SBIC Policy Guidance 2025-001: Interpretive Guidance on Investments in Small Businesses Engaged in the Extraction, Conversion, or Other Processing of Critical Minerals

The purpose of this policy guidance is to inform current and prospective Small Business Investment Companies (SBICs) of SBA’s interpretation of 13 C.F.R. § 107.720(d) in a manner which does not prohibit a Financing of a business conducting or engaged in one or more projects reasonably anticipated to have a duration exceeding 48 months and involving (i) the production, mining, extraction, or beneficiation of Critical Minerals, (ii) the conversion of Critical Mineral ores into oxides, oxide concentrates, metals, metal powders, or alloys, or (iii) any other processing of Critical Minerals necessary for incorporation into semi-finished goods and final products.