SBA Proposes Designation and Additional Requirements for Impact SBICs

By: Andrew Luu | February 12, 2016

The US Small Business Administration (SBA) has proposed new regulations that would provide an additional designation and requirements for impact-oriented Small Business Investment Companies (SBICs). “Impact SBICs”, as designated by the SBA, refers to investment companies that aim to generate positive financial returns alongside measurable social impact. This proposal is part of the SBA’s effort to increase the pool of investment capital devoted to low-to-moderate income (LMI) and underserved communities.

The SBA and the SBIC Program: Facilitating Long-Term Capital to US Small Businesses

The SBA’s mission is to provide aid, counsel, and assistance to American entrepreneurs and small businesses. Through the SBIC Program, the SBA facilitates the flow of long-term capital to American small businesses. However, instead of directly providing capital to small businesses, the SBA partners with and provides low-interest debt leverage to professionally-managed investment funds, or SBICs, that then finance small businesses (See Fig.1)

SBICs are privately-owned and operated investment companies that are licensed and regulated by the SBA. SBICs raise committed capital from their limited partner bases and combine these funds with debt leverage borrowed from the SBA at low interest rates, and invest exclusively in US-based small businesses. Investment firms primarily seek to become licensed as an SBIC in order to access debt financing provided by the SBA. 

The SBIC Impact Fund and the Impact SBICs

As part of the Start-Up America Program and in an effort to support the development of the impact investing industry in the United States, the Impact Fund was launched within the SBIC Program in 2011. The SBIC Program allocates about $200 million in annual SBA-guaranteed leverage commitments to the Impact Fund, which is then available to Impact SBICs. Similar to traditional SBICs, Impact SBICs focus on providing capital exclusively to US small businesses, but also commit to deploy at least 50% of their invested capital through impact investments.

Impact SBICs make impact investments through two tracks: SBA-Identified Impact Investments and Fund-Identified Impact Investments.

SBA Identified Impact Investments are investment opportunities that have been pre-approved and identified by the SBA, usually around federal priority areas. These investments do not typically require additional impact measurement on the part of the Impact SBIC, as the SBA monitors the performance of these investments (See Fig.2).

Fund-Identified Impact Investments are impact investments identified by individual Impact SBICs, in order to fulfill their 50% investment commitment. However, Impact SBICs must assess the impact of their investments through a third party such as the Global Impact Investing Network's Impact Reporting and Investments Standards (IRIS), B-Lab’s Global Impact Investment Rating System (GIIRS), the Sustainability Accounting Standards Board (SASB), or another SBA-approved standard. (See Fig. 3)

Proposed requirements for Impact SBICs
The SBA has proposed amending requirements for Impact SBICs, including:

  • Impact SBICS must be structured as limited partnerships
  • At least 50% of the Impact SBICs capital commitments must be invested in small businesses fitting the SBA’s criteria
  • Impact SBICs must invest within one of the investment tracks – SBA-Identified Impact Investments or Fund-Identified Impact Investments
  • When marketing to potential investors, Impact SBICs must market their fund as an impact investing fund
  • Impact SBIC must measure impact using one of several pre-approved impact measurement standards, completed by a third-party such as the GIIN’s IRIS or the SASB

The SBA and the Impact Investing Industry

The SBIC Impact Fund has the potential to catalyze the growth of impact-focused investments in the United States. With the availability of SBIC leverage, there is increased incentive for impact investors and managers to consider the Impact SBIC structure when pursuing values-based investments. And, by providing guidelines for impact measurement for participating Impact SBICS, the Impact Fund program can facilitate the development of non-financial impact metrics across the industry. The SBIC Impact Fund is another example of how government can play a vital role in the development of the impact investing industry (To learn more about the role of government in the impact investing industry, see: Pay for Success Impact Investments and IRS Ruling Makes Impact Investments More Accessible for Private Foundations).


kely singh

It is so easy here to hack snapchat online as we all know that snapchat can be hacked well with this method that we are using to get the password here.

