H.R. 2066 — Investing in All of America Act of 2025

This section revises the definition of private capital for small business investment companies (SBICs) under the Small Business Investment Act of 1958 by (1) removing the requirement that funds under 15 U.S.C. 662(9)(B)(iii)(I) be established prior to October 1, 1987; (2) expanding qualifying funds under 15 U.S.C. 662(9)(B)(iii)(II) to include those from a college or university foundation, endowment, or trust; and (3) excluding all funds obtained directly or indirectly from federal, state, or local governments except for those specified in 15 U.S.C. 662(9)(B)(iii)(I)-(III) used for leverage approval purposes. This section revises SBIC maximum leverage limitations under 15 U.S.C. 683(b)(2) by (1) reducing the maximum outstanding leverage for a single SBIC to 200 percent of its private capital (from 300 percent) and setting absolute caps of $250 million for SBICs making quarterly or semiannual interest payments or $175 million for other SBICs; (2) limiting aggregate leverage for commonly controlled SBICs to $475 million if they make such payments or $350 million otherwise (previously $350 million aggregate); and (3) expanding exclusions from outstanding leverage calculations to investments in low-income or rural geographic areas, covered technology categories (as defined in 10 U.S.C. 149(e)), or small manufacturers (previously only low-income geographic areas), with such aggregate exclusions limited to the lesser of 50 percent of private capital or $125 million and applicable only prospectively to investments made after enactment.