The U.S. Small Business Administration (SBA) finalized a rule to modernize the Small Business Investment Company (SBIC) Program on July 17, 2023.Part of President Biden's Investing in America agenda, the new SBIC Investment Diversification and Growth (IDG) rule seeks to "unlock unrealized potential and strengthen, diversify, and expand our network of SBIC licensed private funds to address capital deficiencies in underserved small businesses, start-ups, and critical U.S. industries impacting our nation's security," according to the SBA press release. The final rule becomes effective on August 17, 2023.
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