SBIC Advisers Relief Act Will Reduce Burdensome Regulation and Costs for Small Businesses Nationwide; SBICs Help Provide Financing to More Than 300 Illinois Businesses
WASHINGTON –-(ENEWSPF)–August 7, 2015. U.S. Senators Mark Kirk (R-Ill.) and Joe Donnelly (D-Ind.) this week introduced legislation that helps small businesses by encouraging investments in Small Business Investment Companies (SBIC), which are privately-run funds that have provided financing to nearly 118,000 small companies nationwide since the program’s inception in 1958. S. 1978, the SBIC Advisers Relief Act, provides regulatory relief by removing duplicative and unnecessary registration requirements for advisers of SBIC funds. As a member of the Senate Banking Committee, Senator Kirk introduced this bill last Congress (S. 2765).
“Small businesses are the lifeblood of the Illinois economy, and reducing unintended Dodd-Frank regulations on Main Street will drive growth and innovation throughout Illinois,” Senator Kirk said.
“We should be encouraging investments in small businesses, not making investments more burdensome. This bipartisan legislation is commonsense because it would incentivize investments in the SBIC program, which would benefit small businesses in Indiana and around the country and help to spur economic growth. I am proud to join my colleague Senator Kirk in introducing this legislation and hope the Senate will consider it,” said Senator Donnelly.
Since 2010, SBICs have helped to provide more than $807 million in small business growth in Illinois. The House passed the SBIC Advisers Relief Act via voice vote on July 14, 2015.
The SBIC program was created in 1958 to help facilitate the flow of capital to small businesses in order to fuel business growth. The program, available through the U.S. Small Business Administration, is an important source of capital for many start-ups and emerging growth companies.