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The Early Stage Small Business Investment Company (SBIC) initiative was launched in 2012. To date, SBA has licensed five Early Stage SBICs. In order to help determine whether program changes are necessary SBA is seeking input from the public on, among other things: (1) whether the industry believes a funding gap exists for early stage businesses; (2) what structural changes to the program are needed to attract more qualified fund managers; (3) whether a debenture leverage instrument can be useful in financing early stage funds or whether another debt instrument can be implemented to attract experienced early stage fund managers; and (4) what other initiatives would be effective in meeting the financing needs of early stage businesses.