Greenville Leader

The House of Representatives passed H.R. 2799 - Expanding Access to Capital Act, by a vote of 212-205, in a move to help small businesses and entrepreneurs access more capital. The bill, which includes Congressman William Timmons' (SC-04) ICAN Act, aims to facilitate capital formation by strengthening public markets and creating new opportunities for investors.

In a statement, Rep. William Timmons highlighted the importance of the legislation, stating, "Three-quarters of venture capital supports entrepreneurs in just three states: California, Massachusetts, and New York." He emphasized the need for broader access to capital, saying, "An entrepreneur in the Upstate should have the same opportunities to grow their business as an entrepreneur in Silicon Valley."

Rep. Timmons expressed pride in the bill's potential impact on South Carolinians, stating, "I am proud to say this legislation will allow more South Carolinians to invest in our local economy and provide capital outside of traditional Venture Capital hubs, bringing these funds to businesses right here in the Fourth District of South Carolina."

The passage of H.R. 2799 marks a significant step towards leveling the playing field for entrepreneurs and small businesses, ensuring that opportunities for growth and investment are more widely accessible across different regions.