Federal lawmakers on Thursday unanimously approved a bill that overhauls the government's main lending programs for small businesses.
The Small Business Investment Improvements Act, introduced by Rep. Jason Altmire (D-Pa.), will create a new angel funding initiative and focus more investment into low-income areas and minority-owned businesses, among other initiatives.
The bill will also ensure businesses receiving venture capital maintain their small-business status, while decreasing fees for borrowers and surety companies.
"This bill improves the climate for investment in small firms, benefiting the nation's current and future entrepreneurs as well as the neighborhoods that depend on the services they provide," Rep. Nydia Velazquez (D-N.Y.), the chairwoman of the House Small Business Committee, said in a statement.
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