Jones Wilson

I was impressed, I have to say. In fact, I rarely encounter educational and funny blogs. You may strike a nail on your head. Your idea is wonderful. The problem is one in which adequate individuals are not speaking intellectually. I am pleased that I found this by seeing this and searching for one thing.
Regards -

karin johan

Home Outer |
Home Sustain |
Home Measure |
Home Clearance |
Home Nobel |
Home Eastside |
Home Hotrod |
Home Corporation |
Home Feature |
Home Cellar |
Home Divine |
Home Pronto |
Home Carnival |
Home Eastbay |
Home Dodge |
Home Guerilla |
Home Waterfront |
Home Gecko |
Home Yankee |
Home Prestige |
Home Razor |
Home Atlantic |
Home Lowprice |
Home Husky |
Home Nations |
Home Remarkable |
Home Fighter |
Home Northamerican |
Home Quantum |
Home Peach |
Home Courier |
Home President |
Home Sparkle |
Home Rainforest |
Home Falcon |
Home Lightning |
Home Blod |
Home Downtown |
Home Curious |
Home Raven |
Home After |
Home Salvage |
Home Priority |
Home Overnight |
Home Mystical |
Home Permanent |
Home Captive |
Home Amazing |
Home Topsecret |
Home Abundant |
Home Blender |
Home Imagine |
Home Handsome |
Home Just |
Home Little |
Home Surreal |
Technologycolor |
Technologyless |
Technologygram |
Technologyback |
Technologybody |
Technologydragon |
Technologyroll |
Technologydir |
Technologypipe |
Technologysend |
Technologycharts |
Technologymarks |
Technologywish |
Technologyflower |
Technologydollar |
Technologynight |
Technologylion |
Technologycaster |
Technologypart |
Technologygeo |
Technologypremium |
Technologydollars |
Technologyopplis |
Technologystick |
Technologyunder |
Technologyrates |
Technologyletter |
Technologysonic |
Technologyflag |
Technologywidget |
Technologyclient |
Technologyover |
Technologypatch |
Technologybuddies |
Technologygrow |
Technologycache |
Technologyfolder |
Technologygroove |
Technologygun |
Technologyrex |
Technologyworth |
Technologyduck |
Technologyomatic |
Technologyblaster |
Technologyformula |
Technologygang |
Technologysplash |
Technologymessenger |
Technologyvisual |
Technologyscapes |
Technologybattle |
Technologychase |
Technologyfeedback |
Technologykiss |
Technologystamp |
Technologygrab |
Technologyorama |
Technologywinner |
Technologymember |
Technologydish |
Technologyrequest |
Technologyecho |
Technologycollections |
Technologycollector |
Technologyecono |
Technologycalculator |
Technologypure |
Technologyother |
Technologyminer |
Technologyrings |
Technologyexcel |
Technologyreps |
Technologycircus |
Technologymain |
Technologyhands |
Technologytreasure |
Technologynumber |
Technologycharte |
Technologysugar |
Technologycatch |
Technologyrail |
Technologystreaming |
Technologyrally |
Technologyeagle |
Technologycrawler |
Technologypassport |
Technologyfleet |
Technologymetric |
Technologynatural |
Technologycounty |
Technologyhard |
Technologyopedia |
Technologyfame |
Technologyknight |
Technologyredhot |
Technologyclassy |
Technologydraw |
Technologyslide |
Technologycompanion |
Technologybunny |
Technologyspicy |
