{ "id": "R41456", "type": "CRS Report", "typeId": "R", "number": "R41456", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source_dir": "crsreports.congress.gov", "title": "SBA Small Business Investment Company Program", "retrieved": "2022-05-05T04:03:54.724723", "id": "R41456_95_2022-04-07", "formats": [ { "filename": "files/2022-04-07_R41456_e57cbae6888bb8b7dc9b2d31249d103780b2b7a4.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R41456/95", "sha1": "e57cbae6888bb8b7dc9b2d31249d103780b2b7a4" }, { "format": "HTML", "filename": "files/2022-04-07_R41456_e57cbae6888bb8b7dc9b2d31249d103780b2b7a4.html" } ], "date": "2022-04-07", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R41456", "type": "CRS Report" }, { "source_dir": 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"sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R41456", "type": "CRS Report" }, { "source": "EveryCRSReport.com", "id": 610104, "date": "2019-12-05", "retrieved": "2019-12-13T15:05:29.070881", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of September 30, 2019, there were 300 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $30.5 billion in small businesses, with the SBA\u2019s share of capital at risk about $13.8 billion. In FY2019, the SBICs were provided nearly $1.93 billion in SBA leverage and invested another $3.93 billion from private capital for a total of $5.86 billion in financing for 1,191 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion. P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. P.L. 115-187, the Small Business Investment Opportunity Act of 2017, increased the amount of outstanding leverage allowed for individual SBICs to $175 million from $150 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. During the Obama Administration, the SBA established a five-year, early stage SBIC initiative. Early stage SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year. The SBA stopped accepting new applicants for the early stage SBIC initiative in 2017.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, impact investment SBIC program (targeting underserved markets and communities facing barriers to access to credit and capital), and early stage SBIC initiative.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R41456", "sha1": "067aadd5000069f2bc577edc1539303329a040a4", "filename": "files/20191205_R41456_067aadd5000069f2bc577edc1539303329a040a4.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R41456", "sha1": "604daa806d86c028bea8878c08912246c88ef121", "filename": "files/20191205_R41456_604daa806d86c028bea8878c08912246c88ef121.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 604354, "date": "2019-09-04", "retrieved": "2019-09-04T22:10:18.817308", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of June 30, 2019, there were 302 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $30.6 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.2 billion. In FY2018, the SBA committed to guarantee $2.52 billion in SBIC small business investments. SBICs invested another $2.98 billion from private capital for a total of $5.50 billion in financing for 1,151 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion. P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. P.L. 115-187, the Small Business Investment Opportunity Act of 2017, increased the amount of outstanding leverage allowed for individual SBICs to $175 million from $150 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. During the Obama Administration, the SBA established a five-year, early stage SBIC initiative. Early stage SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year. The SBA stopped accepting new applicants for the early stage SBIC initiative in 2017.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, impact investment SBIC program (targeting underserved markets and communities facing barriers to access to credit and capital), and early stage SBIC initiative.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R41456", "sha1": "2c03d62f14cfc4a3903d65e0a06cd9ba29bc9fe3", "filename": "files/20190904_R41456_2c03d62f14cfc4a3903d65e0a06cd9ba29bc9fe3.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R41456", "sha1": "54a8ea259a781fbcc2cfba74bc9241f24a105a1d", "filename": "files/20190904_R41456_54a8ea259a781fbcc2cfba74bc9241f24a105a1d.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 602950, "date": "2019-07-24", "retrieved": "2019-07-29T22:24:06.325194", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of March 31, 2019, there were 304 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $30.1 billion in small businesses, with the SBA\u2019s share of capital at risk about $13.9 billion. In FY2018, the SBA committed to guarantee $2.52 billion in SBIC small business investments. SBICs invested another $2.98 billion from private capital for a total of $5.50 billion in financing for 1,151 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion. P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. P.L. 115-187, the Small Business Investment Opportunity Act of 2017, increased the amount of outstanding leverage allowed for individual SBICs to $175 million from $150 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. During the Obama Administration, the SBA established a five-year, early stage SBIC initiative. Early stage SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year. The SBA stopped accepting new applicants for the early stage SBIC initiative in 2017.