WASHINGTON, D.C. (December 19, 2018) – Today, President Donald Trump signed Eastern Washington Congresswoman Cathy McMorris Rodgers’s (WA-05) 7th bill into law, her Spurring Business in Communities Act (H.R. 4111). Cathy introduced this legislation alongside Rep. Stephanie Murphy (D-FL) in October of 2017 to help bring more Small Business Investment Companies (SBICs) to Eastern Washington to invest in local businesses.
As Cathy said earlier this month, “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. 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.”
Rep. Murphy, ranking member on the House Small Business Committee’s Subcommittee on Contracting and Workforce, added, “As a former businesswoman, I know how important growth capital is to starting and sustaining a successful small business. Securing private capital remains a challenge for too many businesses. I am incredibly proud that our bipartisan legislation to support small businesses and boost private sector job creation is now law.”
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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