Technologyvector |
Technologybrite |
Technologypride |
Technologycollect |
Technologysweet |
Technologysearcher |
Technologyenvy |
Technologypeace |
Technologystrick |
Technologylegacy |
Technologyrater |
Technologycatcher |
Technologycharm |
Technologyappeal |
Technologyoftheday |
Technologycupid |
Technologysprint |
Technologyrunners |
Technologyshoot |
Technologytreat |
Technologynano |
Technologysession |
Technologyturbo |
Technologysample |
Technologyshadow |
Technologyphase |
Technologyfiesta |
Technologytreats |
Technologyseason |
Technologypositive |
Technologyultra |
Technologyjackpot |
Technologyboulevard |
Technologyocity |
Technologynational |
Technologygrabber |
Technologygorilla |
Technologyrule |
Technologymuscle |
Technologylastminute |
Technologydestination |
Technologydelta |
Technologymeta |
Technologypersonal |
Technologyjewel |
Technologypremier |
Technologypirates |
Technologyreadset |
Technologygrace |
Technologycrunch |
Technologyshake |
Technologybeast |
Technologyvictory |
Technologysolo |
Technologyunique |
Technologyspree |
Technologycustom |
Technologyebony |
Technologycanal |
Technologyessence |
Technologycrown |
Technologyavatar |
Technologypearl |
Technologyiron |
Technologycrystal |
Technologybrowse |
Technologyadaptive |
Technologyloco |
Technologysignature |
Technologymatche |
Technologykayak |
Technologyarrow |
Technologylucky |
Technologycrafter |
Technologycreativity |
Technologysurprise |
Technologythunder |
Technologyoriginal |
Technologybuller |
Technologysedona |
Technologylimited |
Technologycheapest |
Technologybad |
Technologycheaper |
Technologylast |
Technologyvariety |
Technologyoffline |
Technologysuperhero |
Technologysunflower |
Technologynormal |
Technologyjoker |
Technologybounce |
Technologysleuth |
Technologyplatinum |
Technologycupcake |
Technologyagenda |
Technologycommission |
Technologymillions |
Technologysilk |
Technologyoneday |
Technologyomega |
Technologyrhino |
Technologygoddess |
Technologynature |
Technologypickup |
Technologysoldier |
Technologyglamour |
Technologyguerrilla |
Technologyelectra |
Technologyurban |
Technologyglory |
Technologyrapid |
Technologyescrow |
Technologycamel |
Technologyshuffle |
Technologyprecision |
Technologyflavor |
Technologyverde |
Technologyintergrity |
Technologygratis |
Technologyepic |
Technologyanchor |
Technologyhandy |
Technologyscribe |
Technologysouthbeach |
Technologyouter |
Technologysustain |
Technologymeasure |
Technologyclearance |
Technologynobel |
Technologyeastside |
Technologyhotrod |
Technologycorporation |
Technologyfeature |
Technologycellar |
Technologyplum |
Technologydivine |
Technologypronto |
Technologycarnival |
Technologyeastbay |
Technologydodge |
Technologyguerilla |
Technologywaterfront |
Technologygecko |
Technologyyankee |
Technologyprestige |
Technologyrazor |
Technologyatlantic |
Technologylowprice |
Technologyhusky |
Technologynations |
Technologyremarkable |
Technologyfighter |
Technologynorthamerican |
Technologyquantum |
Technologypeach |
Technologycourier |