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, impact investment SBIC program (targeting underserved markets and communities facing barriers to access to credit and capital), and early stage SBIC initiative.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R41456", "sha1": "650cc042ac48fc83dbaf564805068032d8e5efb2", "filename": "files/20190724_R41456_650cc042ac48fc83dbaf564805068032d8e5efb2.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R41456", "sha1": "4573861e0c4c56f0b1cb4f83a29d32aaddf3252c", "filename": "files/20190724_R41456_4573861e0c4c56f0b1cb4f83a29d32aaddf3252c.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 595666, "date": "2019-04-04", "retrieved": "2019-04-17T13:47:37.236033", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of December 31, 2018, there were 305 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $30.3 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.5 billion. In FY2018, the SBA committed to guarantee $2.52 billion in SBIC small business investments. SBICs invested another $2.98 billion from private capital for a total of $5.50 billion in financing for 1,151 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion. P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. P.L. 115-187, the Small Business Investment Opportunity Act of 2017, increased the amount of outstanding leverage allowed for individual SBICs to $175 million from $150 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. During the Obama Administration, the SBA established a five-year, early stage SBIC initiative. Early stage SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year. The SBA stopped accepting new applicants for the early stage SBIC initiative in 2017.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, impact investment SBIC program (targeting underserved markets and communities facing barriers to access to credit and capital), and early stage SBIC initiative.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R41456", "sha1": "0b16429c3b0c82031c151e0086763d87add1783a", "filename": "files/20190404_R41456_0b16429c3b0c82031c151e0086763d87add1783a.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R41456", "sha1": "f6016a0511589b7200622859e64f41cf666ac761", "filename": "files/20190404_R41456_f6016a0511589b7200622859e64f41cf666ac761.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 589218, "date": "2018-12-26", "retrieved": "2019-01-03T14:12:04.739206", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of September 30, 2018, there were 305 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $30.1 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.3 billion. In FY2018, the SBA committed to guarantee $2.52 billion in SBIC small business investments. SBICs invested another $2.98 billion from private capital for a total of $5.50 billion in financing for 1,151 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion. P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. P.L. 115-187, the Small Business Investment Opportunity Act of 2017, increased the amount of outstanding leverage allowed for individual SBICs to $175 million from $150 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. During the Obama Administration, the SBA established a five-year, early stage SBIC initiative. Early stage SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year. The SBA stopped accepting new applicants for the early stage SBIC initiative in 2017.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, impact investment SBIC program (targeting underserved markets and communities facing barriers to access to credit and capital), and early stage SBIC initiative.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "4209f86c31b8fae1f3a1d5234649d0b040352f8e", "filename": "files/20181226_R41456_4209f86c31b8fae1f3a1d5234649d0b040352f8e.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "2ee165c154dd1c3c7f1148743f61997ea97b597c", "filename": "files/20181226_R41456_2ee165c154dd1c3c7f1148743f61997ea97b597c.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 584801, "date": "2018-06-29", "retrieved": "2018-10-05T23:24:56.838183", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of March 31, 2018, there were 308 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $29.5 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.2 billion. In FY2017, the SBA committed to guarantee $1.96 billion in SBIC small business investments. SBICs invested another $3.77 billion from private capital for a total of $5.73 billion in financing for 1,077 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion. P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. P.L. 115-187, the Small Business Investment Opportunity Act of 2017, increased the amount of outstanding leverage allowed for individual SBICs to $175 million from $150 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. During the Obama Administration, the SBA established a five-year, early stage SBIC initiative. Early stage SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year. The SBA stopped accepting new applicants for the early stage SBIC initiative in 2017.