SEC Small Business Advisory Committee to Explore Recent Changes to U.S. Small Business Administration’s Small Business Investment Company Program

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Tuesday, July 30, 2024, which will include an exploration of recent changes to the U.S. Small Business Administration’s (SBA) Small Business Investment Company (SBIC) program. Members of the public can watch the live meeting via webcast on www.sec.gov.

The Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses, will start the meeting by hearing Committee member observations on the state of small business capital raising. The Committee will also discuss 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 are licensed by the SBA. 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; 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.

The full agenda, meeting materials, and information on how to watch the meeting are available on the Committee webpage.