Tester’s small business bill headed to President
(U.S. SENATE) – Senator Jon Tester today released the following statement after the House of Representatives approved Tester’s bipartisan Small Company Capital Formation Act that helps small businesses raise much-needed capital to grow, innovate, and create more jobs:
“Startup businesses need access to capital so they can create jobs and focus on breakthroughs in science and technology. This bill improves and streamlines the ability for companies to raise money and allows small businesses to do what they do best: innovate and create jobs. I look forward to seeing it become law and support Montana’s small businesses.”
Tester’s bill, introduced with Senator Pat Toomey (R-Pa.), allows companies to sell up to $50 million in shares without filing lengthy paperwork. Currently, businesses can only raise $5 million under a Securities and Exchange Commission rule known as “Regulation A” – a limit that many businesses consider insufficient.
“We appreciate Senator Tester’s leadership in helping all Montana companies access the resources they need to grow, create jobs and provide opportunities for the next generation,” said Bill Johnstone, Chairman and CEO of Davidson Companies, Great Falls, Mont.
Tester’s bill was part of a bipartisan package of bills designed to help small businesses. The President is expected to sign it into law.