Bill > S2411

This bill establishes the Scale-Up Manufacturing Investment Company (SUMIC) Program to support small and emerging manufacturers in the United States by addressing critical capital access challenges. The program will create a mechanism for privately managed investment funds to receive government leverage (up to $1 of government funding for every $1 of private capital) to make debt and equity investments in qualifying manufacturing projects. Participating investment funds must raise at least $250 million in private capital and will be carefully selected based on criteria including investment experience, track record, and team expertise. The program aims to help technology-intensive manufacturing startups overcome the financial barriers that often cause them to scale production overseas, with a maximum of $1 billion in total leverage available annually. Participating funds will be limited to investing no more than 10% of their total capital in any single project and are encouraged to prioritize investments in businesses owned by socially and economically disadvantaged individuals, women, veterans, and individuals with disabilities. The bill also establishes oversight mechanisms, including regular examinations, valuations, and reporting requirements, and potentially creates a Scale-Up Manufacturing Investment Company Credit Council to provide advisory support to the program.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/2411/all-info