SEC Releases Staff Report Related to Capital Formation for Small Businesses

The SEC’s Office of the Advocate for Small Business Formation has released a staff report for fiscal year 2025 that “presents data across three company lifecycle stages to provide a fulsome picture of what is happening in the small business marketplace.” The three lifecycle stages addressed are (1) “small and emerging businesses”; (2) “mature and later-stage businesses”; and (3) “small public companies,” including those that have undertaken an initial public offering.

The report also contains sections summarizing actions the SEC has taken to demonstrate its commitment to small-business capital formation over the past fiscal year, including (1) outreach to small businesses and their investors and (2) the activities of the SEC’s Small Business Capital Formation Advisory Committee.

For more information, see the press release on the SEC’s Web site.