SBIA Applauds House Passage of the SBIC Reporting Modernization Act

Bipartisan bill from Reps. Finstad and Morrison would restore quarterly public reporting on the SBIC program

WASHINGTON, D.C. (November 12, 2026) – The Small Business Investor Alliance (SBIA) applauded passage of the SBIC Reporting Modernization Act (H.R. 10353) by the U.S. House of Representatives by unanimous consent. The bipartisan bill, led by U.S. Reps. Brad Finstad (R-MN) and Kelly Morrison (D-MN), directs the U.S. Small Business Administration (SBA) to resume quarterly public reporting on the Small Business Investment Company (SBIC) program.

For years, SBA published quarterly reports on SBIC activity that gave Congress, fund applicants and the public a consistent view of how the program was performing. That reporting has not been required by statute. H.R. 10353 would write it into law, so the data comes out on a predictable schedule, and would add new measures of the program’s reach. Under the bill, SBA would report:

•         SBIC program data on a regular quarterly schedule;

•         The number of “Green Light” letters SBA issues, the notice that clears an applicant to move toward final licensing;

•         How many Green Light applicants go on to become fully licensed; and

•         The number of jobs created by SBIC-backed small businesses.

“SBICs have put long-term, patient capital to work in American small businesses for more than 65 years, and Congress and the public should be able to see the results on a regular basis,” said SBIA President Brett Palmer. “This bill restores reporting of the quarterly data that SBA used to publish, and adds the licensing and jobs numbers that matter most to lawmakers and fund managers. We thank Reps. Finstad and Morrison for their leadership, and Chairman Roger Williams and Ranking Member Nydia Velázquez for moving the bill through the Small Business Committee. We urge the Senate to act quickly.”

SBICs are private funds licensed and regulated by SBA that invest exclusively in American small businesses, helping them expand operations, add jobs and strengthen their communities. Timely, reliable SBIC data helps Congress conduct oversight, gives prospective fund managers a clearer picture of SBA’s licensing pipeline, and shows the public the program’s impact on small businesses and jobs nationwide.

SBIA sent a letter of support for H.R. 10353 to the House Small Business Committee ahead of its markup in September. The Committee advanced the bill by unanimous consent on September 16, 2026.

Read SBIA’s letter of support >