Analyst Brief November 06, 2026

H.R. 10353 — SBIC Reporting Modernization Act of 2026

Current Status

Introduced

Executive Summary

H.R. 10353, the 'SBIC Reporting Modernization Act of 2026,' mandates that the Small Business Administration (SBA) publish a quarterly performance report on Small Business Investment Companies (SBICs). The bill aims to increase transparency regarding the SBIC program's licensing pipeline, capital deployment, and economic impact. By requiring public, quarterly updates on metrics like job creation and debenture issuance, Congress seeks to better monitor the SBA's processing efficiency and the overall economic footprint of the SBIC program.

Bill Data

Primary Sponsor

Mr. Finstad

Bill Number

H.R. 10353

Session

119th

Co-Sponsors

Ms. Morrison
View on Congress.gov ↗

Arguments For

  • Enhances congressional and public oversight of the SBIC program by forcing the SBA to regularly publish licensing pipeline metrics, addressing long-standing complaints about SBA processing delays.
  • Provides concrete, recurring data on the economic ROI of the SBIC program (jobs created and debentures issued), which is highly useful for justifying future funding or program expansions.

Likely Supporters

Small Business Investor Alliance (SBIA)U.S. Chamber of CommerceGovernment transparency advocates

Arguments Against

  • Imposes additional administrative and reporting burdens on the SBA, potentially diverting staff resources away from actual application processing and licensing.
  • Job creation metrics can be notoriously difficult to calculate accurately and may rely on self-reported, unverified data from the investment companies, leading to inflated impact numbers.

Likely Opponents

Internal SBA administration (due to reporting burden)

📋 Key Provisions

  • Requires the SBA Administrator to publish a quarterly report on SBICs on the agency's website, beginning 90 days after enactment.
  • Mandates reporting on the number of applicants approved to proceed to the final licensing phase under 13 CFR 107.300(b).
  • Requires disclosure of the total dollar value of debentures issued under the SBIC title.
  • Requires reporting on the number of jobs created or sustained due to investments made by SBICs.
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Claim Analysis Page 2, Line 3

Requires the first quarterly report to be published 90 days after enactment.

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"is 90 days after the date"

Claim Analysis Page 2, Line 14

Mandates reporting the number of applicants approved for the final licensing phase.

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"by the Administrator to proceed to"

Claim Analysis Page 3, Line 1

Requires reporting the number of jobs created or sustained by SBIC investments.

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"The number of jobs created or"