Small Business Investment Company (SBIC) Leverage Pricing Determined

WASHINGTON, D.C. (September 15, 2026) – The Small Business Investor Alliance (SBIA), the leading association for lower middle market private equity funds and investors, today announced that a pool size of $1,600,745,000 in SBIC debentures was priced at an interest rate of 5.454%, with a spread to Ten-Year Treasuries of 46 basis points (bps).

This rate of 5.454% is the new base rate applied to SBIC leverage drawn between the June 2026 and September 2026 poolings. 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 last pool priced in June 2026 at 4.748% (28 bps spread) and previously in March 2026 at 4.626% (40 bps spread).

See a list of historical rates >

Debenture poolings moved to a quarterly schedule in April 2026, reflecting the substantial growth of the SBIC program over the past decade. The next pooling will be in December 2026.