Small Business Investment Company (SBIC) funds play an increasingly prominent role in middle‑market private equity transactions. As deal structures evolve and market conditions place a premium on certainty of closing, SBICs...more
On January 2, the Small Business Administration (SBA) published a final rule to implement its Notice of Proposed Rulemaking from July 7, 2025 that was intended to remove regulations that are “obsolete, inefficient, or...more
It’s no secret: the federal procurement system is undergoing major changes. The President’s “Revolutionary FAR Overhaul” is well underway, the Department of War (“DoW”) has recently announced that traditional program...more
McGuireWoods welcomed more than 1,600 attendees to Dallas for the 2025 Independent Sponsor Conference, the cornerstone of the firm’s independent sponsor initiative and preeminent gathering of independent sponsors and capital...more
To help businesses, investors, and deal professionals better understand the evolving independent sponsor landscape, Robert Connolly – a partner in LP’s Corporate Practice Group and leader of LP’s Independent Sponsor team –...more
On July 7, 2025, the U.S. Small Business Administration (SBA) issued a notice of proposed rulemaking related to SBIC Applicants and Licensees. The proposed rulemaking is open for comment until September 5, 2025. A summary of...more
Small Business Investment Companies (SBICs), which invest in qualifying small businesses in the United States, are eligible to receive Small Business Administration (SBA)-guaranteed debentures at favorable rates to finance...more
On October 22, 2024, the Department of Defense (DoD) and the Small Business Administration (SBA) announced approval of 13 inaugural small business investment company (SBIC) licensees and so-called green light approved...more
The US Small Business Administration (SBA) recently issued a proposed rule impacting the ability of small business government contractors to continue performance of set-aside awards following a merger or acquisition. The...more
Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more
If you are a business owner who is interested in applying for SBA financial assistance or participating in SBA programs such as the 8(a) Business Development Program, HUBZone, WOSB, EDWOSB, VOSB, or SDVOSB, you may be...more
When the U.S. Small Business Administration’s (“SBA’s”) revised rules for its Small Business Investment Company (“SBIC”) program went into effect last August, it looked like a greenfield market for capital call financing had...more
On January 19, 2024, the US Small Business Administration (SBA) created a new exception applicable to business development companies (BDCs) with wholly owned small business investment companies (SBICs) that will allow use of...more
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...more
The Small Business Investment Company (SBIC) program is emerging as a powerful financial tool for small business government contractors seeking a transformative approach to financing and growth. This third blog in the series...more
On January 19, the U.S. Small Business Administration (SBA) published a direct and final rule (the rule), including substantive and technical amendments and clarifications to the Small Business Investment Company Investment...more
This second installment of PilieroMazza’s blog series “Focus on SBA’s SBIC Program” explores regulations governing SBIC status and considerations for potential applicants...more
The SBIC Program - A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the U.S. Small Business Administration...more
On July 13, 2023, the US Small Business Administration (SBA) finalized major revisions to the regulations governing the small business investment company (SBIC) program (Final Rule). The updated regulations represent the most...more
Small Business Administration (SBA) Releases Interim Guidance to 8(a) Program Participants in Light of Lower Court Ruling - The SBA released interim guidance regarding the 8(a) Business Development Program in light of a...more
PilieroMazza presents a series of blogs exploring the intricacies of the Small Business Administration’s (SBA) Small Business Investment Company (SBIC) program. This first installment covers the Biden Administration’s AM...more
SBA to Require Individually-Owned 8(a) Firms to Support Social Disadvantage Prior to 8(a) Award Approval - As PilieroMazza recently reported, on July 19, 2023, the U.S. District Court for the Eastern District of Tennessee...more
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...more
The U.S. Small Business Administration (SBA) finalized wide-ranging revisions to the regulations governing the small business investment company (SBIC) program on Thursday, July 13, 2023. Among other things, the changes...more