Kate Price Invited by SEC to Provide Industry Insights on SBIC Program Changes During July 30 Hearing

Winston SBIC partner Kate Price shared her insights with the SEC Committee on July 30, 2024, live. 

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee, invited industry leader Kate Price, to share her insights on the SBIC program and recent developments, including the creation of a new debenture instrument designed to encourage venture and growth equity funds, among others, to apply to be licensed as SBICs, and to address the regulatory framework governing SBICs. 

Kate Price has long been a vocal advocate for the SBIC industry, emphasizing the vital role SBICs play in private investment markets, in particular in investing capital in underserved markets and, in turn, creating quality jobs in the United States.

The session began with remarks by Committee member Bailey DeVries, who leads the SBIC program as the SBA’s Associate Administrator and heads the Office of Investment and Innovation. 

SBICs, licensed by the U.S. Small Business Administration (SBA), are privately-owned investment funds specializing in investing in U.S. small businesses. SBICs can access SBA-guaranteed loans to augment privately raised capital. Kate Price is a leading Partner in Winston’s Small Business Investment Company (SBIC) practice, which is the most active SBIC practice in the country. Kate’s practice focuses on providing practical and efficient advice to fund managers investing in the middle and lower middle market.

The Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses, started the meeting by hearing Committee member observations on the state of small business capital raising. The Committee also discussed recent changes to the SBIC program designed to increase access and diversify funding for small businesses, start-ups, and fund managers. Continuing the exploration of ways to expand access to early-stage capital raising and support underrepresented emerging fund managers, the Committee explored recent changes to the SBIC program designed to increase access and diversify funding for small businesses, start-ups, and fund managers.