On October 19, 2022, the U.S. Small Business Administration ("SBA" or "Agency") published a notice of proposed rulemaking ("NPRM" or "proposed rule") to revise the regulations for the Small Business Investment Company ("SBIC") program to significantly reduce barriers to program participation for new SBIC fund managers and funds investing in underserved communities and geographies, capital intensive investments, and technologies critical to national security and economic development. The proposed rule introduced an additional type of SBIC ("Accrual SBICs") to increase program investment diversification and patient capital financing for Small Businesses, modernize rules to lower financial barriers to program participation, and incorporate the statutory requirements of the Spurring Business in Communities Act of 2017, which was enacted on December 19, 2018. This final rule implements proposed regulatory changes as modified to address comments SBA received.