Technologypresident |
Technologyconstruct |
Technologysparkle |
Technologyrainforest |
Technologyfalcon |
Technologylightning |
Technologyblod |
Technologydowntown |
Technologycurious |
Technologyauthority |
Technologyraven |
Technologyafter |
Technologysalvage |
Technologypriority |
Technologyovernight |
Technologymystical |
Technologypermanent |
Technologycaptive |
Technologyamazing |
Technologytopsecret |
Technologyabundant |
Technologydesigning |
Technologyblender |
Technologyimagine |
Technologysnapshot |
Technologyhandsome |
Technologyjust |
Technologylittle |
Technologysurreal |
Travel Color |
Travel Back |
Travel Body |
Travel Ice |
Travel Dragon |
Travel Roll |
Travel Browser |
Travel Dir |
Travel Pipe |
Travel Send |
Travel Charts |
Travel Marks |
Travel Wish |
Travel Flower |
Travel Dollar |
Travel Lion |
Travel Caster |
Travel Premium |
Travel Dollars |
Travel Opplis |
Travel Under |
Travel Rates |
Travel Letter |
Travel Sonic |
Travel Flag |
Travel Widget |
Travel Client |
Travel Patch |
Travel Folder |
Travel Groove |
Travel Gun |
Travel Worth |
Travel Duck |
Travel Omatic |
Travel Blaster |
Travel Formula |
Travel Gang |
Travel Splash |
Travel Messenger |
Travel Visual |
Travel Battle |
Travel Chase |
Travel Feedback |
Travel Kiss |
Travel Stamp |
Travel Grab |
Travel Orama |
Travel Winner |
Travel Member |
Travel Dish |
Travel Echo |
Travel Collections |
Travel Collector |
Travel Econo |
Travel Pure |
Travel Other |
Travel Miner |
Travel Rings |
Travel Excel |
Travel Circus |
Travel Main |
Travel Hands |
Travel Treasure |
Travel Number |
Travel Charte |
Travel Sugar |
Travel Catch |
Travel Rail |
Travel Streaming |
Travel Rally |
Travel Crawler |
Travel Fleet |
Travel Metric |
Travel Natural |
Travel County |
Travel Hard |
Travel Opedia |
Travel Fame |
Travel Knight |
Travel Redhot |
Travel Classy |
Travel Draw |
Travel Slide |
Travel Bunny |
Travel Spicy |
Travel Vector |
Travel Brite |
Travel Pride |
Travel Collect |
Travel Sweet |
Travel Searcher |
Travel Envy |
Travel Peace |
Travel Strick |
Travel Legacy |
Travel Rater |
Travel Charm |
Travel Oftheday |
Travel Cupid |
Travel Sprint |
Travel Runners |
Travel Treat |
Travel Nano |
Travel Session |
Travel Turbo |
Travel Sample |
Travel Shadow |
Travel Phase |
Travel Fiesta |
Travel Positive |
Travel Ultra |
Travel Jackpot |
Travel Boulevard |
Travel National |
Travel Grabber |
Travel Gorilla |
Travel Rule |
Travel Muscle |
Travel Lastminute |
Travel Delta |
Travel Meta |
Travel Personal |
Travel Jewel |
Travel Premier |
Travel Readset |
Travel Grace |
Travel Crunch |
Travel Shake |
Travel Victory |
Travel Unique |
Travel Spree |
Travel Custom |
Travel Ebony |
Travel Canal |
Travel Picker |
Travel Crown |
Travel Pearl |
Travel Iron |
Travel Crystal |
Travel Browse |
Travel Adaptive |
Travel Loco |
Travel Signature |
Travel Matche |
Travel Kayak |
Travel Arrow |
Travel Lucky |
Travel Crafter |
Travel Creativity |
Travel Surprise |
Travel Thunder |
Travel Original |
Travel Buller |
Travel Sedona |
Travel Limited |
Travel Bad |
Travel Last |

