The Small Business Administration is looking to overhaul its Small Business Investment Company program — the latest in a series of lending reforms at the agency aimed at expanding access to capital.
The SBIC program portfolio contains $37 billion in committed and invested capital and, in the past year, 299 SBICs invested in over 1,500 companies, which created and sustained over 103,000 jobs, according to the SBA.aims to reduce barriers to participation for new fund managers investing in underserved communities and to increase diversity and representation of fund managers within the program.
Revising existing guidelines barring the SBICs from investing in re-lenders or re-investors under specific circumstances. SBA said this revision should improve SBIC program investment diversification and help mitigate default risk. Comments on the proposed rule are due Dec. 19, 2022, and the proposed reforms will take effect with a final rule that will be published in 2023, according to the SBA.
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