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S. 1995 (115th): Spurring Business in Communities Act of 2018

The text of the bill below is as of Oct 24, 2017 (Introduced).


II

115th CONGRESS

1st Session

S. 1995

IN THE SENATE OF THE UNITED STATES

October 24, 2017

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 improve the number of small business investment companies in underlicensed States, and for other purposes.

1.

Short title

This Act may be cited as the Spurring Business in Communities Act of 2017.

2.

Improving the number of small business investment companies in underlicensed States

The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is amended—

(1)

in section 103 (15 U.S.C. 662)—

(A)

in paragraph (18)(E), by striking and at the end;

(B)

in paragraph (19), by striking the period at the end and inserting ; and; and

(C)

by adding at the end the following:

(20)

the term underlicensed State means a State in which the number of licensees per capita is less than the median number of licensees per capita for all States, as calculated by the Administrator.

;

(2)

in section 301(c) (15 U.S.C. 681(c))—

(A)

in paragraph (3)—

(i)

in subparagraph (B)(iii), by striking and at the end;

(ii)

in subparagraph (C), by striking the period at the end and inserting ; and; and

(iii)

by adding at the end the following:

(D)

shall give first priority to an applicant that is located in an underlicensed State with below median financing, as determined by the Administrator.

; and

(B)

in paragraph (4)(B)—

(i)

by striking clause (i);

(ii)

by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and

(iii)

by amending clause (i), as so redesignated, to read as follows:

(i)

is located in a State that—

(I)

is not served by a licensee; or

(II)

is an underlicensed State; and

; and

(3)

in section 308(g) (15 U.S.C. 687(g))—

(A)

in paragraph (2)—

(i)

in subparagraph (B), by inserting and licensing after financing;

(ii)

by redesignating subparagraphs (C) through (J) as subparagraphs (E), through (L), respectively; and

(iii)

by inserting after subparagraph (B) the following:

(C)

The steps the Administration has taken to improve the number of licensees in underlicensed States.

(D)

The Administration's plans to support States that seek to increase the number of licensees in the State.

; and

(B)

in paragraph (3)—

(i)

in subparagraph (C), by striking and at the end;

(ii)

in subparagraph (D), by striking the period at the end and inserting ; and; and

(iii)

by adding at the end the following:

(E)

the geographic dispersion of licensees in each State compared to the population of the State, identifying underlicensed States.

.