Garbarino Co-Led Bill To Increase Access To Capital For Small Businesses Passes House

Washington, D.C. - Today, the House of Representatives voted overwhelmingly to pass H.R. 400, TheInvesting in Main Street Act of 2023, a bipartisan bill co-led by Congressman Andrew R. Garbarino (R-NY-02) and Congresswoman Judy Chu (D-CA-28). The legislation designed to increase access to capital for small businesseswas introduced last Friday, January 20th, and referred to the House Committee on Small Business. 

The Investing in Main Street Act of 2023 amends the Small Business Investment Act of 1958 by increasing the amount that certain banks and savings associations may invest in Small Business Investment Companies (SBICs) from 5 percent to 15 percent, subject to the approval of the appropriate federal banking agency.

“Small Businesses are major contributors for economic growth and prosperity, especially in my district on Long Island,” saidRep. Garbarino. “As we face economic uncertainty due to inflation, labor shortages, and other ongoing challenges, we look to our small businesses to be leaders in the private sector and to help revitalize our communities. This legislation will ensure that small businesses can gain access to the additional capital they need to do just that. I thank Congresswoman Chu for leading this effort and I applaud my colleagues in the House for moving swiftly to pass this important legislation.”

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