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, impact investment SBIC program (targeting underserved markets and communities facing barriers to access to credit and capital), and early stage SBIC initiative.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "4bd8819b1f4b7b50d3d6f9a3abee7d6eb5587f98", "filename": "files/20180629_R41456_4bd8819b1f4b7b50d3d6f9a3abee7d6eb5587f98.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "6a02a06d8f76ac766331e1dea53d8d496370aad3", "filename": "files/20180629_R41456_6a02a06d8f76ac766331e1dea53d8d496370aad3.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 579010, "date": "2018-03-09", "retrieved": "2018-05-10T11:09:49.438168", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of December 31, 2017, there were 313 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $29.5 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.4 billion. In FY2017, the SBA committed to guarantee $1.96 billion in SBIC small business investments. SBICs invested another $3.77 billion from private capital for a total of $5.73 billion in financing for 1,077 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. During the Obama Administration, the SBA established a five-year, early stage debenture SBIC initiative. Early stage debenture SBICs were required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year. The early stage debenture SBIC initiative sunset in 2017.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and the now-sunset early stage debenture SBIC initiative.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "9c8ea301fa96d70687602a019144d5bfabef7826", "filename": "files/20180309_R41456_9c8ea301fa96d70687602a019144d5bfabef7826.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "1e6ef4a2dbab0679080631e4a432391a6ef3f9ad", "filename": "files/20180309_R41456_1e6ef4a2dbab0679080631e4a432391a6ef3f9ad.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 577383, "date": "2018-01-05", "retrieved": "2018-01-08T14:14:53.128659", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of September 30, 2017, there were 315 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $29.0 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.0 billion. In FY2017, the SBA committed to guarantee $1.96 billion in SBIC small business investments. SBICs invested another $3.77 billion from private capital for a total of $5.73 billion in financing for 1,077 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "15288ebedee4c8d8a691ddb3b0df7a4dbb63f4af", "filename": "files/20180105_R41456_15288ebedee4c8d8a691ddb3b0df7a4dbb63f4af.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "f9f724633c5e5f3da9cee4c21c67c9196420dc82", "filename": "files/20180105_R41456_f9f724633c5e5f3da9cee4c21c67c9196420dc82.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 577032, "date": "2017-12-22", "retrieved": "2018-01-03T13:51:36.572148", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of September 30, 2017, there were 315 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $29.0 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.0 billion. In FY2017, the SBA committed to guarantee $1.96 billion in SBIC small business investments. SBICs invested another $3.77 billion from private capital for a total of $5.73 billion in financing for 1,077 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "24c55e5713465c64adb920313c3b4ec5ec8cd53b", "filename": "files/20171222_R41456_24c55e5713465c64adb920313c3b4ec5ec8cd53b.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "4a6a7d5af4b31dc8375756fc425ce35abd0e98d9", "filename": "files/20171222_R41456_4a6a7d5af4b31dc8375756fc425ce35abd0e98d9.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 462023, "date": "2017-06-15", "retrieved": "2017-08-22T14:18:53.128006", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of March 31, 2017, there were 316 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $29.2 billion in small businesses, with the SBA\u2019s share of capital at risk about $14.6 billion. In FY2016, the SBA committed to guarantee $2.51 billion in SBIC small business investments. SBICs invested another $3.48 billion from private capital for a total of nearly $6.0 billion in financing for 1,201 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "b45639f3077e0194ea4b01ece3387eaa17a40fe4", "filename": "files/20170615_R41456_b45639f3077e0194ea4b01ece3387eaa17a40fe4.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "935643565296a57fc1f698cbe75b7d1511ef2d37", "filename": "files/20170615_R41456_935643565296a57fc1f698cbe75b7d1511ef2d37.