Summary: S.2324 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.2324. Bill summaries are authored by CRS.

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Introduced in Senate (01/18/2018)

Small Business Credit Availability Act

This bill amends the Investment Company Act of 1940 to reduce the required asset-coverage ratio applicable to a Business Development Company (BDC) from 200% to 150% if: (1) the BDC makes specified disclosures on its website and to the Securities and Exchange Commission (SEC); and (2) the modified asset-coverage ratio is approved by the required majority of the BDC's directors, general partners, or shareholders (as applicable).

The SEC must allow BDCs to use securities offering and proxy rules that are available to other issuers.