H.R. 5778 — Improving SBA Engagement on Employee Ownership Act

This section directs the Small Business Administration (SBA) Administrator (or designee) to attend working groups, meetings, fora, and other engagements on cooperatives or employee ownership hosted by other federal agencies if invited or if there has been a previous engagement or relationship.

This section expands the outreach requirement under the Small Business Investment Company (SBIC) program to direct participating SBICs to provide information not only to small business development centers but also to the investors and limited partners of such companies, to increase awareness of the SBIC program among small business concerns. (As background, the SBIC program authorizes SBA-licensed private funds to leverage federal capital for equity investments and debt financing in small businesses.)

This section directs the Administrator of the Small Business Administration (SBA), not later than 180 days after the date of enactment, to carry out the outreach and assistance requirements of section 862(e) of the John S. McCain National Defense Authorization Act for Fiscal Year 2019 (Public Law 115-232; 15 U.S.C. 648 note)—which promotes employee ownership and cooperatives—through SBA's Small Business Employee Ownership and Cooperatives Promotion Program.