Minnesota
House Committee Unanimously Approves SBIC Reporting Modernization Act of 2026
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Key points
- The House Committee on Small Business approved H.R. 10353 by a unanimous 23–0 vote.
- The bill requires quarterly public reporting on Small Business Investment Company performance.
- SBA reports must disclose licensing progress, issued debentures, and created or sustained jobs.
NewsWK — Federal lawmakers are advancing new oversight measures to increase government accountability and track taxpayer-backed capital. Then on September 16, 2026, the House Committee on Small Business unanimously approved H.R. 10353 with a 23–0 vote. Representative Brad Finstad, a Minnesota Republican, introduced the measure on September 14, 2026. Meanwhile, Democratic Representative Kelly Morrison joined as an original cosponsor.
How does the SBIC Reporting Modernization Act of 2026 increase SBA transparency?
The SBIC Reporting Modernization Act of 2026 requires the Small Business Administration to publish detailed performance metrics on a public webpage every quarter. Beginning 90 days after enactment, this policy gives entrepreneurs and investors regular access to crucial Small Business Investment Company reporting data. Therefore, the public can track how federal capital supports local businesses.
This bipartisan measure amends Section 308(g) of the Small Business Investment Act of 1958. However, it imposes no new direct restrictions on private lenders. And it forces federal regulators to maintain timely public oversight.
What metrics will the Representative Brad Finstad SBIC bill require?
The Representative Brad Finstad SBIC bill requires federal officials to release key operational figures each quarter. For example, the SBA Administrator must track applicant progress, capital compliance, and investment outcomes. These updates will ensure taxpayers can verify whether government-backed debentures actively spur regional economic expansion.
Under the proposal, quarterly published reports must include key information:
- Applicants approved to proceed to the final licensing phase under federal regulations
- Approved applicants meeting section 302(a) capital requirements
- Total dollar value of debentures issued under the program
- Jobs created or sustained through Small Business Investment Company investments
What is the legislative history of the HR 10353 Small Business Investment Act?
Still, the HR 10353 Small Business Investment Act moved swiftly through committee during the 119th Congress. Lawmakers introduced the legislation to improve SBA quarterly reporting small business data standards. Because the committee cleared the bill without amendments, it now awaits full consideration on the floor of the House of Representatives.
This article was produced with the assistance of AI and reviewed by our editorial team.
Sources
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