Knight’s Small Business Bill Signed into Law

Posted on: 06/26/2018 00:00

(Washington, DC) - On Thursday, June 21, 2018, President Trump signed into law H.R. 2333, The Small Business Investment Opportunity Act.

Introduced by Representative Steve Knight (R-CA) in May of 2017, this bill will make improvements to the Small Business Investment Company (SBIC) Program, an initiative run by the Small Business Administration (SBA) that allows privately owned and managed investment funds to invest in small businesses. Current law limits the amount of capital SBICs can invest in growing firms. The Small Business Investment Opportunity Act will raise the limit to allow small businesses access to additional resources to expand operations and invest in their workforce.

"The overwhelming majority of job creators in the U.S. are small businesses," said Rep. Knight "Whether a mom-and-pop storefront on Main Street or an innovative tech firm producing cutting edge products, small businesses are leading the charge in our resurgent economy. A quintessential part of the American dream is entrepreneurship, and I am very proud that his bill has been signed into law. By opening up greater access to capital, this will help our small businesses flourish and thrive, creating jobs and improving the lives of everyone in the community."

"No doubt, access to capital remains one of the biggest obstacles for small business owners in growing their companies," said Representative Steve Chabot (R-OH), Chairman of the House Small Business Committee "Congressman Knight's bill will allow small businesses to more easily get the financing they need and I thank him for all the hard work he has put into this bill to see it become law."

Representative Knight is a member of the House Small Business Committee, where is also sits as a member of the Subcommittee on Economic Growth, Tax, & Capital Access, and serves as Chairman of the Subcommittee on Contracting & Workforce. H.R. 2333 passed the House of Representatives with unanimous support in July of 2017 and passed in the Senate with unanimous consent in early June of 2018.

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