WASHINGTON, D.C. (December 6, 2018) – Today, Eastern Washington Congresswoman Cathy McMorris Rodgers’s (WA-05) Spurring Business in Communities Act (H.R. 4111) passed the United States Senate and will now head to the president’s desk to become law. This legislation passed the House by a voice vote on May 8, 2018, and will help encourage small business development in Eastern Washington.
“Small businesses are the backbone of our economy, providing two out of every three new jobs in America and serving as a foundation for our communities,” said Cathy. “Small Business Investment Companies (SBICs) serve an important function in providing capital and support to these job creators, however, there are currently none here in Washington state. My bipartisan bill, which now heads to the president’s desk to become law, will make it easier for them to form here in Eastern Washington and invest in our community and local small businesses.”
“I am pleased that the Senate passed H.R. 4111, the Spurring Business in Communities Act, introduced by Rep. McMorris Rodgers. This is common-sense legislation to ensure small businesses’ have access to capital and continue to create jobs for hard-working innovators. Rep. McMorris Rodgers is listening to the needs of Washington small businesses and acting on their behalf. I look forward to seeing H.R. 4111 signed into law so that Small Business Investment Companies can take root in underserved areas across the nation,” said House Committee on Small Business Chairman Steve Chabot (R-OH).
This will be Cathy’s 7th bill to be signed into law in the last year. In May, when this legislation passed the House, Cathy gave remarks on the House floor about the importance of bringing SBIC’s to Eastern Washington. In case you missed it, you can watch her 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.
# # #