Josh Hawley Questions SBA's SBIC Program for Industrial Growth

SBIC Program Overview

• 💡 The Small Business Investment Company (SBIC) program has been operational since 1958 and functions without taxpayer subsidy.
• 🎯 SBICs provide critical next-stage capital to help small businesses invigorate growth and scale to the next level.
• 📊 In FY24, SBICs invested $192 million in over 20 Missouri small businesses, supporting more than 3,000 jobs.

SBICs in the Heartland

• 📍 SBICs are focused on small businesses in the heartland of America, filling a gap in capital markets often dominated by larger institutions.
• 🚀 They provide essential funding for entrepreneurs who have exhausted personal investment and need capital for expansion.

Stimulating Industrial and Manufacturing Growth

• 🏭 A significant focus for SBICs, like Eagle Private Capital, is investing in manufacturing companies, with 25-35% of investments directed towards this sector.
• 📈 The program provides capital to help build new plants and spur industrial growth, addressing job losses in the manufacturing sector.
• ⚠️ The discussion highlights the need for industrial and manufacturing growth in America, especially in light of job losses since 2001, with Missouri alone losing nearly 60,000 jobs in this sector.