- House Small Business Committee approves $25 billion in initiatives to be included in the $3.5 trillion Build Back Better Act
- Measures aim to help small businesses recover from COVID-19 and succeed in the future
- Major investments include direct loan programs, business incubators
Summary by Dirk Langeveld
The House Small Business Committee has approved $25 billion in initiatives proposed to be included in the $3.5 trillion Build Back Better Act.
Chairwoman Nydia M. Velázquez said the measures “represent a generational investment in America’s entrepreneurs and will help businesses recover from COVID now and prosper in the future.” The proposals now go before the House Budget Committee.
The initiatives invest in U.S. Small Business Administration programs to improve capital access, assist with entrepreneurial development, drive innovation, and expand federal procurement opportunities. Major line items include:
- $9.5 billion to establish a subprogram within the Small Business Investment Company program to provide patient capital to underserved markets and small manufacturers
- $4.7 billion for a direct loan product under the SBA’s current 7(a) lending program
- $2.7 billion to establish a direct lending subprogram under the 504/CDC lending program to allow Certified Development Companies to make loans to small contractors, small manufacturers, and small businesses in underrepresented markets
- $1 billion to establish a nationwide network of business incubators
A full outline of the proposed initiatives can be read here.
