- Not enactedThe President has not signed this bill
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Senate Committee on Small Business and EntrepreneurshipIntroducedJuly 11th, 2013
- senate Committees
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Small Business Innovation Act of 2013
A bill to amend the Small Business Investment Act of 1958 to enhance the Small Business Investment Company Program and provide for a small business early-stage investment program.
Small Business Innovation Act of 2013 - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA) to guarantee the payment of up to $4 billion per fiscal year for debentures or participating securities issued by small business investment companies (SBICs) to encourage the formation and growth of small businesses. Increases from $225 million to $350 million the maximum amount of outstanding leverage for two or more commonly-controlled SBICs. Direct the Administrator to establish and carry out an early-stage investment program to provide, through participating investment companies, equity financing to support early-stage businesses (gross annual sales of $15 million or less in any of the previous three years). Outlines investment company application requirements and selection and approval procedures. Allows the Administrator to make one or more equity financings to a participating company, with a limit of $100 million to any one company. Requires the company to make all of its investments in small businesses, of which at least 50% shall be early-stage small businesses in specified targeted industries. Establishes in the Treasury a separate account for equity financings under the program.