Ros-Lehtinen Supports House Small Business Investment Bill

Dec 18, 2012 Issues: Economy

The House today passed legislation Cong. Ros-Lehtinen supported to boost investment in domestic small businesses by up to $500 million per year at no additional cost to taxpayers.

The Small Business Investment Company Modernization Act (H.R. 6504) will help Small Business Investment Companies (SBICs) with a proven success record. It will increase present limits on these job creators so that they can continue to expand and do even more to assist our economy.

These economic engines have played an important role in South Florida. Over the past six years, SBICs have invested more than $76 million in 345 businesses in Florida. One Miami SBIC, Banyan Mezzanine Funds, has helped many firms in our area including Pipeline Transportation, Evolution Lighting and Zero Chaos.

SBICs, particularly during this unsettled time, continue to be an important source of capital for small businesses. They operate at no cost to the taxpayer by requiring a zero subsidy rate and undergoing an extensive licensing process.

Said Ros-Lehtinen, “I am pleased that the House approved this bill with strong support from both parties. This is a great solution that helps small businesses to grow and hire more employees. It will greatly benefit the South Florida community at this critical time.”