House Small Business Committee

Chairman Chabot Commends House Passage of Save Local Business Act

House Small Business Committee News - Wed, 11/08/2017 - 12:00am

WASHINGTON - Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement upon House passage yesterday of H.R. 3441, the Save Local Business Act, legislation that will reverse an Obama-era scheme that threatens small businesses. Chairman Chabot is an original co-sponsor of the bill and, earlier this year, sent a letter to the House Education and Workforce Committee in support of H.R. 3441.

Small businesses have been hurting under this rule for years and it’s time we put an end to it. Under the new standard, a potential small business owner may avoid buying a franchise because of the risk of being punished for the actions of a franchiser. It has also created a lot of confusion and unnecessary challenges for job creators that just want to grow their companies,” said Chairman Chabot. “Today’s vote will restore certainty to America’s small business owners and their employees so they can continue to operate their businesses locally and independently.  Enacting this legislation will help ensure continued freedom for America’s best job creators.”

The Committee first held a roundtable in April 2015 on the emerging issue. NLRB then expanded its definition of the joint employer standard in August 2015. In March 2016, the Committee held a hearing titled, “Risky Business: Effects of New Joint Employer Standards for Small Firms” to examine the direct impact of the rule on small businesses.

To watch Chairman Chabot’s full remarks, click on the video below.

Investing in Small Businesses: The SBIC Program

House Small Business Committee News - Tue, 11/07/2017 - 10:00am

The Committee on Small Business Subcommittee on Agriculture, Energy, and Trade will meet for a hearing titled, “Investing in Small Businesses: The SBIC Program.” The hearing is scheduled to begin at 10:00 A.M. on Tuesday, November 7, 2017 in Room 2360 of the Rayburn House Office Building

This hearing will examine the United States Small Business Administration’s (SBA) Small Business Investment Company (SBIC) Program.  As the Committee continues to explore the issue of access to capital, this hearing will provide Members the opportunity to hear directly from participants in the SBIC Program.  

Attachments
1. Hearing Notice
2. Witness List

Witnesses

Mr. Brett Palmer
President
Small Business Investor Alliance
Washington, DC

Mr. Thies Kolln
Partner
Aavin Private Equity
Cedar Rapids, IA

Mr. Michael Painter
Managing Partner
Plexus Capital
Raleigh, NC

Investing in Small Businesses: The SBIC Program

House Small Business Committee News - Tue, 11/07/2017 - 10:00am

The Committee on Small Business Subcommittee on Agriculture, Energy, and Trade will meet for a hearing titled, “Investing in Small Businesses: The SBIC Program.” The hearing is scheduled to begin at 10:00 A.M. on Tuesday, November 7, 2017 in Room 2360 of the Rayburn House Office Building

This hearing will examine the United States Small Business Administration’s (SBA) Small Business Investment Company (SBIC) Program.  As the Committee continues to explore the issue of access to capital, this hearing will provide Members the opportunity to hear directly from participants in the SBIC Program.  

Attachments
1. Hearing Notice
2. Witness List 

Witnesses
Mr. Brett Palmer
President
Small Business Investor Alliance
Washington, DC 

Investing in Small Businesses: The SBIC Program

House Small Business Committee News - Tue, 11/07/2017 - 12:00am

WASHINGTON—Today, Members of the Subcommittee on Agriculture, Energy, and Trade heard from a panel of witnesses from all over the country who participate in the Small Business Administration’s (SBA) Small Business Investment Company (SBIC) Program.

As a way to inject more equity into the small business ecosystem to address the gap in long-term financing, the SBA created the Small Business Investment Company Program, also known as the SBIC Program, in 1958,” said Subcommittee Chairman Rod Blum (R-IA).Like many of the SBA’s financial programs…robust and thorough Congressional oversight is required to ensure taxpayer money is safeguarded and protected.

A Successful Private-Public Sector Solution   

The SBIC program is a vital source of capital for small businesses and is a leading example of how the federal government and the private sector can work together to grow the economy and create jobs.

“The program is effective and distinct because the private sector leads with its capital and investment expertise and then SBIC leverage follows to augment the impact of the private investment,” said Brett Palmer, President of the Small Business Investor Alliance in Washington, DC. “It is a mark of SBIC industry pride that the program continued to maintain its zero-subsidy throughout the Great Recession.”

“A hallmark of the SBIC Program is its rigorous licensing process for prospective SBIC funds, ensuring taxpayer protection and safeguarding the program’s reputation,” said Thies Kolln, Partner at Aavin Private Equity in Cedar Rapids, IA. “Because of our location and our firm’s investing principles, we have a particular impact on small businesses in Iowa. In our firm’s history, we have made 26 investments in Iowa small businesses, one as recently as the end of October.”

Our growth has been driven by doing more of the same investments in small businesses. We invested in 28 small businesses through our first SBIC fund and expect to invest in 40 – 50 small businesses over the life of Plexus Fund IV,” stated Michael Painter, Managing Partner at Plexus Capital in Raleigh, NC. “While many peers have found great success moving up market to serve larger companies, we have been intentional about staying focused on smaller businesses who have limited access to capital where we can make a meaningful impact on growth.”

The SBIC program is one of the most innovative, financially successful and well-structured government programs in existence,” said Mark Walsh, Managing Director at Ruxton Ventures in Chevy Chase, MD. “The license application and approval process is extraordinarily rigorous, and creates an efficient “filter” for mismanaged or ill-targeted funds from receiving taxpayer dollars.”

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