U.S. House Unanimously Passes Rep. Kelly Morrison’s Bipartisan Bill to Improve Small Businesses’ Access to Capital

WASHINGTON, DC – The U.S. House of Representatives has unanimously passed Congresswoman Kelly Morrison’s (MN-03) bipartisan SBIC Reporting Modernization Act of 2026. Rep. Morrison is a member of the Small Business Committee, and introduced this bipartisan bill alongside fellow Small Business Committee member Congressman Brad Finstad (MN-01). Following its passage, Rep. Morrison released the following statement: “Access to capital is crucial for fueling the long-term growth of small businesses. At a time when small businesses are being squeezed by the Trump Administration’s tariffs, high energy prices, and persistent labor shortages, it is essential that small businesses have access to affordable and reliable private financing options. “The SBA’s Small Business Investment Company program plays an essential role in increasing the flow of private capital to small businesses. This bipartisan bill will improve the SBIC program by ensuring Congress has accurate and up-to-date information about the number of licenses, applicants, and jobs created through the program. “Unfortunately, SBA has stopped providing this information to Congress. To guarantee Congress and the American people always have access to timely and accurate information on the SBIC program, this legislation requires SBA to publish quarterly reports on the performance of the SBIC program. “Given the many changes made by this administration that have hurt small businesses, congressional oversight has never been more important. This bill will increase transparency and congressional oversight of the SBA’s Small Business Investment Company program and ensure Congress can develop solutions to address problems as they arise. “I am proud to see this bipartisan legislation unanimously pass in the House and make sure this crucial program is working best for our small businesses.” The SBIC program is one of the highest performing programs within the Small Business Administration, working to connect American small businesses to private equity capital and long-term debt financing. The SBIC Reporting Modernization Act of 2026 will require the Small Business Administration (SBA) to publish quarterly, rather than annually, reports regarding the performance of the Small Business Investment Company (SBIC) program and enhance reporting metrics to improve Congressional oversight. The SBIC Reporting Modernization Act of 2026: Enhances Congressional oversight into the SBIC program to ensure that American taxpayers’ dollars are being put to good use. Requires quarterly reporting to give Congress current data on the volume of funding entering and leaving the programs, the level of outstanding leverage, and the outcomes the programs generate in financing and employment. Expands the scope of data in the report for Congress, including the number of applicants receiving Green Light letters and how many of those applicants raise enough private capital to secure the leverage commitment they were approved for. ### Print Email Share Tweet