{"abstract":"In this final rule, the U.S. Small Business Administration (SBA) is defining a new sub-category of small business investment companies (SBICs) which will focus on making equity investments in early stage small businesses. By licensing and providing SBA leverage to these \"Early Stage SBICs,\" SBA seeks to expand entrepreneurs' access to capital and encourage innovation as part of President Obama's Start-Up America Initiative launched on January 31, 2011. This final rule also sets forth regulations applicable to Early Stage SBICs with respect to licensing, capital requirements, non-SBA borrowing, examination fees, leverage eligibility, distributions, and capital impairment. In addition, the final rule makes certain technical changes to the SBIC regulations.","action":"Final rule.","agencies":[{"raw_name":"SMALL BUSINESS ADMINISTRATION","name":"Small Business Administration","id":468,"url":"https://www.federalregister.gov/agencies/small-business-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/468","parent_id":null,"slug":"small-business-administration"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2012/04/27/2012-10120.html","cfr_references":[{"chapter":null,"citation_url":null,"part":107,"title":13}],"citation":"77 FR 25042","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"This rule is effective April 27, 2012.","disposition_notes":null,"docket_ids":[],"dockets":[],"document_number":"2012-10120","effective_on":"2012-04-27","end_page":25055,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2012/04/27/2012-10120.xml","html_url":"https://www.federalregister.gov/documents/2012/04/27/2012-10120/small-business-investment-companies-early-stage-sbics","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2012-10120?publication_date=2012-04-27","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2012-04-27/2012-10120/mods.xml","not_received_for_publication":null,"page_length":14,"page_views":{"count":1150,"last_updated":"2026-07-26 02:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2012-04-27/pdf/2012-10120.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2012-10120.pdf?1335444978","publication_date":"2012-04-27","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2012/04/27/2012-10120.txt","regulation_id_number_info":{"3245-AG32":{"issue":"201110","html_url":"https://www.federalregister.gov/regulations/3245-AG32/small-business-investment-companies-early-stage-sbics","title":"Small Business Investment Companies-- Early Stage SBICs","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201110&RIN=3245-AG32&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"}},"regulation_id_numbers":["3245-AG32"],"regulations_dot_gov_info":{"supporting_documents":[{"title":"Early Stage 19 January 2012 Transcript","document_id":"SBA-2011-0023-0009"},{"title":"Early Stage Webinar - 13 January 2012 question session","document_id":"SBA-2011-0023-0008"},{"title":"Early Stage Webinar - 11 January 2012","document_id":"SBA-2011-0023-0007"}],"regulatory_plan":{"html_url":"https://www.federalregister.gov/regulations/3245-AG32/small-business-investment-companies-early-stage-sbics","title":"Small Business Investment Companies-- Early Stage SBICs"},"comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=SBA-2011-0023","supporting_documents_count":3,"docket_id":"SBA-2011-0023","regulation_id_number":"3245-AG32","title":"Small Business Investment Companies: Early Stage SBICs","checked_regulationsdotgov_at":"2012-05-17T08:07:02Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":25042,"subtype":null,"title":"Small Business Investment Companies-Early Stage SBICs","toc_doc":"Small Business Investment Companies  Early Stage SBICs","toc_subject":null,"topics":["Investment companies","Loan programs-business","Reporting and recordkeeping requirements","Small businesses"],"type":"Rule","volume":77}