Investing in Main Street Act of 2023

Investing in Main Street Act of 2023

This bill authorizes certain banking entities to invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs) or in any entity established to invest solely in SBICs. The current limit is 5%.

The Investing in Main Street Act of 2023, also known as Bill 118 hr 400, is a piece of legislation introduced in the US Congress with the goal of promoting economic growth and revitalization in local communities. The bill aims to provide support to small businesses and entrepreneurs by increasing access to capital and resources.

One of the key provisions of the bill is the establishment of a Main Street Investment Fund, which would provide financial assistance to small businesses in underserved communities. This fund would be managed by the Small Business Administration and would offer low-interest loans and grants to help businesses grow and create jobs.

Additionally, the Investing in Main Street Act of 2023 includes measures to streamline regulations and reduce red tape for small businesses. This would make it easier for entrepreneurs to navigate the regulatory landscape and focus on growing their businesses. Overall, the bill is designed to support economic development at the local level and create opportunities for small businesses to thrive. By providing access to capital and resources, the Investing in Main Street Act of 2023 aims to stimulate growth and job creation in communities across the country.