A bill aimed at supporting small businesses, authored by Congressman Steve Knight (R-Palmdale), passed the House Monday with support from both Democrats and Republicans.

H.R. 2333, the Small Business Investment Opportunity (SBIO) Act of 2017T, increases the amount allocated for the SBIC programs to reflect inflation and provide access to additional funding.

The Small Business Investment Opportunity Act would make improvements to the Small Business Investment Company (SBIC) Program, an initiative administered by the Small Business Administration (SBA) that allows privately owned and managed investment funds to invest in small businesses.

Current law limits the amount of capital SBICs can invest in growing firms, but Knight’s bill would raise that limit to $175 million so small businesses can have access to additional funds that would help them expand their companies and hire new employees.

“Increasing funds to our SBIC programs helps our small businesses have access to capital to grow and expand their businesses,” said Knight. “This legislation would finally match the appropriate funding level for our community entrepreneurs and their businesses. Increasing funds like this helps our economy and create more jobs.”

H.R. 2333 is a part of an ongoing effort of Knight to expand opportunities of investment and innovation for small businesses. As a member of the House Committee on Small Business, Knight continues to support and introduce small business specific legislation like for programs like the Women’s Business Centers (WBC), Small Business Innovation Research (SBIR), and Small Business Technology Transfer (STTR) programs.

Ed. Note: This information was taken from a news release provided by the office of Congressman Steve Knight

As Santa Clarita’s only local radio station, KHTS mixes in a combination of news, traffic, sports, and features along with your favorite adult contemporary hits. Santa Clarita news and features are delivered throughout the day over our airwaves, on our website and through a variety of social media platforms. Our KHTS national award-winning daily news briefs are now read daily by 34,000+ residents. A vibrant member of the Santa Clarita community, the KHTS broadcast signal reaches all of the Santa Clarita Valley and parts of the high desert communities located in the Antelope Valley. The station streams its talk shows over the web, reaching a potentially worldwide audience. Follow @KHTSRadio on Facebook, Twitter, and Instagram, and sign up for KHTS email and text alerts today!