Sen. Rick Scott Joins Colleagues on Bill Supporting America’s Small Businesses

WASHINGTON, D.C. - Today, Senator Rick Scott joined Senator Mike Rounds and their colleagues to introduce the Merchant Banking Modernization Act to expand access to capital opportunities for small businesses in rural areas by changing the holding period for merchant banking investments from 10 to 15 years. Cosponsors of the legislation include Senators Tim Scott, Thom Tillis, Bill Hagerty, Kevin Cramer, Steve Daines, Markwayne Mullin, Ted Cruz, and John Cornyn.<_o3a_p>

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Senator Rick Scottsaid, "Small businesses are the backbone of our economy, and as a former business owner, I understand firsthand how businesses are critical to the success of our economy, to creating jobs, and to sustaining everyday life. This legislation makes a common-sense change to help give investors the confidence and flexibility to support entrepreneurs who need more time to grow and stabilize -- especially in rural and underserved communities - to support job growth and long-term economic prosperity." <_o3a_p>

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Senator Mike Roundssaid, "Access to capital remains a barrier for entrepreneurs to start up and grow their business, especially in rural states like South Dakota. Small businesses, a central pillar of our state economy, make up 99 percent of the businesses in South Dakota and employ 58 percent of our workforce. The Merchant Banking Modernization Act seeks to bridge the financial gap between small, often rurally-based, businesses that are not privy to the type of investments larger, more established, companies are able to access."<_o3a_p>

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Senator Tim Scottsaid, "Small businesses are the backbone of our economy, both in my home state of South Carolina and across the United States, but they need access to capital to grow and support their employees. This bill will support investment in local businesses and help ensure more Americans have a shot at the American Dream." <_o3a_p>

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Senator Thom Tillissaid, "Small businesses drive job creation and economic growth in North Carolina, but too often they struggle to secure the long-term capital needed to expand. By extending the merchant banking investment window, this legislation will help attract investment in businesses that are vital to our state. I'm proud to support this effort to strengthen North Carolina's economy and expand opportunities for entrepreneurs."<_o3a_p>

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Senator Steve Dainessaid, "Small businesses are the cornerstone of Montana's economy and represent 99 percent of all businesses in our state. As the son of a contractor, I've seen firsthand how difficult it can be to keep a company flourishing, and we need to do everything we can to help small businesses grow and remove unnecessary barriers to accessing capital. I'm proud to join my colleagues to introduce this bill, which will support investment in small and rural businesses and unleash our economy."<_o3a_p>

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Senator Markwayne Mullinsaid, "With over twenty-five years of firsthand experience as a business owner, I know just how necessary access to capital is to grow your operation. By expanding the holding period, the Merchant Banking Modernization Act will boost small businesses in Oklahoma and across the country."<_o3a_p>

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Senator John Cornynsaid, "By extending the holding period for merchant banking investments, this legislation would help Texas small businesses access the capital needed to grow and thrive, and I'm proud to support it."<_o3a_p>

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