Agenda - Meeting of SEC Small Business Capital Formation Advisory Committee

Location:  Public will be able to view on www.sec.gov

Date:          Tuesday, July 30, 2024

Time:         10:00 a.m. – 1:00 p.m. (ET)

10:00  Call to Order; Introductory Remarks by Commissioners

10:15   Committee Member Observations on the State of Small Business Capital Raising

10:50   Break

11:00    Exploring Recent Changes to the Small Business Investment Company (SBIC) Program

Continuing the exploration of ways to expand access to early-stage capital raising and support underrepresented emerging fund managers, the Committee will explore recent changes to the SBIC program designed to increase access and diversify funding for small businesses, start-ups, and fund managers. 

SBICs are privately-owned and operated investment funds that make investments in U.S. small businesses and start-ups and are licensed by the U.S. Small Business Administration (SBA). The SBIC program was created to fill the gap between the availability of private capital and the needs of small businesses. SBICs may obtain access to SBA-guaranteed loans to match privately-raised capital, which increases the amount of capital these funds can invest in American small businesses. 

To facilitate the discussion, members will hear from an SBIC fund and a practitioner who will, among other things: provide an overview of the SBIC program and recent changes, including the introduction of a new type of SBA-guaranteed loan to private funds; explain the benefits available to an SBIC; address the regulatory framework governing SBICs; and share their views on successes and challenges to date. The discussion will commence with remarks by Committee member Bailey DeVries, who leads the SBIC program in her role as the SBA’s Associate Administrator and Head of Office of Investment and Innovation.

Speakers:

• Kate Price, Winston & Strawn LLP, Partner
• Steve Glover, Pelion Venture Partners, Administrative Partner and Chief Financial Officer

1:00     Wrap-up and Adjournment