House Passes Rep. McIver's Legislation to Unlock Potential of American Entrepreneurs

House Passes Rep. McIver's Legislation to Unlock Potential of American Entrepreneurs | U.S. House Representative LaMonica McIver Skip to content Close Home About Meet LaMonica Committees And Caucuses Our District Votes and Legislation Contact Email Me Newsletter Subscribe Office Locations Request An Appearance Media Press Releases In the News Press Kit Issues Education Environment Healthcare Housing LGBTQ+ Rights Reproductive Justice Small Business Transportation and Infrastructure Voting Rights Services Help With A Federal Agency Congressional Art Competition Commendations And Greetings Appropriations Requests Flags Grant Applications Internships Military Academy Nominations Congressional App Challenge Tours And Tickets Resources Close Mobile Site Search SEARCH Congresswoman LaMonica McIver About Meet LaMonica Committees And Caucuses Our District Votes and Legislation Contact Email Me Newsletter Subscribe Office Locations Request An Appearance Media Press Releases In the News Press Kit Issues Education Environment Healthcare Housing LGBTQ+ Rights Reproductive Justice Small Business Transportation and Infrastructure Voting Rights Services Help With A Federal Agency Congressional Art Competition Commendations And Greetings Appropriations Requests Flags Grant Applications Internships Military Academy Nominations Congressional App Challenge Tours And Tickets Resources Modal Search Button Mobile Site Search Submit Search MENU Facebook Logo Twitter Logo BlueSky Logo Youtube Logo Instagram Logo Home Media Press Releases February 24, 2025 House Passes Rep. McIver's Legislation to Unlock Potential of American Entrepreneurs WASHINGTON, D.C. — Today, the House of Representatives passed H.R. 754, the Investing in Main Street Act , introduced by Reps. LaMonica McIver (NJ-10), Judy Chu (CA-28), Brad Finstad (MN-01),  and Andrew Garbarino (NY-02), by voice vote. This bill would amend the Small Businesses Investment Act of 1958 to increase the percentage of capital and surplus that a bank or federal savings association may invest in Small Business Investment Companies (SBICs) to match current banking regulations. The SBIC program is an investment program with a Small Business Administration (SBA) guarantee that increases access to low-cost, government-backed investment capital for high-growth, start-up businesses. Even though current banking regulations permit financial institutions to invest up to 15% of their capital and surplus into SBICs, small business investing rules established in the Small Business Investment Act of 1958 cap these same investments at only 5%. The Investing in Main Street Act would amend this outdated law to allow banks to invest the full 15% in SBICs. “I am proud our bill to uplift small businesses and boost our main street economies passed the House today," said Rep. McIver . "It’s an honor to join Rep. Chu to introduce and pass the Investing in Main Street Act of 2025, to increase access to capital for small businesses who need it. Small businesses are the backbone of our local economy, and they deserve our support. I urge my Senate colleagues to pass this crucial legislation so that it can become law.” “I celebrate today’s House passage of my bill, the Investing in Main Street Act , to spur innovation, entrepreneurship, and growth in small businesses nationwide,” said Rep. Chu . “This legislation makes common-sense changes to an outdated law from the 1950s so that SBICs can better level the playing field for small businesses that face barriers to securing investments from traditional, private investors. I’m thankful for my partnership with Representatives Finstad, McIver, and Garbarino, and I urge my Senate colleagues to take this bill up so that we can unlock more of the potential of America’s entrepreneurs.” “Small businesses are the backbone of our communities in southern Minnesota, yet they have been facing seemingly insurmountable challenges due to record-high inflation,” said Rep. Finstad . “I’m proud to have worked alongside Congresswoman Chu to reintroduce the Investing in Main Street Act , which will expand access to capital through the SBIC program, giving small businesses the resources they need to grow and thrive. I’m happy to see that this legislation has passed on the House Floor, and I look forward to supporting it through the legislative process.” The 319 certified SBICs in operation today have invested or committed over $38 billion in small businesses nationwide. And in 2023 alone, SBICs provided $7.2 billion in funding to 1,142 small businesses and startups, supporting millions of jobs around the country. “Small businesses create two out of every three new jobs in America, yet they often face significant challenges in accessing growth capital,” said SBIA President Brett Palmer. “By modernizing outdated regulations and allowing greater investment in SBICs, this bill will ensure that small businesses have the capital they need to thrive. We thank Representatives Chu, Finstad, McIver, and Garbarino for their leadership and commitment to empowering America’s job creators,” said Small Business Investor Alliance President Brett Palmer . Print Email Share Previous Article Next Article About Contact Media Issues Services