Policy Guidance: FY 2023 SBIC Annual Letter year-end Reporting Requirements

Under 13 CFR 107.630 of the Code of Federal Regulations, each Small Business Investment Company (SBIC) must file an audited Annual Financial Report, SBA Form 468, within 90 calendar days from the close of its fiscal year. For example, if the SBIC’s fiscal year-end is December 31st, the SBIC must file its audited Annual Financial Report, SBA Form 468, no later than no later than 90 calendar days thereafter[1]. 

In accordance with 13 CFR 107.504(a), the SBIC must submit the SBA Form 468 electronically using the SBIC-Web application provided by SBA. SBA recommends that once the SBIC logs into SBIC-Web, it should download the “Instructions for Uploading new MS Excel and .PDF Files in the SBIC WEB Application” Version 1.0, dated September 29, 2023 (“Upload Instructions”) from the “External User’s Manual” link at the bottom of the SBIC-Web page. Also, SBA recommends that SBICs review the most recently published Instructions for Form 468 Small Business Investment Company (SBIC) Licensee Financial Statements and Investment Performance, which are on SBA’s website at SBIC Licensee Financial Statements and Investment Performance | U.S. Small Business Administration (sba.gov). Please note that SBA intends to publish an updated Excel-based Form 468 and Instructions during January 2024. 

SBA will accept the legacy Form 468 for the period ended December 31, 2023 only if the SBIC submits with the legacy Form 468 the following items using the Excel-based Form 468 (OMB Approval # 3245-0063): S11 Cumulative Performance Worksheet (note demographic data is optional) and Executive Summary Worksheet Sections A, B and C only. 

Please read the SBIC Annual Letter carefully as there are changes from last year's requirements. If the SBIC does not complete SBA Form 468 in accordance with the memo (including Section 3, paragraph 1), the Code of Federal Regulations, the Upload Instructions, and the Form 468 Instructions, the SBIC may be subject to civil penalties under 13 CFR 107.665. 

[1] If a filing deadline falls on a weekend, SBA will accept submissions the first business day immediately following the deadline without penalty