Washington, DC – U.S. Representatives Young Kim (CA-39) and Joe Neguse (CO-02) introduced a bipartisan bill to expand access to capital for small businesses and manufacturers.
Rep. Kim serves as Ranking Member of the Small Business Subcommittee on Innovation, Entrepreneurship and Workforce Development.
The MicroCap Small Business Investing Act of 2021 (H.R. 3842) would allow for more diverse venture capital fund managers and incentivize investment and capital access for small business owners in low-income and underrepresented communities.
“As we reopen communities and recover from the COVID-19 pandemic, we must make sure our economy can adapt and compete in the 21st century and beyond, which requires expanding opportunities for Americans of all backgrounds,” said Rep. Kim. “I’m proud to join my colleague to introduce a bipartisan bill that will broaden the diversity in the talent pool of venture capital firms and incentivize small business owners from low-income, underserved communities to access capital to grow their business or get back on their feet. I’ll continue to do all I can to create policies that foster innovation, economic opportunity and job growth.”
“Investing in diverse voices and diverse ideas is good for innovation, for business and for our economy,” said Rep. Neguse. “Our bipartisan bill will address lack of diversity at the source, by increasing the diversity of fund managers and ensuring that traditionally underserved individuals, communities and small businesses, including rural communities, have equal opportunity to investment capital, and a better chance to succeed.”
H.R. 3842 would provide SBA-licensed Small Business Investment Companies (SBICs) with new tools to fill gaps in capital access for small manufacturers, businesses serving low-income communities, businesses owned or controlled by individuals in underrepresented communities, and rural communities.
