GovTrack’s Bill Summary
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H.R. 3738 (111th): Small Business Early-Stage Investment Act of 2009
- Introduced:
- Oct 07, 2009 (111th Congress, 2009–2010)
- Sponsor:
- Rep. Glenn Nye [D-VA2]
- Status:
- Died (Passed House)
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
11/18/2009--Passed House amended.
Small Business Early-Stage Investment Act of 2009 - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to establish and carry out a program to provide equity investment financing to support early-stage small businesses in the following targeted industries:
(1) agricultural technology;
(2) energy technology;
(3) environmental technology;
(4) life science;
(5) information technology;
(6) digital media;
(7) clean technology;
(8) defense technology; and
(9) photonics technology.
Directs the Administrator to make grants to participating investment companies under the program and limits to $100 million the aggregate amount of all grants made to a participating investment company under the program.
Requires, as a condition of receiving a grant under the program, all of the investments of participating investment companies to be in small businesses, and at least 50% to be in early-stage small businesses in the targeted industries.
Directs the Administrator to monitory participant compliance with such requirements.
Establishes a separate Treasury fund for such grants.
Authorizes appropriations.
Prohibits funds appropriated for such purpose from being used for a congressional earmark.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/111/1/hr3738.
Background
The SBA, created in 1953, has a loan portfolio of about 220,000 loans worth over $50 billion. The SBA operates several financing programs that offer subsidies to small businesses attempting to secure access to capital.
Summary
The bill establishes a new Small Business Administration (SBA) grant program for venture capital funds to invest in early-stage small businesses in targeted industries. Targeted industries include manufacturing, energy, agriculture, IT, digital media, and defense. H.R. 3738 authorizes $200 million for the first full fiscal year beginning after the date of the enactment. Grants could not exceed $100 million for any company. A grant made to a participating investment company may not be in an amount that exceeds the amount of the company's non-federal capital.
Cost
A CBO score for H.R. 3738 is not yet available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 15: COMMERCE AND TRADE
- Chapter 14A: AID TO SMALL BUSINESS
- Section 632: Definitions
- Chapter 14B: SMALL BUSINESS INVESTMENT PROGRAM
- Subchapter III: INVESTMENT DIVISION PROGRAMS
- Part A: Small Business Investment Companies
- Section 681: Organization