Investing in Main Street Act of 2025

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

Mr. Speaker, I rise in support of the bill before us today, H.R. 754, the Investing in Main Street Act of 2025.

SBA's Small Business Investment Company program is a multibillion- dollar investment program designed to bridge the gap between a small business owner's need for capital and traditional sources of financing. It achieves this purpose by partnering private and public investments in early-stage startup businesses. It also gives America's small, high- growth companies an opportunity to fund and grow their innovative ideas and create jobs.

The success of this program can be seen with companies like Apple, Intel, and FedEx, which all receive early-stage financing from SBICs. Today, there are 319 SBIC-licensed funds participating in an array of private investment and private credit strategies.

In 2023 alone, SBIC-licensed funds financed approximately $7.2 billion to 1,142 small businesses and startups across the country, creating or sustaining more than 130,000 jobs. Importantly, financing provided by SBIC-licensed funds to women-owned, minority-owned, and veteran-owned small businesses totaled almost $670 million in 2023, a 25.7 percent increase from 2022.

Yet, we must do more to ensure the program continues to meet demand. The Investing in Main Street Act of 2025 introduced by my colleagues, Representatives Chu, Finstad, and McIver, will strengthen and grow the SBIC program by allowing banks and Federal savings associations to invest up to 15 percent of their capital and surplus into SBICs.

This change will correct a discrepancy caused by a historical drafting oversight and bring the Small Business Investment Act of 1958 in line with the Office of the Comptroller of the Currency's national bank charter percentage requirements.

No bank laws or regulations will be changed or affected by this bill. It will increase investment capital available to SBICs and allow them to invest more in small businesses.

Mr. Speaker, I applaud Ms. Chu, Mr. Finstad, and Mrs. McIver's work on this issue and this bill. I ask my colleagues to support it, and I reserve the balance of my time.

Mr. Speaker, I yield 2 minutes to the gentlewoman from California (Ms. Chu).

Mr. Speaker, I yield 2 minutes to the gentlewoman from New Jersey (Mrs. McIver).

Mr. Speaker, I applaud Representatives Chu, Finstad, and McIver for their bipartisan work on this bill. I encourage all my colleagues to vote ``yes,'' and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 754) to amend the Small Business Investment Act of 1958 to increase the amount that may be invested in small business investment companies.

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

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

Mr. Speaker, I rise today in support of H.R. 754, the Investing in Main Street Act of 2025, led by my colleagues, Representatives Chu, Finstad, McIver, and Garbarino.

As chairman of the Small Business Committee, one of my top priorities is expanding access to capital for small businesses. The Small Business Investment Company, or the SBIC, program plays a crucial role in this effort by attracting private equity investments to help small businesses grow, create jobs, and strengthen our economy.

SBIC has been an invaluable tool for investing in small businesses that build critical technologies and support American national security.

H.R. 754 builds on this success by increasing the maximum allowable investments by SBICs from 5 percent to 15 percent of their excess capital. This change will allow more significant private equity dollars to go toward small businesses.

As we continue working to improve programs that support small businesses, this change will immediately impact our Nation's job creators. I thank my colleague from California for introducing this bipartisan solution to expand successful programs that empower the private sector to invest in small businesses.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield such time as he may consume to the gentleman from the great State of Minnesota (Mr. Finstad).

Mr. Speaker, I urge my colleagues to support this commonsense legislation, and I yield back the balance of my time.

Mr. Speaker, I rise in strong support of my bill, H.R. 754, the Investing in Main Street Act of 2025, which would spur innovation, entrepreneurship, and growth in our small businesses nationwide.

Currently, banking rules allow financial institutions to invest up to 15 percent of their capital and surplus in SBICs. Small business investing rules cap these same investments far lower at just 5 percent of capital and surplus.

The Investing in Main Street Act of 2025 simply amends this outdated law to align these caps by allowing banks to invest a full 15 percent in SBICs. Raising this cap would dramatically increase the amount of investment capital available to our country's small businesses for whom even small investments can mean so much.

Already SBICs have helped marquee American companies like Costco, Apple, and Intel get off the ground, back when they were just starting out. SBICs fill a gap in the investment ecosystem and level the playing field for the smallest businesses which often face the highest barriers to securing investments from traditional private investors.

The nearly 319 certified SBICs in operation today have invested or committed over $38 billion in small businesses nationwide. In 2023 alone, SBICs provided $7.2 billion in funding to 1,142 small businesses and startups.

By raising the investment cap from 5 percent to 15 percent, we could potentially triple those numbers in the years to come and drive revitalization in communities across the country.

I thank Representatives Finstad, McIver, and Garbarino for their partnership in this legislation and Chairman Williams and Ranking Member Velazquez for their strong support.

Mr. Speaker, I urge my colleagues to vote ``yes'' on this bill and for the Senate to expeditiously take it up so we can unlock more of the potential of American entrepreneurs.

Mr. Speaker, small businesses are the backbone of our local economy. COVID-19 shuttered the doors of many beloved local businesses, and many more are still continuing on a path of financial recovery. Now, with sky-high prices and rising inflation, small businesses need our support more than ever.

Today, I join Representative Chu to reintroduce the Investing in Main Street Act of 2025 to increase access to capital for small businesses who need it. This bill amends the Small Business Investment Act of 1958 by increasing the amount that certain banks and savings associations may invest in small business investment companies from 5 percent to 15 percent.

As the ranking member on the Small Business Subcommittee on Economic Growth, Tax, and Capital Access, I know firsthand the challenges businessowners face. Small businesses contribute so much to our communities. In fact, they make up over 40 percent of our Nation's GDP, and it is time we give back to our hardworking businessowners.

These additional investments will create more jobs, allow existing businesses to expand and thrive, and reduce barriers to entry for small businesses looking to get off the ground. I am grateful to Representative Chu for leading the charge on this essential improvement to SBIC funding, and I am proud to co-lead this crucial bill.

Mr. Speaker, I thank Chairman Williams and my ranking member, Representative Velazquez. I urge my colleagues to support this bill.

Mr. Speaker, I thank Chairman Williams for yielding.

Mr. Speaker, I rise today in support of H.R. 754, the Investing in Main Street Act of 2025, legislation which I am honored to co-lead with my colleague from California.

The Investing in Main Street Act of 2025 makes critical improvements to the Small Business Investment Act of 1958, allowing Small Business Investment Companies, or SBICs, to invest more resources in Main Street businesses across southern Minnesota and across the country.

From Winona to Worthington, small business owners across the district I have the honor to represent rely on early access to capital to start and grow. This legislation will spur further investment in our business community and assist businessowners in accessing the capital needed to pursue the American Dream of owning and operating a small business.

Mr. Speaker, I thank Representative Chu for partnering with me on this important legislation, and I urge my colleagues to vote in support of the Investing in Main Street Act of 2025.