Section 1 Short title
This Act may be cited as the “Spurring Business in Communities Act of 2017”.
Spurring Business in Communities Act of 2017
A BILL
To amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed States, and for other purposes.
Sec. 2 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—
in section 103 (15 U.S.C. 662)—
in paragraph (18)(E), by striking “and” at the end;
in paragraph (19), by striking the period at the end and inserting “; and”; and
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.”
in section 301(c) (15 U.S.C. 681(c))—
in paragraph (3)—
in subparagraph (B)(iii), by striking “and” at the end;
in subparagraph (C), by striking the period at the end and inserting “; and”; and
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.”
in paragraph (4)(B)—
by striking clause (i);
by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and
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”
in section 308(g) (15 U.S.C. 687(g))—
in paragraph (2)—
in subparagraph (B), by inserting “and licensing” after “financing”;
by redesignating subparagraphs (C) through (J) as subparagraphs (E), through (L), respectively; and
by inserting after subparagraph (B) the following:
“(C) The steps the Administration has taken 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.”
in paragraph (3)—
in subparagraph (C), by striking “and” at the end;
in subparagraph (D), by striking the period at the end and inserting “; and”; and
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.”