How the Small Businesses Investment Company Program can more readily support America’s advanced industries

On June 26, Brookings Metro Senior Fellow and Policy Director Mark Muro testified to the Senate Committee on Small Business and Entrepreneurship about the requirement for the reauthorization of the Small Business Administration (SBA), and especially on the Small Business Investment Company (SBIC) program, to be better situated to further help America’s propelled industry sector.

In particular, Muro encouraged that the Committee unequivocally prioritize advanced manufacturing enterprises when it returns to the SBIC’s activities during the more extensive reauthorization process, taking note of that not all industries matter equally to America’s prosperity. For sure, these high-productivity, high-pay innovation industries anchor American intensity, and matter excessively to the country’s prosperity.

Muro noted it would be proper and accommodating if the SBA reauthorization would however much as could reasonably be expected nudge the SBA’s—and the SBICs’— services and resources toward the help of advanced industry development and intensity, especially at a time of renewed economic nationalism in the world.

To illuminate on these points, Muro gave three categories of comments, touching on:

  • What advanced industries are and why they matter
  • Why they need government financial support
  • What such help may look like