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SBA RIN: 3245-AG32 Publication ID: 2012 
Title: Small Business Investment Companies-- Early Stage SBICs 
Abstract: To address a critical market need for early stage equity financing, SBA will license a limited number of Small Business Investment Companies (SBICs) each year that are focused on providing equity capital to seed and early stage small businesses. These SBICs would be designated as "Early Stage SBICs." SBA leverage is available to SBICs through a debenture instrument, the structure of which was not designed to address the needs or circumstances of early stage investors, and thus presents certain repayment risks for such investors. However, with certain regulatory changes, the risk associated with providing debenture leverage to Early Stage SBICs may be significantly reduced. This rule will establish a number of regulatory provisions applicable to Early Stage SBICs for the purpose of managing overall program risk, including lower limits on maximum leverage eligibility and special distribution rules. 
Agency: Small Business Administration(SBA)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 13 CFR 107   
Legal Authority: 15 USC 636(a)(32)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/09/2011  76 FR 76907   
NPRM Comment Period End  02/07/2012    
Final Rule  04/27/2012  77 FR 25042   
Final Rule Effective  04/27/2012 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
Carol Fendler
Systems Accountant, Office of Investment
Small Business Administration
409 Third Street SW., 6th Floor,
Washington, DC 20416
Phone:202 205-7559
Email: carol.fendler@sba.gov