Forms and guides

Use these forms and guides as you go through the processes of a licensed SBIC.


SBIC licensing forms

Applying for an SBIC license is a three-part process: 

  1. Pre-screening review 
    (Short Form 2181) 
  2. Management Assessment Questionnaire (MAQ) and MAQ fee 
    (Long Form 2181 or Subsequent Fund Form 2181 and Form 2181 Exhibits) 
  3. Final License Application and Licensing fee

New SBIC Program Application - Effective August 17, 2023

Pre-screen Form: 2181 (Short)

The Pre-screen 2181 contains a subset of forms contained in the full MAQ. Specifically, the Short Form 2181 contains:

  • The Overview
  • Narrative
  • Investment Track Record
  • Principal Biographies 

Management Assessment Questionnaire (MAQ): Form 2181 (Long) or  Form 2181 (Subsequent Fund)

Once you have decided to move forward with the application process, the next step is to prepare and submit the MAQ, which consists of:

  • Form 2181 (Long Form or Subsequent Fund Form)
  • Form 2181 Exhibits A - D
  • Attachments/Supplemental Materials
  • Payment of Initial Licensing Fee / (“MAQ Fee”)

License Application: MAQ Form 2181 and Form 2181 Exhibits 

The License Application builds upon the previously submitted MAQ and includes additional forms and documentation.  The entire package includes the following:

  • Form 2181 (updated to include any changes since the Green Light Letter)
  • Form 2181 Exhibits A - D (updated to include any changes since the Green Light Letter)
  • Form 2181 Exhibits E - G
  • Copies of all final legal documents + redlined copies detailing any and all changes to previously submitted legal documents
  • Payment of all application and Final Licensing Fee and other fees which may at that time be due (e.g., the Resubmission Penalty Fee, if applicable and if not already paid)

Legacy SBIC Program Application- Accepted through September 30th, 2023 

  • Legacy Management Assessment Questionnaire (Form 2181 and Part I of Form 2182)
  • Legacy License Application (Revised and updated Forms 2181, 2182, and 2183)

Other SBIC licensing forms

Private capital forms

SBIC financial reporting forms

SBIC Licensee Financial Statements and Investment Performance

  • Form 468 Instructions - SBIC Financial Reports
  • Annual Form 468 – SBIC Financial Report 
  • Quarterly Form 468 – SBIC Financial Report
  • Reinvestor SBIC Exhibit to Form 468 

SBA leverage commitment forms

Table 1

SBIC Organizational Structure

SBA Form

Partnership Licensees with individual general partners

SBA Form 25 LLGP

Partnership Licensees with a corporate general partner

SBA Form 25 PCGP

Corporate Licensees

SBA Form 25 PC

  • Form 27 Opinions of Counsel (see Table 2)
Table 2
Type of SBIC  Form
Standard and Impact SBICs

Form 27B Standard Debenture Opinion of Counsel

If you intend to issue either Low and Moderate Income (LMI) or Energy Saving Debentures at some point:

Form 27C LMI Debenture Opinion of Counsel  
Form 27F Energy Saving Debenture Opinion of Counsel

SBA leverage draw forms

Table 3

Type of leverage


Standard debenture Form 444C Debenture Certification
LMI debenture Form 2163 5-Year LMI Debenture Certification
Form 2162 10-Year LMI Debenture Certification
Energy Saving debenture Form 2434 5-Year Energy Saving Debenture Certification 
Form 2433 10-Year Energy Saving Debenture Certification
Accrual debenture Form 2536  10-Year Accrual Debenture Certification

SBIC leverage pre-payment forms

SBIC financing forms

Table 4



All Form 1031 Portfolio Financing Report 
Form 480 Size Status Declaration 
Form 652 Assurance of Compliance for Nondiscrimination
If you need a small business size determination. Form 355 Application for Small Business Size Determination
If you're using an Energy Saving debenture to finance the investment and need a pre-financing determination of eligibility Form 2428 Financing Eligibility Statement for Usage of Energy Savings Debentures
If you're a specialized SBIC

Form 1941B Financing Eligibility Statement - "Social Disadvantage" (For individuals who are not members of a designated group)

Form 1941A Financing Eligibility Statement - "Social Disadvantage" (For individuals who are members of a designated group)

Form 1941C Financing Eligibility Statement - "Economic Disadvantage"

If you're submitting a portfolio company to SBA as a success story Form 1926 SBA Success Story

SBIC examination forms

SBA will send the following forms to the SBIC prior to the examination:

  • Disclosure statement
    • Form 856 Disclosure Statement for Leveraged Licensees
    • Form 856A Disclosure Statement for Non-Leveraged Licensees
  • Form 857 Request for Information Concerning Portfolio Financing by SBICs
  • SBIC ownership confirmation
    • Form 1405 Stockholder’s Confirmation for Corporate SBICs
    • Form 1405A Ownership Confirmation for Partnership SBICs

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Last updated May 9, 2024