May 08, 2018 / Economy/Jobs

McMorris Rodgers, Murphy Bill to Encourage Small Business Investment Passes House

WASHINGTON, D.C. (May 8, 2018) – Today, Eastern Washington Congresswoman Cathy McMorris Rodgers (WA-05) and Congresswoman Stephanie Murphy (D-FL) released the following statements after the House passed their bipartisan Spurring Business in Communities Act (H.R. 4111) by a unanimous voice vote.

“Small Business Investment Companies, or SBICs, play an important role in providing access to capital for startups and other small businesses. The only problem? There are currently none here in Washington state,” said McMorrris Rodgers. “My bill will help change that by making it easier for them to form here in our state, invest in people in our community, grow our local economy, and create jobs. By supporting small businesses, we can help ensure that there are more jobs and opportunities here in Eastern Washington for people to live their American Dream.”

“As a former businesswoman, I know how important growth capital is to establishing a thriving small business,” said Murphy. “I am proud to work with Congresswoman McMorris Rodgers to advance this bipartisan legislation, which will boost private sector job creation and make it possible for more small businesses across the country to access the financing needed to grow their enterprises and strengthen our economy.”

“For 60 years, the Small Business Investor Alliance has championed policies that enhance domestic investment in growing small businesses,” said Brett Palmer, President of the Small Business Investor Alliance. “We are pleased to support H.R. 4111, the Spurring Business in Communities Act of 2017, which is being considered today by the House of Representatives. With more small business investment, we can expand economic opportunity to more communities across the country.” See the full letter of support here.

Today, Cathy spoke on the House floor in support of her legislation. In case you missed it,you can view her full remarks here:

NOTE: A 2017 Library of Congress study found that SBIC-backed small businesses created 3 million new jobs and supported an additional 6.5 million. According to the Small Business Administration’s most recent report, SBICs reported more than $800 million in financing during the fourth quarter of 2017, and created more than 16,000 jobs. Over the same period, SBICs were able to finance 210 companies across the U.S., including 25 businesses in Low- and Moderate-Income areas, and 12 businesses owned by women, minorities, or veterans.

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