Legislation proposed by U.S. Rep. Dan Meuser (R-PA) that would expand access to capital for small businesses passed out of the House Small Business Committee Wednesday.
The legislation, the Investing in All of America Act, would help close a gap in the Small Business Investment Companies (SBIC) program to provide more small businesses, especially those operating in rural or underserved areas, manufacturing or technology, with access to capital through direct investment.
“As someone who spent more than 20 years helping grow a small business into a larger business, I know how difficult it can be to access capital,” Meuser said. “This legislation helps drive investment dollars into the hands of small businesses that need them most, without placing any added burden on taxpayers. It’s about empowering entrepreneurs, strengthening domestic manufacturing, and fueling long-term growth in communities that have too often been overlooked. I’m pleased this bill is moving forward with bipartisan support, and I encourage my colleagues to help get it across the finish line.”
Meuser’s office said that over the past two decades, businesses backed by SBICs have created 3 million jobs and supported another 10.5 million. In 2024, SBICs provided more than $8 billion to small businesses nationwide, including $412.3 million in Pennsylvania.
The Investing in All of America Act allows investment in rural and low-income areas, manufacturing, and critical technologies to be excluded from an SBIC’s leverage cap. The move would make more capital available to those businesses and restore an inflation adjustment for SBIC leverage limits to ensure the program can keep up with inflation.
The legislation was co-sponsored by U.S. Rep. Hillary Scholten (D-MI).
“Expanding access to capital means expanding opportunity–it helps create jobs, spark innovation, and grow West Michigan’s economy at no expense to the taxpayer,” Scholten said. “In rural and underserved communities, small businesses face barriers to the resources they need to grow and thrive. I’m pleased to partner with Rep. Meuser to help level the playing field and invest in the full potential of our small business owners.”