Skip to content

September 2023 SBIC Leverage Pricing Determined

$1,545,510,000 of SBIC debentures were priced at an interest rate of 5.688%

September 14, 2023 (Washington, D.C.) – The Small Business Investor Alliance (SBIA), the leading association for lower middle market private equity funds and investors, today announced that $1,545,510,000 of Small Business Investment Companies (SBIC) debentures were priced at an interest rate of 5.688%.

This rate of 5.688% is the new base rate applied to the SBIC leverage drawn between the last pooling in March 2023 and September 5, 2023. This base rate does not include any of the other fees charged by the Small Business Administration (SBA), such as the annual charge, reserving, or drawing fees. SBIC debentures are non-amortizing, fixed rate notes with no prepayment penalty. The SBIC leverage operates with a zero-subsidy rate, as all costs are offset by fees. The previous pool of debentures priced in March 2023 at 5.168%.

List of historical rates >


About the Small Business Investor Alliance

The Small Business Investor Alliance (SBIA) is the premier organization of lower middle market private equity funds and investors. SBIA works on behalf of its members as a tireless advocate for policies that promote competitive markets and robust domestic investment for growing small businesses. SBIA has been playing a pivotal role in promoting the growth and vitality of the private equity industry for over 60 years. For more information, visit or call (202) 628-5055.


About Small Business Investment Companies

Small Business Investment Companies are highly regulated, venture capital and private equity funds that invest exclusively in domestic small businesses to help them grow and create American jobs. SBICs pursue investments in a broad range of industries, geographic areas, and stages of investment. Since its inception, the Small Business Investment Company program has facilitated access to patient capital for tens of thousands of small businesses and has created millions of American jobs. The SBIC program is one of the best examples of a public-private partnership, matching federal funding with experienced private investors to support domestic small business growth at zero risk to the American taxpayer.

Up Graph