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SBA

RIN: 3245-AG32

Publication ID: Fall 2011

Title: Small Business Investment Companies-- Early Stage SBICs
Abstract: To address a critical market need for early stage equity financing, SBA proposes to 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 "Innovation Funds." 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 Innovation Funds may be significantly reduced. This rule would establish a number of regulatory provisions applicable to Innovation Funds 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: Proposed Rule Stage
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 Action	04/00/2012

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