zzzzz zzzzz

giuseppe zanotti
air max 90
canada goose
tory burch outlet
coach factory outlet
coach outlet online
christian louboutin shoes
clarks shoes
red bottom shoes
off white clothing
ecco shoes
christian louboutin
christian louboutin shoes
ugg boots
coach outlet
nike outlet factory
pandora jewelry
moncler jackets
coach factory outlet
ralph lauren polo
louboutin shoes
moncler outlet
moncler jacket
manolo blahnik
coach outlet
kate spade outlet
canada goose
kate spade handbags
nike shoes
ugg boots
hermes belt
pandora charms
fitflops clearance
kate spade outlet
coach outlet
ray ban sunglasses
christian louboutin outlet
adidas yeezy
supreme clothing
golden goose
canada goose outlet
moncler outlet
nike tn
ugg boots outlet
fitflops clearance
nike shoes
coach outlet
soccer shoes
valentino shoes
ugg boots
clarks outlet
tod's outlet
hugo boss
nike outlet
ugg outlet
canada goose
canada goose jackets
adidas outlet
nike air max
ultra boost 3.0
jordan shoes
coach factory outlet
coach factory outlet
red bottom shoes
pandora outlet
fitflops clearance
ed hardy uk
coach outlet
kate spade outlet
nike blazers
canada goose outlet
christian louboutin
christian louboutin outlet
nike shoes outlet
coach outlet
jordan uk
off white jordan
longchamp outlet
basketballl shoes
ralph lauren uk
jordan 8
north face
kate spade outlet
canada goose outlet
michael kors outlet
bottega veneta
ralph lauren
michael kors outlet
hermes belt
true religion jeans outlet
coach outlet
canada goose jacket
coach outlet online
adidas shoes
true religion jeans
adidas nmd
champion sportswear
true religion jeans outlet
reebok outlet
north face
ralph lauren polo
ray ban sunglasses
michael kors outlet
nike huarache
mlb jerseys
true religion
ray ban sunglasses
ralph lauren polo
coach outlet
vibram five fingers
fitflops clearance
ralph lauren polo
coach outlet
canada goose outlet
coach outlet online
canadian goose
nike shoes
ugg outlet boots
nike shoes
adidas superstar
mbt shoes
ralph lauren polo
clarks outlet
red bottom shoes
canada goose outlet
ugg outlet
kate spade outlet
canada goose outlet
lacoste polo
ugg outlet
nike shoes
skechers shoes
ralph lauren polo
moncler outlet
jordan 4
clarks shoes
true religion jeans
louboutin shoes
kate spade
ralph lauren uk
ugg boots clearance
longchamp outlet
issey miyake
jordan shoes
canada goose outlet
ecco shoes
michael kors outlet
pandora outlet
true religion
pandora jewelry
christian louboutin
pandora charms
pandora outlet
air max 90
christian louboutin outlet
prada shoes
moncler outlet
hugo boss
christian louboutin outlet
ray ban sunglasses
golden goose
asics shoes
coach outlet
coach outlet online
mbt shoes
oakley sunglasses
christian louboutin
michael kors outlet
salomon shoes
christian louboutin outlet
louboutin shoes
canada goose outlet
coach outlet
jordan shoes
coach outlet
coach handbags
jordan shoes
converse trainer
golden goose
ugg boots clearance
ugg outlet
christian louboutin outlet
true religion jeans
moncler outlet
adidas yeezy
superdry uk
ferragamo shoes
ferragamo belt
canada goose outlet
pandora charms
coach outlet
coach outlet factory
ugg outlet clearance
prada handbags
nhl jersey
ralph lauren polo
supreme clothing
moncler jackets
salomon shoes
ralph lauren uk
yeezy boots 350
off white shoes
canada goose outlet
pandora jewelry
golden goose
coach outlet
pandora charms
coach outlet
ray ban sunglasses
off white outlet
ralph lauren polo
champion clothing

josef smith

I would like to thank you for the efforts you have made in writing this article. I am hoping the same best work from you in the future as well. In fact your creative writing abilities has inspired me to start my own Hostgator coupon codes blog now.

Jack Ma

We are the best corporate gifts supplier in Singapore. We can help your custom varsity jackets and printed notebooks.

tania junaidi

thank you for acepting

karen minton

Thanks for posting this info. I just want to let you know that I just check out your site and I find it very interesting and informative. | | |

Aida Martin

we are providing you step by step procedure for downloading, installing and activating any McAfee antivirus security software by using a 25 character alpha-numeric activation key code. |

Aida Martin

Check out here complete steps for downloading, installing, uninstalling, and activating the Norton setup purchased via or from a nearby retail store. |


Andrew Luu

Popular Impact Articles

Subscribe to the blog

By email