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 457376, "date": "2016-12-01", "retrieved": "2016-12-09T19:08:01.707853", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of September 30, 2016, there were 313 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $27.8 billion in small businesses, with the SBA\u2019s share of capital at risk about $13.7 billion. In FY2016, the SBA committed to guarantee $2.51 billion in SBIC small business investments. SBICs invested another $3.48 billion from private capital for a total of nearly $6.0 billion in financing for 1,201 small businesses. \nIn recent years, some Members of Congress have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).\nThe impact investment and early stage debenture programs are SBA initiatives that may or may not be continued or restructured under the next Administration.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "d1c72718a641c79a5eb00ade221e45bac4de769b", "filename": "files/20161201_R41456_d1c72718a641c79a5eb00ade221e45bac4de769b.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "bea1bcff2d7f34cd1a79f27ae2d19f469413dbaf", "filename": "files/20161201_R41456_bea1bcff2d7f34cd1a79f27ae2d19f469413dbaf.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 456007, "date": "2016-09-22", "retrieved": "2016-09-30T17:25:59.364848", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of June 30, 2016, there were 310 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $27.3 billion in small businesses, with the SBA\u2019s share of capital at risk about $13.6 billion. In FY2015, the SBA committed to guarantee $2.55 billion in SBIC small business investments. SBICs invested another $3.73 billion from private capital for a total of nearly $6.3 billion in financing for 1,210 small businesses. \nIn recent years, some Members of Congress and the Obama Administration have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "680990e4d27e0503a9d3d6269fbc05e6cf6d2102", "filename": "files/20160922_R41456_680990e4d27e0503a9d3d6269fbc05e6cf6d2102.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "ab8829d2fb2192df8f5b20c901e66ccd35a45494", "filename": "files/20160922_R41456_ab8829d2fb2192df8f5b20c901e66ccd35a45494.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 2636, "name": "Small Business Policy" } ] }, { "source": "EveryCRSReport.com", "id": 455145, "date": "2016-08-18", "retrieved": "2016-09-09T18:39:20.285853", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of June 30, 2016, there were 310 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $27.3 billion in small businesses, with the SBA\u2019s share of capital at risk about $13.6 billion. In FY2015, the SBA committed to guarantee $2.55 billion in SBIC small business investments. SBICs invested another $3.73 billion from private capital for a total of nearly $6.3 billion in financing for 1,210 small businesses. \nIn recent years, some Members of Congress and the Obama Administration have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "00fc913c5c10787ee58c82f4b11d374bc0f30a3c", "filename": "files/20160818_R41456_00fc913c5c10787ee58c82f4b11d374bc0f30a3c.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "1f1e763fea8b8ab2e4509f8d11c3ca9eefff6928", "filename": "files/20160818_R41456_1f1e763fea8b8ab2e4509f8d11c3ca9eefff6928.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 2636, "name": "Small Business Policy" } ] }, { "source": "EveryCRSReport.com", "id": 451257, "date": "2016-03-31", "retrieved": "2016-04-06T16:49:52.097567", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of December 31, 2015, there were 300 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program currently has invested or committed about $25.9 billion in small businesses, with the SBA\u2019s share of capital at risk about $12.9 billion. In FY2015, the SBA committed to guarantee $2.55 billion in SBIC small business investments. SBICs invested another $3.73 billion from private capital for a total of nearly $6.3 billion in financing for 1,210 small businesses. \nIn recent years, some Members of Congress and the Obama Administration have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "85de4940b704ee8ba864e7d5025cd03270c0a68a", "filename": "files/20160331_R41456_85de4940b704ee8ba864e7d5025cd03270c0a68a.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "7ecc5c972b1a23ead85971e2e8116a9cd11578e7", "filename": "files/20160331_R41456_7ecc5c972b1a23ead85971e2e8116a9cd11578e7.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 2636, "name": "Small Business Policy" } ] }, { "source": "EveryCRSReport.com", "id": 450756, "date": "2016-03-14", "retrieved": "2016-03-24T16:54:24.032492", "title": "SBA Small Business Investment Company Program", "summary": "The Small Business Administration\u2019s (SBA\u2019s) Small Business Investment Company (SBIC) program is designed to enhance small business access to venture capital by stimulating and supplementing \u201cthe flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply.\u201d Facilitating the flow of capital to small businesses to stimulate the national economy was, and remains, the SBIC program\u2019s primary objective.