II
119th CONGRESS
1st Session
S. 3341
IN THE SENATE OF THE UNITED STATES
December 3, 2025
Mr. Hickenlooper (for himself, Mr. Marshall, Mr. Young, and Mr. Coons) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
A BILL
To amend the Small Business Investment Act of 1958 to exclude from the limit on leverage certain amounts invested in smaller enterprises located in rural or low-income areas and small businesses in critical technology areas, and for other purposes.
Short title
This Act may be cited as the Investing in All of America Act of 2025
.
Small business investment company maximum leverage exclusion
Definitions
Section 103(9) of the Small Business Investment Act of 1958 (15 U.S.C. 662(9)) is amended—
in subparagraph (A)(ii), by striking and
at the end;
in subparagraph (B)(iii)—
in subclause (I), by striking established prior to October 1, 1987
;
in subclause (II)—
by striking or
and inserting a comma; and
by inserting , or a foundation, endowment, or trust of a college or university
after pension plan
; and
in subclause (III), by striking the semicolon at the end and inserting ; and
; and
by adding at the end the following new subparagraph:
does not include any funds obtained directly or indirectly from any Federal, State or local government or any government agency or instrumentality, except for funds described in subclauses (I) through (III) of subparagraph (B)(iii), for the purpose of approval by the Administrator of any request for leverage.
.
Maximum leverage exclusion
Section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended—
in subparagraph (A)—
in clause (i), by striking 300
and inserting 200
; and
by amending clause (ii) to read as follows:
with respect to such a company that makes quarterly or semiannual interest payments, $250,000,000; or
$175,000,000 with respect to any other such company licensed under section 301(c).
;
in subparagraph (B), by striking may not exceed $350,000,000.
and inserting the following: “may not exceed—
with respect to such companies that are commonly controlled and that make quarterly or semiannual interest payments, $475,000,000; or
$350,000,000 with respect to other companies licensed under section 301(c) that are commonly controlled.
; and
in subparagraph (C)—
in the heading—
by inserting or rural
after low-income
; and
by inserting , critical technology areas, or small manufacturers
after geographic areas
;
in clause (i)—
by striking (i) In calculating
and inserting the following:
In general
Except as provided in clause (iii), in calculating
;
by inserting or companies
after of a company
;
by striking subparagraph (A)
and inserting subparagraphs (A) and (B)
;
by striking equity
; and
by striking the company in a smaller enterprise
and all that follows and inserting the following:
the company or companies in—
a small business concern located in a low-income geographic area (as defined in section 351 of this title) or in a rural area (as defined in section 343(a) of the Agricultural Act of 1961 (7 U.S.C. 1991(a)));
a small business concern operating primarily in a covered technology category (as defined in section 149(f) of title 10, United States Code); or
a small manufacturer (as defined in section 501(e)(6) of this Act).
;
by amending clause (ii) to read as follows:
Limitation
While maintaining the limitation of subparagraph (A)(i) and consistent with a leverage determination ratio issued pursuant to section 301(c), the aggregate amount excluded for a company or companies under clause (i) from the calculation of the outstanding leverage such company or companies for the purposes of subparagraphs (A) and (B) may not exceed the lesser of 50 percent of the private capital of such company or companies or $125,000,000
; and
by amending clause (iii) to read as follows:
Prospective applicability
An investment by a licensee is eligible for exclusion from the calculation of outstanding leverage under clause (i) only if such investment is made by such licensee after the date of enactment of this clause.
.