Improving Capital Allocation for Newcomers Act of 2021

12/15/2023, 3:57 PM

Summary of Bill HR 2790

Bill 118 hr 2790, also known as the Improving Capital Allocation for Newcomers Act of 2021, aims to address the challenges faced by immigrants and refugees in accessing capital to start or expand businesses in the United States. The bill was introduced in the House of Representatives on May 5, 2021.

The key provisions of the bill include the establishment of a grant program to provide financial assistance to immigrant and refugee entrepreneurs. This program would be administered by the Small Business Administration (SBA) and would prioritize funding for businesses in underserved communities.

Additionally, the bill seeks to improve access to capital for immigrant and refugee entrepreneurs by expanding the eligibility criteria for SBA loan programs. This would allow more newcomers to qualify for loans to start or grow their businesses. Furthermore, the bill includes provisions to increase technical assistance and support services for immigrant and refugee entrepreneurs, such as business training and mentorship programs. These resources would help newcomers navigate the complexities of starting and running a business in the US. Overall, the Improving Capital Allocation for Newcomers Act of 2021 aims to support immigrant and refugee entrepreneurs in overcoming financial barriers and achieving success in the US business landscape. The bill is currently under review in the House of Representatives and has garnered bipartisan support for its efforts to promote economic empowerment and inclusion for newcomers.

Congressional Summary of HR 2790

Improving Capital Allocation for Newcomers Act of 2021 [sic]

This bill revises qualification requirements for venture capital funds. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Currently, an investment firm qualifies as a venture capital fund if, among other requirements (1) the fund's securities are owned by 250 persons or less, and (2) the fund has $10 million or less in aggregate capital contributions and uncalled committed capital. The bill increases these amounts to 2000 persons and $150 million, respectively.

Read the Full Bill

Formatted TextPDFFormatted XML

Current Status of Bill HR 2790

Bill HR 2790 is currently in the status of Bill Introduced since April 20, 2023. Bill HR 2790 was introduced during Congress 118 and was introduced to the House on April 20, 2023.  Bill HR 2790's most recent activity was Referred to the House Committee on Financial Services. as of April 20, 2023

Bipartisan Support of Bill HR 2790

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 2790

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2790

Improving Capital Allocation for Newcomers Act of 2021Improving Capital Allocation for Newcomers Act of 2021To amend the Investment Company Act of 1940 with respect to the definition of qualifying venture capital funds, and for other purposes.
Start holding our government accountable!

Comments

Sponsors and Cosponsors of HR 2790

Latest Bills

Housing Vouchers Fairness Act
Bill S 1203April 11, 2025
SHIELD U Act
Bill S 1250April 11, 2025
BOLIVAR Act
Bill S 1221April 11, 2025
CONNECT for Health Act of 2025
Bill S 1261April 11, 2025
Workplace Violence Prevention for Health Care and Social Service Workers Act
Bill S 1232April 11, 2025
USTR Inspector General Act of 2025
Bill S 1265April 11, 2025
LEDGER Act
Bill S 1160April 11, 2025
Farmers’ Market Expansion Act of 2025
Bill S 1145April 11, 2025
Public Safety Free Speech Act
Bill S 1247April 11, 2025
Expanding Partnerships for Innovation and Competitiveness Act
Bill S 1235April 11, 2025
Expanding American Entrepreneurship Act
Bill S 3319December 15, 2023
Expanding Access to Capital Act of 2023
Bill HR 2799March 18, 2024