Rep. Burchett introduces bill to modernize Small Business Administration application process
WASHINGTON, DC – Congressman Tim Burchett (TN-02) today introduced the Small Business Investment Improvement Act of 2019. This legislation would address Small Business Investment Company (SBIC) application delays happening at the Small Business Administration’s (SBA) Office of Investment and Innovation.
Currently, the SBIC application process lacks statutory timelines, which has created uncertainty to those applying for the program and restricted small business access to millions of dollars in private investment. This bill would require the SBA to make a decision on SBIC applications within a reasonable timeline and provide proper oversight in the SBIC application process.
“The SBIC program is a good option for small businesses looking to build up their financial capital,” said Rep. Burchett. “But the slow, bureaucratic process of approving these applications is outdated and that prevents small business growth. By expediting the process and defining clear application timelines, it’ll make it easier for small businesses in East Tennessee, and across the nation, to take advantage of these important investments.”
A bipartisan version of the bill, S. 1975, has been introduced in the Senate.