S. 1995Senate115th Congress (2017-2019)In Committee

Spurring Business in Communities Act of 2018

AI-Generated Summary

Updated April 15, 2026 at 6:40 PM UTC

The Spurring Business in Communities Act of 2018 amends the Small Business Investment Act of 1958 to help increase 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 seek a license, and requiring the SBA to report on efforts to improve licensing coverage.

Key Provisions

Creates a definition of “underlicensed State” as a state whose number of SBIC licensees per capita is below the national median.
Requires the SBA to give first priority to SBIC license applicants located in underlicensed States that also have below‑median financing.
Adds language that SBIC applicants must be located in a state that either has no licensees or is an underlicensed State.
Mandates the SBA to report on steps taken, plans to support, and the geographic dispersion of licensees to identify underlicensed States.

Legislative Activity

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5 earlier actions

SenateCommittee Latest Action

By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-449.

Small Business and Entrepreneurship Committee

December 20, 2018

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SenateIntro Referral

Introduced in Senate

October 24, 2017

SenateIntro Referral

Read twice and referred to the Committee on Small Business and Entrepreneurship.

Small Business and Entrepreneurship Committee

October 24, 2017

SenateCommittee

Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.

Small Business and Entrepreneurship Committee

March 14, 2018

SenateCommittee

Committee on Small Business and Entrepreneurship. Reported by Senator Risch with an amendment. Without written report.

Small Business and Entrepreneurship Committee

March 19, 2018

SenateCalendars

Placed on Senate Legislative Calendar under General Orders. Calendar No. 350.

March 19, 2018

SenateCommittee

By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-449.

Small Business and Entrepreneurship Committee

December 20, 2018

Floor Debate

1 member

What members said about S. 1995 on the floor

1 Republican

Sen. James LankfordR-OK · Mar 14, 2018

Mr. President, I have 12 requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority leaders. Pursuant to rule XXVI, paragraph 5(a), of…

Mr. President, I have 12 requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority leaders.

Pursuant to rule XXVI, paragraph 5(a), of the Standing Rules of the Senate, the following committees are authorized to meet during today's session of the Senate:

Committee on Armed Services

The Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 9:30 a.m. to conduct a hearing.

The Committee on Commerce, Science, and Transportation

The Committee on Commerce, Science, and Transportation is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``Rebuilding Infrastructure in America: Investing in Next Generation Broadband.''

Committee on Environment and Public Works

The Committee on Environment and Public Works is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``The Agriculture Creates Real Employment (ACRE) Act.''

The Committee on Health, Education, Labor, and Pensions

The Committee on Health, Education, Labor, and Pensions is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 4:05 p.m. to conduct a hearing on the following nominations: John F. Ring, of the District of Columbia, to be a Member of the National Labor Relations Board, Frank T. Brogan, of Pennsylvania, to be Assistant Secretary for Elementary and Secondary Education, and Mark Schneider, of the District of Columbia, to be Director of the Institute of Education Science, both of the Department of Education, Marco M. Rajkovich, Jr., of Kentucky, to be a Member of the Federal Mine Safety and Health Review Commission, and other pending nominations.

Committee on Indian Affairs

The Committee on Indian Affairs is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m to conduct a hearing entitled, ``Opioids in Indian Country: Beyond the Crisis to Healing the Community.''

Committee on the Judiciary

The Committee on the Judiciary is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 9:30 a.m., to conduct a hearing entitled ``See Something, Say Something, Oversight of the Parkland Shooting and Legislative Proposals to Improve School Safety.''

Committee on Small Business and Entrepreneurship

The Committee on Small Business and Entrepreneurship is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, after the first vote to conduct a hearing on S. 526, to amend the Small Business Act to provide for expanded participation in the microloan program, S. 791, to amend the Small Business Act to expand intellectual property education and training for small businesses, S. 1538, to amend the Small Business Act to establish awareness of, and technical assistance for, the creation of employee stock ownership plans, S. 1961, to amend the Small Business Act to temporarily reauthorize certain pilot programs under the Small Business Innovation Research Program and the Small Business Technology Transfer Program, S. 1995, to amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed States, S. 2283, to amend the Small Business Act to strengthen the Office of Credit Risk Management within the Small Business Administration, S. 2419, to amend the Small Business Act to improve the technical and business assistance services under the SBIR and STTR programs, S. 2527, to amend the Small Business Investment Act of 1958 to increase the amount of leverage made available to small business investment companies, and the nominations of David Christian Tryon, of Ohio, to be Chief Counsel for Advocacy, and Hannibal Ware, of the Virgin Islands, to be Inspector General, both of the Small Business Administration.

Committee on Veterans' Affairs

The Committee on Veterans' Affairs is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a joint hearing.

Joint Select Committee on Solvency of Multiemployer Pension Plans

The Joint Select Committee on Solvency of Multiemployer Pension Plans is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing.

Subcommittee on Strategic Force

The Subcommittee on Strategic Force of the Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m. to conduct a hearing.

Subcommittee on Africa and Global Health Policy

The Subcommittee on Africa and Global Health Policy of the Committee on Foreign Relations is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``Somalia's Current Security and Stability Status.''

Subcommittee on Multilateral International Development, Multilateral

Institutions, and International Economic, Energy and Environmental

Policy

The Subcommittee on Multilateral International Development, Multilateral Institutions, and International Economic, Energy and Environmental Policy of the Committee on Foreign Relations is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m. to conduct a hearing entitled, ``Why Food Security Matters.''

Bill Text

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Reported to SenateIssued March 19, 2018

Calendar No. 350

115th CONGRESS

2d Session

S. 1995

IN THE SENATE OF THE UNITED STATES

October 24, 2017

Mr. Rubio (for himself, Ms. Baldwin, and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

March 19, 2018

Reported by Mr. Risch, with an amendment

Omit the part struck through and insert the part printed in italic

A BILL

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.

Short title

This Act may be cited as the Spurring Business in Communities Act of ~~2017~~2018.

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)

The steps the Administration has taken 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.

March 19, 2018

Reported with an amendment