\nAs of December 31, 2015, there were 300 privately owned and managed SBA-licensed SBICs providing small businesses private capital the SBIC has raised (called regulatory capital) and funds the SBIC borrows at favorable rates (called leverage) because the SBA guarantees the debenture (loan obligation). SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Some SBICs specialize in a particular field or industry, and others invest more generally. Most SBICs concentrate on a particular stage of investment (i.e., startup, expansion, or turnaround) and geographic area.\nThe SBIC program has invested or committed about $25.9 billion in small businesses, with the SBA\u2019s share of capital at risk about $12.9 billion. In FY2015, the SBA committed to guarantee $2.55 billion in SBIC small business investments. SBICs invested another $3.73 billion from private capital for a total of nearly $6.3 billion in financing for 1,210 small businesses. \nIn recent years, some Members of Congress and the Obama Administration have argued that the program should be expanded as a means to stimulate economic activity and create jobs. For example, P.L. 113-76, the Consolidated Appropriations Act, 2014, increased the annual amount of leverage the SBA is authorized to provide to SBICs to $4 billion from $3 billion and P.L. 114-113, the Consolidated Appropriations Act, 2016, increased the amount of outstanding leverage allowed for two or more SBIC licenses under common control (the multiple licenses/family of funds limit) to $350 million from $225 million. Others worry that an expanded SBIC program could result in losses and increase the federal deficit. In their view, the best means to assist small business, promote economic growth, and create jobs is to reduce business taxes and exercise federal fiscal restraint.\nSome Members have also proposed that the program target additional assistance to startup and early stage small businesses, which are generally viewed as relatively risky investments but also as having a relatively high potential for job creation. In addition, the SBA established a five-year, $1 billion early stage debenture SBIC initiative in 2012. Early stage debenture SBICs are required to invest at least 50% of their investments in early stage small businesses, defined as small businesses that have never achieved positive cash flow from operations in any fiscal year.\nThis report describes the SBIC program\u2019s structure and operations, focusing on SBIC eligibility requirements, investment activity, and program statistics. It also includes information concerning the SBIC program\u2019s debenture SBIC program, participating securities SBIC program, $1 billion impact investment SBIC debenture program (targeting underserved markets and communities facing barriers to access to credit and capital), and $1 billion early stage debenture SBIC initiative (targeting early stage small businesses).", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R41456", "sha1": "e08f7b9ea80ef90556df7fc57048deef8ae620dc", "filename": "files/20160314_R41456_e08f7b9ea80ef90556df7fc57048deef8ae620dc.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R41456", "sha1": "dc073c5337f3d4e95fee99b390cf394603df6998", "filename": "files/20160314_R41456_dc073c5337f3d4e95fee99b390cf394603df6998.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 2636, "name": "Small Business Policy" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc808792/", "id": "R41456_2015Apr30", "date": "2015-04-30", "retrieved": "2016-03-19T13:57:26", "title": "SBA Small Business Investment Company Program", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20150430_R41456_bc0bfe5b3f1f17113b0f9aace22ff030d8b74b52.pdf" }, { "format": "HTML", "filename": "files/20150430_R41456_bc0bfe5b3f1f17113b0f9aace22ff030d8b74b52.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc805846/", "id": "R41456_2014Oct23", "date": "2014-10-23", "retrieved": "2016-03-19T13:57:26", "title": "SBA Small Business Investment Company Program", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20141023_R41456_e9c9e23ae4f5914df37df3e1df31fa03372ac948.pdf" }, { "format": "HTML", "filename": "files/20141023_R41456_e9c9e23ae4f5914df37df3e1df31fa03372ac948.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc807047/", "id": "R41456_2013Jul18", "date": "2013-07-18", "retrieved": "2016-03-19T13:57:26", "title": "SBA Small Business Investment Company Program", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20130718_R41456_5c77f4f7c3739328a8d3f81e0f9f66bf2e197e39.pdf" }, { "format": "HTML", "filename": "files/20130718_R41456_5c77f4f7c3739328a8d3f81e0f9f66bf2e197e39.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc809591/", "id": "R41456_2011Jan10", "date": "2011-01-10", "retrieved": "2016-03-19T13:57:26", "title": "SBA Small Business Investment Company Program", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20110110_R41456_c4450e1eea73afae0f8b411982e9829731711112.pdf" }, { "format": "HTML", "filename": "files/20110110_R41456_c4450e1eea73afae0f8b411982e9829731711112.html" } ], "topics": [] } ], "topics": [ "American Law", "Economic Policy" ] }