This bill became law on 2026-05-19 as Public Law No. 119-92.
The summary below describes the bill at the version we last reviewed; the enacted text may differ.
Small Business Investment Companies (SBICs) are federally licensed private investment funds that combine private capital with government-backed loans to invest in small businesses. Current rules cap how much government-backed funding an SBIC can take on relative to its private capital, but investments in low-income areas could already be excluded from that cap. This law expands those exclusions to also cover rural communities, small manufacturers, and businesses in critical technology fields like semiconductors or artificial intelligence. At the same time, the maximum leverage ratio is reduced from 300% to 200% for most SBICs, and the dollar ceiling on excluded investments is set at up to $125 million or 50% of the fund's private capital, whichever is less.
Corporate Benefits
- SBIC maximum leverage ratio — Reduced from 300% to 200% of private capital for most licensed investment companies
- Leverage exclusion categories — Expanded to include rural areas, critical technology sectors, and small manufacturers alongside existing low-income area investments
- Qualifying private capital sources — College and university foundations, endowments, and trusts added as eligible sources
Congressional Summary
Investing in All of America Act of 2025This act modifies the limit on the amount of financing available to a Small Business Investment Company (SBIC) from the Small Business Administration (SBA). It also expands the definition of private capital with respect to SBICs.Specifically, the act reduces the maximum outstanding financing available to an SBIC from 300% to 200% of the SBIC's private capital. The act increases from $350 million to $450 million the maximum financing available to two or more commonly controlled SBICs that make quarterly or semiannual interest payments.The act also expands the amounts that may be excluded from the calculation of the financing limit to include the amounts an SBIC invests in (1) rural areas, (2) certain technology categories, or (3) small manufacturers. The act revises the cap on such excluded amounts to the lesser of $125 million or the aggregate of 50% of the private capital of the SBIC.Additionally, the act expands what is considered the private capital of an SBIC to include funds obtained from the business revenue of additional government-sponsored corporations and funds invested by the trust or endowment of a college or university.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Public Law
- Action Date
- 2026-05-19
- Date Added
- 2026-06-26
- Source
- Congress.gov →
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