On July 7, 2025, 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 modify or remove from the Code of Federal Regulations ("CFR") regulations that are obsolete, inefficient, or otherwise unnecessarily impede the licensing of small business investment companies ("SBICs") and to remove certain barriers to investments in critical mineral extraction and processing and designated critical technologies. This final rule implements proposed regulatory changes as modified to address comments SBA received.