News & Analysis as of

Small Business Investment SBIC

Cadwalader, Wickersham & Taft LLP

SBICs – A Tradition (Mostly) Unlike Any Other? April 2024 - Revised SBA Rules Move Cap Call Lending Closer, But Still a Bridge Too...

When the U.S. Small Business Administration’s (“SBA’s”) revised rules for its Small Business Investment Company (“SBIC”) program went into effect last August, it looked like a greenfield market for capital call financing had...more

Troutman Pepper

More Than $1.6B in SBA Debenture Leverage Priced at 5.035%

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Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more

Hogan Lovells

SBIC Program Updates: SBA Proposes Technical Amendments to 2023 Reforms and Significant Change to Passive Business Rule

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In July 2023, the U.S. Small Business Administration (SBA) released sweeping reforms to the Small Business Investment Company (SBIC) program. Many of those reforms were enacted through the Small Business Investment Company...more

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Amendments and Clarifications to the Small Business Investment Company Investment Diversification and Growth Rules

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On January 19, the U.S. Small Business Administration (SBA) published a direct and final rule (the rule), including substantive and technical amendments and clarifications to the Small Business Investment Company Investment...more

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Description of the Small Business Investment Company Program Participation by Unleveraged Funds — Updated May 2023

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The SBIC Program - A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the U.S. Small Business...more

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Description of the Small Business Investment Company Program Participation by Unleveraged Funds — Updated March 2023

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The SBIC Program - A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the U.S. Small Business...more

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Description of the Small Business Investment Company Debenture Program — Updated March 2023

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The SBIC Program - A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the U.S. Small Business...more

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More Than $1.737B in SBA Debenture Leverage Priced at 5.168%

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Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more

Bass, Berry & Sims PLC

Permissible Uses of Idle Funds under SBIC Program

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In the wake of several high-profile bank failures over the past week and the turmoil surrounding the larger banking industry in general, it is important to review the permissible uses of idle funds (i.e., funds not actively...more

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Description of the Small Business Investment Company Program Participation by Unleveraged Funds (UPDATED)

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The SBIC Program A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the U.S. Small Business Administration...more

Bass, Berry & Sims PLC

SBA to Adjust for Alternative Size Standards under the SBIC

On November 17, 2022, the U.S. Small Business Administration (SBA) published an interim final rule in the Federal Register to make certain inflationary adjustments for the alternative size standards under the Small Business...more

Hogan Lovells

SBA announces proposed reforms to SBIC program – new Accrual SBIC for growth equity funds

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The U.S. Small Business Administration (SBA) proposed wide-ranging revisions to the regulations governing the small business investment company (SBIC) program on Tuesday, October 18, 2022. Among other things, the proposed...more

Bass, Berry & Sims PLC

SBA Proposes Accrual SBIC Licenses and Debentures as Part of SBIC Program Reform

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On October 19, the U.S. Small Business Administration (SBA) published proposed rules in the Federal Register to significantly amend the regulations governing the Small Business Investment Company (SBIC) program. The proposal,...more

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Description of the Small Business Investment Company Debenture Program (UPDATED)

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A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the U.S. Small Business Administration (SBA or...more

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More Than $2 Billion in SBA Debenture Leverage Priced at 2.938%

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Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more

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More Than $1.3 Billion in SBA Debenture Leverage Priced at Near-Record Low

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Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more

McGuireWoods LLP

SBIC Debenture Priced at Historical Lows

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On Sept. 15, 2020, the Small Business Investor Alliance announced that $685,450,000 of Small Business Investment Companies (SBIC) debentures were priced at an interest rate of 1.034 percent — the lowest interest rate of SBIC...more

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More Than $1 Billion in SBA Debenture Leverage Priced at Near-Record Low

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A small business investment company (SBIC) is a privately owned and operated investment fund that makes long-term investments in U.S. small businesses and is licensed by the U.S. Small Business Administration (SBA) under the...more

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Description Of The Small Business Investment Company Program Participation By Unleveraged Funds - January 2020

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A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

Foley Hoag LLP

SBA Simplifies Filings Requirements for SBIC Applicants

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On September 17, 2019, the Licensing Department of the Investment Division of the U.S. Small Business Administration (“SBA”) announced that, effective immediately, all license applications should be submitted electronically...more

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More Than $991 Million in SBA Debenture Leverage Priced

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A small business investment company (SBIC) is a privately owned and operated investment fund that makes long-term investments in U.S. small businesses and is licensed by the U.S. Small Business Administration (SBA) under the...more

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Description of the Small Business Investment Company Debenture Program - September 2019

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A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

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Description Of The Small Business Investment Company Program Participation By Unleveraged Funds - May 2019

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A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

Troutman Pepper

Description of the Small Business Investment Company Debenture Program - May 2019

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A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

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Description of the Small Business Investment Company Program Participation by Unleveraged Funds - April 2019

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A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

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