Investing in All of America Act of 2025

Summary

Amends the Small Business Investment Act to raise how much SBA‑licensed small business investment companies (SBICs) may borrow (leverage) for single companies and commonly controlled companies, and to change which government and other investments count when approving leverage. It narrows the types of federal, state, or local government funds that count toward leverage limits and allows certain investments — in low‑income or rural small businesses, covered technology firms, and small manufacturers — to be excluded from leverage calculations up to a capped amount, subject to specified ratios and limits. The changes aim to increase private capital available to small businesses (especially in rural/low‑income areas, covered tech, and manufacturing) by letting SBICs use more leverage while placing limits on how much of that leverage can be offset by excluded investments.

• Narrows the government‑funds definition used for SBA leverage approvals so most federal, state, and local funds are excluded from counting against leverage requests.
• Raises single‑company leverage caps to $250M for frequent payers and $175M for others.
• Increases combined caps for commonly controlled companies to $475M (frequent payers) and $350M (others).
• Allows post‑enactment investments in low‑income/rural small businesses, covered technology firms, and small manufacturers to be excluded from leverage calculations.
• Caps total excluded investment per company at the lesser of 50% of private capital or $125M.
• Excluded investments must be made after enactment and remain subject to existing leverage ratio and limit rules.
• Aims to boost private capital flow to targeted small businesses while retaining statutory safeguards to limit SBA risk exposure.
• Does not appropriate new funding or change tax law — it adjusts regulatory definitions and ceilings under existing law.