For years, the Small Business Administration (SBA) has run a program for Small Business Investment Companies (or SBICs) to, in part, allow for “low-cost, government-backed capital that you can use to increase private investments in U.S. small businesses.” For small business federal contractors, there is also an affiliation benefit that applies to SBICs. But, we have often heard from clients and others that it is not straightforward to work with an SBIC. Today, we look at a rule recently proposed by SBA that aims to make the SBIC program more flexible and easier to work with, entitled “Small Business Investment Company (SBIC) Regulatory Amendments.”