Content
SBIC program information and presentations
Statute and regulations
Regulations provide the implementing rules to govern the SBIC program as authorized by the Small Business Investment Company Act of 1958, as amended.
- Federal Register: Small Business Investment Company Investment Diversification and Growth; Technical Amendments and Clarifications (Effective 3/04/2024)
- Federal Register: Small Business Investment Company Investment Diversification and Growth (Effective 8/17/2023)
- 13 CFR Part 107 - Small Business Investment Companies
- 13 CFR Part 121 - Small Business Size Regulations
Accounting and valuation standards
SBA accepts FASB GAAP compliant valuations for non-leveraged licensees.
Appendix 14 provides guidance to SBICs on accounting policies and procedures, financial reporting to the U.S. Small Business Administration (SBA), and selection of an auditor. It also contains guidelines for independent public accountants engaged to conduct annual audits of SBICs.
Appendix 15 describes the policies and procedures which SBICs must follow in valuing their loans and investments. It also provides the techniques and standards which are generally applicable to such valuations.
Appendix 16 provides for two-digit number designations for major categories under which accounts are listed, and three-digit number designations for individual general ledger accounts.
Policy guidance
From time to time, SBA will issue policy guidance to provide further clarification on specific areas and special topics. This section lists guidance by topic.
- Policy Guidance OIIPG001: SBIC Policies and SOP Updates Incorporating Reforms from the SBIC Investment Diversification and Growth Final Rule
- Policy Guidance OIIPG002: SBIC Regulatory and Process Updates – Forms 468 and 2181, SOP and Model LPA
- Investment Policy Statement, Small Business Investment Company Critical Technology Initiative
- Policy Guidance OIIPG003: SBIC Regulatory and Process Updates—Forms 468 and Final Rule
Credit and risk
SBIC Reporting Requirements
Funding the SBIC program
- Instructions for Prepayment of SBIC Pooled Debentures
- Trust Certificate Rates: SBIC Debenture Pools
- Trust Certificate Rates: SBIC Participating Security Pools
- Offering Circulars - Debenture
- SBA Annual Charge
- SBIC Debenture Pools: Prepayment Schedule and Deal Factors
Leverage commitments and draws
Standard Operating Procedures (SOPs)
To streamline procedural guidance regarding the SBIC Program, SBA published a single consolidated SOP document, SOP 10 10 0, which outlines the SBA guidelines for issuing and administering Small Business Investment Companies (SBICs).
This SOP replaces all prior SBIC-related SOPs and Technotes, including, but not limited to, 10 04, 10 06, 10 07, 10 09, and Technotes 2 – 17.
- SOP 1010 0: Small Business Investment Companies (SBIC) Program (08/2023) - Effective
- SOP 1004: Processing Applications for SBIC Licenses (09/2014) - Retired
- SOP 1006: Oversight and Regulations of SBICs Investment Division (05/2007) - Retired
- SOP 1007: SBIC Liquidation Program (12/2007) - Retired
- SOP 1009: SBIC Examination Guidelines (10/2013) - Retired