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Small Business Economic Investment Act

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IN THE HOUSE OF REPRESENTATIVES OF THE UNITED STATES
 
Mr. Burch (for himself, with acknowledgments to Mrs. Rodgers) introduced the following bill
 
A BILL
 
To boost the economy of the United States community's by investing in small businesses.
 
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, 
 
SECTION 1. SHORT TITLE. 
This act may be sited as the "Small Business Economic Investment Act."
 
TITLE 1. SPURRING SMALL BUSINESS IN COMMUNITIES

SEC. 1.  IMPROVING THE NUMBER OF SMALL BUSINESS INVESTMENT COMPANIES IN UNDERLICENSED STATES.

The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is amended—
 
  1. in section 103 (15 U.S.C. 662)—
    A. in paragraph (18)(E), by striking “and” at the end;B. in paragraph (19), by striking the period at the end and inserting “; and”; andC. by adding at the end the following:

    “(20) the term ‘underlicensed State’ means a State in which the number of licensees per capita is less than the median number of      licensees per capita for all States, as calculated by the Administrator.”;

     2. in section 301(c) (15 U.S.C. 681(c))—
         A. in paragraph (3)—
             i. in subparagraph (B)(iii), by striking “and” at the end;
             ii. in subparagraph (C), by striking the period at the end and inserting “; and”; and
             iii. by adding at the end the following:
       “(D) shall give first priority to an applicant that is located in an underlicensed State with below median financing, as determined      by the Administrator.”; and
         B. in paragraph (4)(B)—
             i. by striking clause (i);
             ii. by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and
             iii. by amending clause (i), as so redesignated, to read as follows:
     “(i) is located in a State that—
          “(I) is not served by a licensee; or
          “(II) is an underlicensed State; and”; and

     3. in section 308(g) (15 U.S.C. 687(g))—
         A. in paragraph (2)—
             i. in subparagraph (B), by inserting “and licensing” after “financing”;
             ii. by redesignating subparagraphs (C) through (J) as subparagraphs (E) through (L), respectively; and
             iii. by inserting after subparagraph (B) the following:
     “(C) Steps taken by the Administration to improve the number of licensees in underlicensed States.
     “(D) The Administration's plans to support States that seek to increase the number of licensees in the State.”; and
         B. in paragraph (3)—
             i. in subparagraph (C), by striking “and” at the end;
             ii. in subparagraph (D), by striking the period at the end and inserting “; and”; and
             iii.by adding at the end the following:
     “(E) the geographic dispersion of licensees in each State compared to the population of the State, identifying underlicensed States.”.

TITLE II. SMALL BUSINESS INVESTMENT OPPORTUNITY

SECTION. 1. INDIVIDUAL SBIC LEVERAGE LIMIT INCREASE.

Section 303(b)(2)(A)(ii) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)(A)(ii)) is amended by striking “$150,000,000” and inserting “$175,000,000”.
 
TITLE III. SMALL BUSINESS DEVELOPMENT CENTER CYBER TRAINING

SEC. 1. DUTIES OF SMALL BUSINESS DEVELOPMENT CENTER COUNSELORS.

Section 21 of the Small Business Act (15 U.S.C. 648) is amended by adding at the end the following:

     “(o) Cyber Strategy Training For Small Business Development Centers.—

          “(1) DEFINITIONS.—In this subsection—

               “(A) the term ‘cyber strategy’ means resources and tactics to assist in planning for cybersecurity and defending against cyber risks and cyber attacks; and

               “(B) the term ‘lead small business development center’ means a small business development center that has received a grant from the Administration.

          “(2) CERTIFICATION PROGRAM.—The Administrator shall establish a cyber counseling certification program, or approve a similar existing program, to certify the employees of lead small business development centers to provide cyber planning assistance to small business concerns.

          “(3) NUMBER OF CERTIFIED EMPLOYEES.—The Administrator shall ensure that the number of employees of each lead small business development center who are certified in providing cyber planning assistance under this subsection is not fewer than the lesser of—

               “(A) 5; or

               “(B) 10 percent of the total number of employees of the lead small business development center.

          “(4) CONSIDERATION OF SMALL BUSINESS DEVELOPMENT CENTER CYBER STRATEGY.—In carrying out this subsection, the Administrator, to the extent practicable, shall consider any cyber strategy methods included in the Small Business Development Center Cyber Strategy developed under section 1841(a) of the National Defense Authorization Act for Fiscal Year 2017 (Public Law 114–328; 130 Stat. 2662).

          “(5) REIMBURSEMENT FOR CERTIFICATION.—

               “(A) IN GENERAL.—Subject to the availability of appropriations and subparagraph (B), the Administrator shall reimburse a lead small business development center for costs relating to the certification of an employee of the lead small business development center under the program established under paragraph (2).
               “(B) LIMITATION.—The total amount reimbursed by the Administrator under subparagraph (A) may not exceed $350,000 in any fiscal year.”.

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