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  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Small Business
      Finance and Tax
    IntroducedSeptember 30th, 2009

Bill Details

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Title

American Small Business Innovation Act

Official Title

To amend the Small Business Investment Act of 1958 to improve the New Markets Venture Capital Program and to establish an Angel Investment Program, and for other purposes.

Summary

American Small Business Innovation Act - Amends the Small Business Investment Act of 1958 to require (under current law, authorizes) the Administrator of the Small Business Administration (SBA) to participate in the new markets venture capital program (a program under which investment companies provide capital financing to small businesses). Requires a report from the Administrator to Congress evaluating the success of the new markets venture capital program (program). Requires the Administrator, in selecting companies for program participation, to approve at least one company from each SBA geographic region. Requires each conditionally approved company engaged primarily in development of and investment in small manufacturers to raise at least $3 million in capital for such purposes from private investors. Directs the SBA's Chief Counsel for Advocacy to study the availability of equity capital in low-income urban and rural areas. Authorizes the Administrator to make grants to conditionally-approved companies for participation in the program. Revises the program's operational assistance grant formula. Reauthorizes appropriations to fund debenture guarantees and for operational assistance grants. Establishes the Office of Angel Investment, headed by a Director, to provide support for the development of angel investment opportunities for small businesses. Requires the Director to establish and carry out a program to provide financing to approved angel groups. Establishes an Angel Investment Fund. Requires the Director to establish and maintain a searchable database to assist small businesses in identifying angel investors. Requires the Director to establish and carry out a program to make grants for the development of new or existing angel groups and to increase awareness and education about angel investing.

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