In July 2023, the U.S. Small Business Administration (SBA) released sweeping reforms to the Small Business Investment Company (SBIC) program. Many of those reforms were enacted through the Small Business Investment Company Investment Diversification and Growth final rule effective on August 17, 2023 (SBIC IDG Final Rule), which reduced barriers to program participation for new SBIC fund managers and funds investing in underserved communities and geographies, capital intensive investments, and technologies critical to national security and economic development.