Investing in All of America Act of 2025

New private investment rules for small businesses

If enacted, this bill would change how Small Business Investment Companies (SBICs) count investments when calculating their federal leverage. It would lower the base exclusion cap from $300 million to $200 million, but let qualifying companies exclude up to $250 million if they make quarterly or semiannual interest payments, or $175 million for other licensed companies. Commonly controlled groups could exclude up to $475 million (quarterly/semiannual payers) or $350 million (others), while the total excluded for any company or group could not exceed the lesser of 50% of the company’s private capital or $125 million. Only investments made after enactment would be eligible for exclusion, and eligible portfolio companies would expand to include firms in rural or low-income areas, covered critical technology categories, and small manufacturers. The bill would also change what counts as allowable fund sources: government-derived funds would generally be excluded (with specific exceptions), an old pre-1987 date rule would be removed, and university foundations, endowments, or trusts would be added to permitted private sources.