After a long wait, the Small Business Administration (SBA) has finally released its FY2025 SBIC Performance Report, the program's first comprehensive performance report since 2024, and the numbers make the case plainly. SBIC funds outperformed typical private-equity and private-credit benchmarks for the decade ending in 2022, and taxpayers haven't had to subsidize a credit loss since 2000, all while the program closed the year at a record $53 billion in total capital.

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