Sen. Baldwin's small-business bill heads to President Trump

WASHINGTON (WBAY) - Good news for small businesses in the state of Wisconsin, Democratic Sen. Tammy Baldwin of Wisconsin and Republican Sen. Marco Rubio of Florida saw their bipartisan bill pass the senate and head to the president's desk.

According to Sen. Baldwin, the Spurring Businesses in Communities Act will make sure more government financing for small businesses goes to areas under-served by financial services, through the development of Small Business Investment Companies (SBICs).

Start-ups applying for investments in these under-licensed, under-financed states would get first priority, and small businesses in these states would be exempt from full capital requirements.

Baldwin cites the Kauffman Foundation, an education organization for entrepreneurship, ranking Wisconsin last in business start-up activity in the past 3 years.

"Small businesses are the engines of our Made in Wisconsin economy, and if we increase the amount of start-up funding in states like Wisconsin, we can create new jobs and grow our economy,” Baldwin wrote in a statement. "This legislation will help carry on Wisconsin’s proud history of entrepreneurship and innovation by providing more support to our small business start-ups."

The House passed the Spurring Business in Communities Act in May. It's now going to President Trump to decide whether to sign it into law.