H.R. 3567 (110th): Small Business Investment Expansion Act of 2007

Introduced:
Sep 18, 2007 (110th Congress, 2007–2009)
Status:
Died (Passed House)
Sponsor
Jason Altmire
Representative for Pennsylvania's 4th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Sep 28, 2007
Length
30 pages
Related Bills
H.Res. 682 (rule)

Agreed To (Simple Resolution)
Sep 27, 2007

 
Status

This bill was introduced in a previous session of Congress and was passed by the House on September 27, 2007 but was never passed by the Senate.

Progress
Introduced Sep 18, 2007
Referred to Committee Sep 18, 2007
Reported by Committee Sep 25, 2007
Passed House Sep 27, 2007
 
Full Title

To amend the Small Business Investment Act of 1958 to expand opportunities for investments in small businesses, and for other purposes.

Summary

No summaries available.

Votes
Sep 27, 2007 6:19 p.m.
Passed 325/72

Cosponsors
3 cosponsors (2D, 1R) (show)
Committees

House Small Business

Senate Small Business and Entrepreneurship

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


9/27/2007--Passed House amended.
Small Business Investment Expansion Act of 2007 -
Title I - Small Business Investment Company Program
Section 101 -
Amends the Small Business Investment Act of 1958 to increase the maximum amounts of outstanding leverage made available by the Small Business Administration (SBA) to: (1) any one small business investment company (SBIC) which provides loans to small businesses; and (2) two or more SBICs that are commonly controlled.
Section 102 -
Increases the total amount of debentures and participating securities issued by an SBIC that may be guaranteed by the SBA in the case of an SBIC that certifies that not less than 50% of its aggregate investments will be made in small businesses that are either: (1) majority owned by socially or economically disadvantaged individuals, veterans, or current or former members of the National Guard or reserves; or (2) located in a low-income geographic area.
Section 103 -
Requires each SBIC, as a condition of an application for leverage, to certify that not less than 25% of the aggregate dollar amount of its financings will be provided to smaller enterprises.
Section 104 -
Requires the SBA Administrator to give consideration to investments in small businesses that are creating new technologies, manufactured goods, or materials, or providing services to reduce carbon emissions, reduce the use of non-renewable resources, minimize environmental impact, and relate people with the natural environment.
Section 105 -
Revises the aggregate SBA investment limits with respect to SBICs.
Title II - New Markets Venture Capital Program
Section 201 -
Requires (under current law, authorizes) the Administrator to participate in the new markets venture capital program (a program under which investment companies provide capital financing to small businesses). Requires a report from the Administrator to Congress evaluating the success of the new markets venture capital program (program, for purposes of this title).
Section 202 -
Requires the Administrator, in selecting companies for program participation, to approve at least one company from each SBA geographic region.
Section 203 -
Requires each conditionally approved company engaged primarily in development of and investment in small manufacturers to raise at least $3 million in capital for such purposes from private investors.
Section 204 -
Makes the SBA definition of "low-income geographic area" the same as the definition of "low-income community" under the Internal Revenue Code.
Section 205 -
Directs the SBA's Chief Counsel for Advocacy to study and report to Congress on the availability of equity capital in low-income urban and rural areas.
Section 206 -
Authorizes the Administrator to make grants to conditionally-approved companies for participation in the program. Includes within authorized SBA operational assistance under the program assistance on how to implement energy efficiency and sustainable practices that reduce the use of non-renewable resources or minimize environmental impact and reduce overall costs and increase health of employees.
Section 207 -
Requires the Administrator to prescribe standard documents for companies applying for final new markets venture capital company approval.
Section 208 -
Eliminates the 30% minimum amount of matching commitments for operational assistance that a program company must raise before receiving final approval.
Section 209 -
Revises the program's operational assistance grant formula.
Section 210 -
Reauthorizes appropriations of $30 million (under current law, $150 million) to fund debenture guarantees and $5 million (under current law, $30 million) for operational assistance grants for FY2008-FY2010.
Title III - Angel Investment Program
Section 301 -
Establishes within the Investment Division of the SBA the Office of Angel Investment, headed by a Director, to provide support for the development of angel investment opportunities for small businesses.
Requires the Director to establish and carry out a program, to be known as the Angel Investment Program, to provide financing to approved angel groups. Limits to $2 million the financing to an angel group. Provides a matching funds requirement. Establishes an Angel Investment Fund. Authorizes appropriations.
Requires the Director to establish and maintain a searchable database, to be known as the Federal Angel Network, to assist small businesses in identifying angel investors. Authorizes appropriations.
Requires: (1) the Director to establish and carry out a program to make grants for the development of new or existing angel groups and to increase awareness and education about angel investing; and (2) each grant recipient to report to the Administrator describing the use of grant funds. Authorizes appropriations.
Title IV - Surety Bond Program
Section 401 -
Directs the Administrator to study and report to Congress on the current funding structure of the SBA's surety bond program.
Section 402 -
Directs the Administrator to carry out the Preferred Surety Bond Program, under which the SBA delegates to the surety complete authority to issue, monitor, and service bonds subject to SBA guaranty without obtaining specific approval from the SBA. Limits the delegation authority term to two years (but allows continual renewals).
Section 403 -
Provides that, for surety bonds made or executed with prior SBA approval, the Administrator shall not deny liability based upon information that was provided as part of the guaranty application.
Section 404 -
Increases from $2 million to $3 million the bond guaranty threshold.
Section 405 -
Provides authorized uses of bond guaranty fee contributions.
Title V - Venture Capital Investment Standards
Section 501 -
Amends the Small Business Act to provide that, for purposes of determining whether a small business is independently owned and operated or meets specified small business size standards, the Administrator shall not consider a business to be affiliated with a venture capital operating company (or with any other business that the venture capital operating company has financed) if:
(1) the venture capital operating company does not own 50% or more of the business; and
(2) employees of the venture capital operating company do not constitute a majority of the board of directors of the business.
Defines a business as "independently owned and operated" if it is owned in majority by natural persons or venture capital operating companies meeting specified requirements, including that there is no single venture capital operating company:
(1) that owns 50% or more of the business; and
(2) the employees of which constitute a majority of the board of directors of the business.
Title VI - Regulations
Section 601 -
Directs the Administrator to issue revisions to all existing regulations as necessary to ensure their conformity with the amendments made by this Act.

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.


No summary 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.

Use the comment space below for discussion of the merits of H.R. 3567 (110th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus