SBIC Advisory Committee Act of 2023

3/12/2024, 5:14 PM

SBIC Advisory Committee Act of 2023

This bill requires the Small Business Administration (SBA) to establish an advisory committee to develop recommendations for expanding SBA assistance provided through Small Business Investment Companies (SBICs). SBICs are privately owned companies, licensed and regulated by the SBA, which invest in small businesses through debt and equity.

Composed in part of representatives of and partners with small businesses in low-income communities and rural areas, the advisory committee must make recommendations for SBICs to invest in (1) underlicensed and underfinanced states; and (2) small businesses owned by socially or economically disadvantaged individuals, veterans, and women.

Bill 118 s 2212, also known as the SBIC Advisory Committee Act of 2023, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish an advisory committee within the Small Business Investment Company (SBIC) program. The SBIC program is a government initiative that provides funding to small businesses through private investment funds.

The advisory committee created by this bill would be responsible for providing advice and recommendations to the Small Business Administration (SBA) on issues related to the SBIC program. This includes evaluating the effectiveness of the program, identifying areas for improvement, and making recommendations for legislative or regulatory changes.

The advisory committee would be composed of members appointed by the SBA Administrator, with representation from various sectors including small business owners, investors, and financial experts. The committee would meet regularly to discuss issues related to the SBIC program and provide feedback to the SBA. Overall, the SBIC Advisory Committee Act of 2023 aims to improve the effectiveness and efficiency of the SBIC program by creating a dedicated advisory committee to provide expert advice and recommendations to the SBA. This bill is currently under consideration in Congress and has the potential to impact small businesses and investors across the country.
Congress
118
Number
S - 2212
Introduced on
2023-06-22
# Amendments
0
Sponsors
+5

Variations and Revisions

7/25/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

SBIC Advisory Committee Act of 2023

This bill requires the Small Business Administration (SBA) to establish an advisory committee to develop recommendations for expanding SBA assistance provided through Small Business Investment Companies (SBICs). SBICs are privately owned companies, licensed and regulated by the SBA, which invest in small businesses through debt and equity.

Composed in part of representatives of and partners with small businesses in low-income communities and rural areas, the advisory committee must make recommendations for SBICs to invest in (1) underlicensed and underfinanced states; and (2) small businesses owned by socially or economically disadvantaged individuals, veterans, and women.

Bill 118 s 2212, also known as the SBIC Advisory Committee Act of 2023, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish an advisory committee within the Small Business Investment Company (SBIC) program. The SBIC program is a government initiative that provides funding to small businesses through private investment funds.

The advisory committee created by this bill would be responsible for providing advice and recommendations to the Small Business Administration (SBA) on issues related to the SBIC program. This includes evaluating the effectiveness of the program, identifying areas for improvement, and making recommendations for legislative or regulatory changes.

The advisory committee would be composed of members appointed by the SBA Administrator, with representation from various sectors including small business owners, investors, and financial experts. The committee would meet regularly to discuss issues related to the SBIC program and provide feedback to the SBA. Overall, the SBIC Advisory Committee Act of 2023 aims to improve the effectiveness and efficiency of the SBIC program by creating a dedicated advisory committee to provide expert advice and recommendations to the SBA. This bill is currently under consideration in Congress and has the potential to impact small businesses and investors across the country.
Alternative Names
Official Title as IntroducedA bill to require the Administrator of the Small Business Administration to establish an SBIC Advisory Committee, and for other purposes.
Policy Areas
Commerce

Comments

Recent Activity

Latest Summary9/19/2023

SBIC Advisory Committee Act of 2023

This bill requires the Small Business Administration (SBA) to establish an advisory committee to develop recommendations for expanding SBA assistance provided through Small...

Latest Action7/25/2023
Placed on Senate Legislative Calendar under General Orders. Calendar No. 171.