Scale-Up Manufacturing Investment Company Act of 2020
Latest action · Mar 12, 2020 Read twice and referred to the Committee on Small Business and Entrepreneurship.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 12, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Scale-Up Manufacturing Investment Company Act of 2020
This bill establishes a scale-up manufacturing investment company (SUMIC) program within the Small Business Administration (SBA) to provide leverage for participating investment funds (PIFs) to support debt and equity investments in qualifying manufacturing projects of specified small and emerging manufacturers.
The SBA may provide up to $1 of leverage for every $1 of private capital raised by a PIF, not to exceed a certain amount, and the SBA must charge a leverage fee of between 3% and 5.5% of the face amount of the leverage issued. Each PIF may borrow money and issue debentures and preferred securities. Of the SBA leverage provided to a PIF (1) at least 70% must be issued as debentures, and (2) up to 30% may be issued as preferred securities.
Certain banks may invest in any one or more PIFs, or in any entity established to invest solely in PIFs. However, the total amount of such investments may not exceed 5% of the bank's capital and surplus.
Each PIF shall be subject to examination by the SBA and shall submit a semiannual, written valuation of its loans and investments.
The SBA shall issue policy directives to increase investments by PIFs in small businesses owned and controlled by socially and economically disadvantaged individuals and by women, veterans, or individuals with disabilities.
The SBA may establish a SUMIC Credit Council to advise on carrying out the program.
Cosponsors 1
Members who signed on, in the order they did. All signed on Mar 12, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Kirsten E. Gillibrand | Original | Mar 12, 2020 |
Actions 2
Everything that happened, newest first.
- Mar 12, 2020Introduced in Senate
- Mar 12, 2020Read twice and referred to the Committee on Small Business and Entrepreneurship.
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
Text 1
Each version as it was printed, newest first.
- Mar 12, 2020Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.