Spurring Business in Communities Act of 2018

Spurring Business in Communities Act of 2018

(Sec. 2) This bill amends the Small Business Investment Act of 1958 to:

• require the Small Business Administration (SBA), in reviewing and processing an entity's application to become a small business investment company (SBIC), to give first priority to an SBIC applicant located in an underlicensed state (i.e., a state in which the number of licensees per capita is less than the median number of licensees per capita for all states) with below median financing; and
• exempt applicants in underlicensed states from certain SBA capital requirements.