partnership that translates into job expansion and job creation.

In fiscal year 2017, SBIC financing supported more than 100,000 jobs all across the Nation--100,000 jobs, so this is an important program. However, the program can do more.

With only about 300 SBICs currently operating in the United States, the program often does not geographically extend to those who truly need it the most. To address this problem, the gentlewoman from Washington (Mrs. McMorris Rodgers) introduced H.R. 4111, the Spurring Business in Communities Act of 2017, which expands the reach of the SBIC program by requiring the SBA to focus on areas that are underrepresented in the program as they review and license SBIC applications.

I want to thank the gentlewoman for her leadership on this particular issue. She has definitely taken a very important and active role on it in looking for ways to expand the reach of the SBIC program.

I urge my colleagues to vote ``yes'' on this commonsense reform within H.R. 4111, and I reserve the balance of my time.

Mr. Speaker, I yield such time as she may consume to the gentlewoman from Washington (Mrs. McMorris Rodgers), the principal sponsor of this legislation, who also has the number four ranking leadership role on the Republican side of the House.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I would first like to recognize and thank Mrs. McMorris Rodgers for her leadership on this really very important issue which will make a big difference in various parts of our country in the area of small business development and job creation. The SBIC program continues to produce results for job creators and job seekers.

To ensure the program reaches underserved areas, H.R. 4111, Mrs.

McMorris Rodgers' bill, institutes reforms to show how the SBA reviews and processes SBIC applications and to improve those. This legislation will grow the reach of a program that currently runs at zero cost to the American taxpayer, which is certainly a mark that we should all recognize and appreciate.

Mr. Speaker, I want to thank Mrs. McMorris Rodgers for this important legislation.

I urge my colleagues to support H.R. 4111, and I yield back the balance of my time.

Rep. Nydia M. VelázquezD-NY-7 · May 8, 2018

Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 4111, a bill that will improve access to the Small Business Investment Company program in underserved communities.…

Sen. John CornynR-TX · Dec 6, 2018

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar 402, H.R. 4111. I ask unanimous consent that the bill be considered read a third time. I know…

Bill Text

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Enrolled BillPublication date not provided

One Hundred Fifteenth Congress of the United States of America

At the Second Session

Begun and held at the City of Washington on Wednesday, the third day of January, two thousand and eighteen

H. R. 4111

AN ACT

To amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed States, and for other purposes.

1.

Short title

This Act may be cited as the Spurring Business in Communities Act of 2017.

2.

Improving the number of small business investment companies in underlicensed States

The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is amended—

(1)

in section 103 (15 U.S.C. 662)—

(A)

in paragraph (18)(E), by striking and at the end;

(B)

in paragraph (19), by striking the period at the end and inserting ; and; and

(C)

by adding at the end the following:

(20)

the term underlicensed State means a State in which the number of licensees per capita is less than the median number of licensees per capita for all States, as calculated by the Administrator.

;

(2)

in section 301(c) (15 U.S.C. 681(c))—

(A)

in paragraph (3)—

(i)

in subparagraph (B)(iii), by striking and at the end;

(ii)

in subparagraph (C), by striking the period at the end and inserting ; and; and

(iii)

by adding at the end the following:

(D)

shall give first priority to an applicant that is located in an underlicensed State with below median financing, as determined by the Administrator.

; and

(B)

in paragraph (4)(B)—

(i)

by striking clause (i);

(ii)

by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and

(iii)

by amending clause (i), as so redesignated, to read as follows:

(i)

is located in a State that—

(I)

is not served by a licensee; or

(II)

is an underlicensed State; and

; and

(3)

in section 308(g) (15 U.S.C. 687(g))—

(A)

in paragraph (2)—

(i)

in subparagraph (B), by inserting and licensing after financing;

(ii)

by redesignating subparagraphs (C) through (J) as subparagraphs (E) through (L), respectively; and

(iii)

by inserting after subparagraph (B) the following:

(C)

Steps taken by the Administration to improve the number of licensees in underlicensed States.

(D)

The Administration's plans to support States that seek to increase the number of licensees in the State.

; and

(B)

in paragraph (3)—

(i)

in subparagraph (C), by striking and at the end;

(ii)

in subparagraph (D), by striking the period at the end and inserting ; and; and

(iii)

by adding at the end the following:

(E)

the geographic dispersion of licensees in each State compared to the population of the State, identifying underlicensed States.

.

Speaker of the House of Representatives.

Vice President of the United States and President of the Senate.